What is the best high-interest savings account in Canada?

On a $10,000 balance, the Oaken Savings Account pays the most in year one: about $280 including any welcome rate. For the highest ongoing rate with no conditions, Oaken Savings Account pays 2.80%.

How much interest will I earn on $10,000 in a savings account?

Between $55 and $280 in the first year across the 15 accounts we compare, depending on the rate and any welcome offer.

Are high-interest savings accounts safe?

Deposits at CDIC member banks are protected up to $100,000 per insured category. Some fintech accounts hold your money at partner CDIC members; credit unions are covered by provincial insurers.

Savings accounts · Updated Nov 2, 2026

Best savings accounts in Canada

Enter your balance to see what each account pays in its first year — welcome rate and regular rate combined.

Savings rates checked Nov 2, 2026Updated weekly

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15 accounts · $10,000 balance

Oaken Savings Account

Highest everyday rate from a bank

Year-one value on $10,000: $280
Ongoing rate: 2.80%
Monthly fee: $0
Protection: CDIC

2.80% on your whole balance
No fees or minimums
CDIC through Home Bank and Home Trust

Canadian Tire High Interest Savings

Simple no-condition savings

Year-one value on $10,000: $240
Ongoing rate: 2.40%
Monthly fee: $0
Protection: CDIC

2.40% on the whole balance
No monthly fee
CDIC member bank

Simplii High Interest Savings

Short-term promo rate

Welcome rate: 5.00% for 5 months on up to $100,000 Ends Jan 31, 2027

Year-one value on $10,000: $226
Ongoing rate: 0.30%
Monthly fee: $0
Protection: CDIC

5.00% for 5 months on up to $100,000
No monthly fee or minimum balance
CDIC through CIBC

Neo Savings Account

Steady rate without promotions

Year-one value on $10,000: $225
Ongoing rate: 2.25%
Monthly fee: $0 base plan
Protection: CDIC

Up to 3.00% with a Neo membership
No minimum balance
Pairs with Neo cash-back cards

Tangerine Savings Account

Big balances during the promo

Welcome rate: 4.50% for 5 months on up to $1,000,000 25 days left

Year-one value on $10,000: $205
Ongoing rate: 0.30%
Monthly fee: $0
Protection: CDIC

4.50% for 5 months on up to $1,000,000
No monthly fee or minimum balance
Tangerine Bank is a CDIC member

KOHO Spending & Savings

Interest on a spending account

Year-one value on $10,000: $200
Ongoing rate: 2.00%
Monthly fee: $0 base plan
Protection: CDIC

2% on every dollar on the free Essential plan
No minimum balance
Prepaid Mastercard with cash back on paid plans

BMO Savings Amplifier

Opening alongside BMO chequing

Welcome rate: 5.00% for 4 months on up to $1,000,000

Year-one value on $10,000: $197
Ongoing rate: 0.45%
Monthly fee: $0
Protection: CDIC

Up to 5.00% for 120 days with eligible BMO chequing
No monthly fee

RBC High Interest eSavings

RBC clients wanting a promo rate

Welcome rate: 4.70% for 3 months on up to $1,000,000 Ends Dec 8, 2026

Year-one value on $10,000: $166
Ongoing rate: 0.65%
Monthly fee: $0
Protection: CDIC

4.70% for your first 3 months
No monthly fee
Big Five bank with branches

TD ePremium Savings

A short-term bonus rate on new deposits at TD

Welcome rate: 4.55% for 3 months on up to $1,000,000 Ends Jan 29, 2027

Year-one value on $10,000: $155
Ongoing rate: 0.55%
Monthly fee: $0
Protection: CDIC

4% bonus rate for 90 days on new deposits
0.55% on balances of $10,000 or more
No monthly fee

EQ Bank Personal Account

Everyday banking that earns interest

Year-one value on $10,000: $150
Ongoing rate: 1.50%
Monthly fee: $0
Protection: CDIC

Free unlimited Interac e-Transfers, bill payments and EFTs
ATM fees reimbursed in Canada with the EQ Bank Card
No monthly fee or minimum balance

CIBC eAdvantage Savings

CIBC clients

Welcome rate: 4.60% for 3 months on up to $1,000,000

Year-one value on $10,000: $138
Ongoing rate: 0.30%
Monthly fee: $0
Protection: CDIC

Welcome rate for 3 months on your first account
Smart Interest bonus when you save $200+ a month
No monthly fee

Scotia MomentumPLUS Savings

Scotiabank clients who leave savings alone

Welcome rate: 4.05% for 3 months

Year-one value on $10,000: $131
Ongoing rate: 0.40%
Monthly fee: $0
Protection: CDIC

4.05% welcome rate for 3 months
Premium-period bonuses if you don’t withdraw
No monthly fee or minimum

Wealthsimple Chequing

No-fee banking with worldwide ATM rebates

Year-one value on $10,000: $125
Ongoing rate: 1.25%
Monthly fee: $0
Protection: CDIC

Up to $1M CDIC coverage across partner banks
ATM fees reimbursed worldwide
No foreign transaction fee from Wealthsimple

Alterna High Interest eSavings

Pairing with Alterna’s no-fee chequing

Year-one value on $10,000: $105
Ongoing rate: 1.05%
Monthly fee: $0
Protection: CDIC

No monthly fee
No minimum balance
CDIC member bank

National Bank High Interest Savings

National Bank clients

Year-one value on $10,000: $55
Ongoing rate: 0.55%
Monthly fee: $0
Protection: CDIC

Free unlimited transfers between your accounts
No monthly fee
Interest paid monthly

WalletReturn is independent. We may earn a commission when you open an account through some links; that never changes our order or our numbers. Rates, fees and offers change — confirm them with the provider before you open an account. Deposit insurance depends on the institution, product and limits.