Canada’s 24 Best Online Savings Accounts for 2025

KOHO Spending and Savings Account

EQ Bank Personal Account

Simplii Financial™ High Interest Savings Account

The PC Money™ Account

Neo High-Interest Savings Account

Tangerine Tax-Free Savings Account

WealthONE Tax-Free Savings Account

Saven Financial TFSA

Canadian Tire Tax Free® High Interest Savings Account

Motive Financial TFSA Savings Account

Steinbach Credit Union TFSA Variable Savings

Achieva Financial TFSA Daily Interest Savings Account

Outlook Financial TFSA High-Interest Savings Account

Tangerine RSP Savings Account

WealthONE RRSP Savings Account

Saven Financial RRSP

Wealthsimple Registered Savings Account (RRSP)

Steinbach Credit Union RRSP Variable Savings

Achieva Financial RRSP Savings Account

MAXA Financial RRSP Savings

Outlook Financial RRSP High-Interest Savings Account

EQ Bank RSP Savings Account

High interest rates. Online banks typically operate with lower costs (no physical branches to run) and pass those savings on to customers. If you’re not getting a rate that’s better than the big banks, keep looking.

No monthly fees. The best accounts won’t cost you anything to keep open. 

No transaction fees. You should insist on no or low fees for online transactions. 

Bonus interest rate. Banks sometimes use high, temporary rates to attract new customers. Promo rates act like a sign-up bonus and are most lucrative if you fund new accounts with a large balance.

Customer service availability. Without access to in-person banking, you’ll need to rely on phone, email and chat. Ideally, you’d have 24/7 access, or close to it.

Limited financial products. Online banks often have fewer products and services compared to traditional banks. Some online banks, for example, may not offer registered retirement savings plans (RRSP) or a tax-free savings accounts (TFSA).

Requirements to avoid fees. Requirements that waive fees aren’t necessarily bad — but they are costly if you can’t meet the minimum.

High fees to leave. Fees to close an account can run above $100 and disincentivize account hopping to another bank with a better bonus.

Compare interest rates. The best accounts have a high ongoing rate. A great promo rate is a nice bonus, but its impact will wane over time.

Do you want ATM access? If yes, find an online savings account that comes with a debit card (not all do), and be sure to review the ATM fees you’ll pay to get cash. 

Choose the convenience factors that matter. You may like having ATM access or prefer working with a brand you know, for example. 

Keep your search wide. It’s smart to look at online savings accounts. But that doesn’t mean you should exclude traditional banks. Most traditional banks offer online access, too, so don’t rule them out of your search immediately.