Which savings account in Canada pays the most?
Among nationwide savings accounts open to anyone, 30 Day Notice Savings Account from EQ Bank posts the highest rate on $10,000: 3%, about $300 a year after fees. The six big banks’ typical posted savings rate is 0.01%, or $1 a year, according to the Bank of Canada.
How much more does the top account earn on $10,000?
Worked example — $10,000 for a year
| 30 Day Notice Savings Account: 3% on $10,000 | $300 |
| Less monthly fees × 12 | $0 |
| Big-bank posted savings rate, 0.01% on $10,000 | $1 |
| Extra interest a year at #1 | $299 |
- #1 30 Day Notice Savings Account · EQ Bank, 3%$300
- #2 10 Day Notice Savings Account · EQ Bank, 2.5%$250
- #3 Savings · Wealthsimple, 2.5%$250
- #4 Neo Savings (Essentials) · Neo Financial, 2.25%$225
- #5 High Interest Savings Account (HISA) · Equitable Bank, 2.15%$215
- #6 Advantage Account (savings & chequing) · Manulife Bank, 1.65%$165
- #7 e-Savings Account · Peoples Group, 1.2%$120
- #8 High Interest eSavings Account · Alterna Bank, 1.05%$105
- Median of the 25 ranked accounts$40
- Big-bank posted savings rate (0.01%) · Bank of Canada$1
Our verdict
For money you may need at short notice, a high posted rate beats a promotion that expires: 30 Day Notice Savings Account leads on posted rate today. For money you can lock away, compare the GIC rate table, and keep each institution under the CDIC limit with the deposit safety tool.
How does this ranking work?
Accounts are sorted by the interest a $10,000 balance would earn in a year at the posted rate for that balance tier, minus any monthly fee. Registered accounts (TFSA, RRSP, FHSA, RRIF) and accounts limited to a group are left out. Rates are the posted rates institutions submit to FCAC; promotional and bonus rates may not appear.
Rebates for bundles or credit cards, welcome bonuses, app quality and customer service. Those matter, but they can’t be checked from published fee data — so they don’t move the order.
Frequently asked questions
Why might a bank’s website show a higher rate?
Many banks advertise promotional or bonus rates for new money or a limited time. FCAC’s tool lists the posted rate the institution submitted. We show that rate and date it; check the bank for current promotions.
Is savings interest taxable?
Yes, interest in a non-registered account is taxable income in the year it’s earned. Holding savings in a TFSA keeps the interest tax-free.
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