Banking
What Is a Good Savings Account Interest Rate in Canada?
A good savings rate in Canada right now is close to the Bank of Canada’s 2.50% policy rate. The best ongoing rate we track is 2.80%; the big banks average about 0.48%.
What is a good interest rate for a savings account right now?
Anything near the Bank of Canada’s policy rate, now 2.50%, is competitive for a regular savings account. The best ongoing rates we track are between about 2% and 2.80%; big-bank regular rates average about 0.48%.
| Account | Regular rate | Interest on $10,000 a year |
|---|---|---|
| TopOaken Savings Account | 2.80% | $280 |
| Canadian Tire High Interest Savings | 2.40% | $240 |
| Neo Savings Account | 2.25% | $225 |
| KOHO Spending & Savings | 2.00% | $200 |
| EQ Bank Personal Account | 1.50% | $150 |
| Wealthsimple Chequing | 1.25% | $125 |
| Alterna High Interest eSavings | 1.05% | $105 |
| RBC High Interest eSavings | 0.65% | $65 |
Rates are for a $10,000 balance and exclude temporary welcome rates.
Put it into practiceBest savings accountsWhy do big banks pay so little on savings?
Big banks have branch networks and many customers who keep money with them for convenience, so they do not need to compete on rate. Online banks and credit unions pay more to attract deposits.
On $10,000, the gap between the big-bank average and the best rate we track is about $232 a year.
Are promotional savings rates worth it?
They can be, for a few months. Welcome rates of 4% to 5% usually last 3 to 5 months and apply to new clients or new deposits, then drop to the regular rate. Check the regular rate before you move your money.
How does the Bank of Canada rate affect savings rates?
Savings rates tend to follow the Bank of Canada’s policy rate, with a lag. It was raised to 2.50% on October 28, 2026; banks adjust their savings rates over the following weeks, and not always by the full amount.
Is a higher rate less safe?
Not if the deposit is insured. Deposits at CDIC members are covered up to $100,000 per insured category, and provincial insurers cover credit union deposits. Check that the institution, or its partner bank, is a member.
Keep reading
BankingHow Much Interest $10,000 Earns in a Savings Account in CanadaWhat $10,000 earns in one year at 15 Canadian savings accounts, with welcome rates and ongoing rates combined. Best ongoing rate: Oaken Savings Account at 2.80%.- BankingGIC vs High-Interest Savings Account in Canada: Which Is Better?GIC or high-interest savings account? Today’s best rates (3.75% for a 1-year GIC vs 2.80% in savings), a side-by-side comparison, what the Bank of Canada’s rate increase means, and how a GIC ladder works.
- BankingCanada Savings Rate Report: November 2026The first month after the Bank of Canada’s October 28 rate increase: big banks average 0.48% on savings, the best online rate is 2.80%, and the best 1-year GIC is 3.95%. What changed since October, welcome rates and GICs.
DebtWhat Is the Prime Rate in Canada Today?Canada’s prime rate is 4.7% and the Bank of Canada policy rate is 2.5% (changed October 28, 2026). What it means for lines of credit, variable mortgages and savings rates.
Official sources and further reading
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