Best Online Savings Bank Accounts in Canada This October 2025
With inflation continuing to impact Canadians' savings, finding the right online bank account has never been more crucial. As digital banking becomes increasingly prevalent, many institutions are offering competitive high-interest savings options that help your money work harder while providing convenient online access and features.
Jump to
Summary Table for Best Online Savings Bank Accounts in Canada This October 2025
| Account | Interest Rate | Monthly Fee | Min Balance | Open Account |
|---|---|---|---|---|
|
Bridgewater Bank Smart eSavings High-Interest Savings |
2.80% | $0 | $25 | Open |
|
Canadian Tire Bank High Interest Savings High-Interest Savings |
2.40% | $0 | $0 | Open |
|
Hubert Financial Happy Savings High-Interest Savings |
2.30% | $0 | $0 | Open |
|
Motive Financial Motive Savvy Savings High-Interest Savings |
2.25% | $0 | $0 | Open |
|
Laurentian Bank High Interest Savings High-Interest Savings |
2.20% under $100k, 3.20% $100k-$5M | $0 | $0 | Open |
|
Achieva Financial Achieva Savings High-Interest Savings |
2.00% | $0 | $0 | Open |
|
MAXA Financial MAXA Savings High-Interest Savings |
1.85% | $0 | $0 | Open |
|
Manulife Bank Advantage Account Personal Banking |
4.75% | $0 | $1,000 | Open |
|
Alterna Bank High Interest eSavings High-Interest Savings |
1.15% | $0 | $0 | Open |
|
EQ Bank Personal Account Personal Banking |
3.00% | $0 | $0 | Open |
1. Bridgewater Bank Smart eSavings
The Bridgewater Bank Smart eSavings Account offers a competitive high-interest rate with daily interest calculation and CDIC protection, making it an excellent choice for Canadians looking to grow their savings securely.
Bridgewater Bank Smart eSavings
- Daily interest calculation, compounded monthly
- One free withdrawal per calendar month
- Easy online account management
- Highly competitive interest rate
Pros
- No monthly fees
- Low minimum initial deposit ($25)
- One free withdrawal per month
- Daily interest calculation
Cons
- $5 fee for additional withdrawals
- Limited to one free withdrawal per month
- Must call customer service to open account
Why is it Our Top Pick?
Bridgewater Bank Smart eSavings stands out for its combination of a competitive 2.80% interest rate, minimal initial deposit requirement of just $25, and flexible withdrawal options. The daily interest calculation ensures maximum returns while maintaining easy access to funds when needed.
2. Canadian Tire Bank High Interest Savings
Canadian Tire Bank's High Interest Savings Account offers a straightforward savings solution with no monthly fees and no minimum balance requirements, perfect for customers seeking hassle-free banking with competitive returns.
Canadian Tire Bank High Interest Savings
- No lock-in period
- 24/7 online banking access
- Easy fund transfers online or by phone
- Daily interest calculation
Pros
- No monthly fees
- No minimum balance required
- Easy online transfers
- 24/7 online access
Cons
- Lower interest rate than some competitors
- Not available in Quebec
- Limited branch access
3. Hubert Financial Happy Savings
Hubert Financial offers an online-only savings experience with competitive rates, including a special 4.50% welcome rate for new clients' first five months and a unique quarterly term structure that rewards longer-term savers.
Hubert Financial Happy Savings
- Interest calculated daily, paid monthly
- 100% guaranteed by Deposit Guarantee Corporation of Manitoba
- Online-only banking platform
- 1-Year Quarterly Term with escalating rates up to 3.95%
Pros
- No monthly fees
- No minimum balance required
- 100% deposit guarantee
- Simple online application process
Cons
- Online-only institution with no physical branches
- $5 share purchase required to join
- Limited to savings products only
- Only available to Canadian residents
4. Motive Financial Motive Savvy Savings
The Motive Savvy Savings Account combines the functionality of a checking account with high-interest savings features, offering a competitive 2.25% interest rate with no monthly fees and unlimited transactions.
Motive Financial Motive Savvy Savings
- 2.25% interest on balances up to $5 million
- Unlimited transfers between Motive accounts
- No minimum balance requirement
- Free unlimited deposits
Pros
- No monthly fees
- Unlimited transactions
- No minimum balance required
- High interest rate for larger balances
Cons
- Lower rate (0.50%) on balances over $5 million
- $50,000 daily transaction limit
- Minimum $10 per transaction requirement
- Limited to Canadian financial institutions
5. Laurentian Bank High Interest Savings
Laurentian Bank's High Interest Savings Account offers tiered interest rates up to 3.20% on higher balances, with no monthly fees and unlimited transactions, making it an attractive option for those looking to maximize their savings returns.
Laurentian Bank High Interest Savings
- Tiered interest rates based on balance
- Free eStatements
- Unlimited transactions
- Free Interac e-Transfer receives
Pros
- No monthly fees
- Competitive interest rates for high balances
- Unlimited transactions
- No minimum balance requirement
Cons
- $1.00 fee for sending Interac e-Transfers
- $3.00 monthly fee for paper statements
- Lower interest rate (1.00%) on very high balances over $5M
6. Achieva Financial Achieva Savings
Achieva Financial offers a straightforward savings account with consistently high rates that have remained among Canada's highest for 20 years, combining accessibility with competitive returns.
Achieva Financial Achieva Savings
- Daily interest calculation
- First transaction free each month
- Automatic Savings Program
- Full online banking access
Pros
- No monthly account fees
- Consistently competitive rates
- 20-year track record
- Straightforward account structure
Cons
- $1.00 fee per transaction after first free monthly transaction
- $0.90 fee for ATM withdrawals in Canada
- $1.00 surcharge for international ATM withdrawals
7. MAXA Financial MAXA Savings
MAXA Financial offers a high-interest savings account with superior rates backed by 100% deposit guarantee from the Deposit Guarantee Corporation of Manitoba, making it a secure choice for Canadian investors.
MAXA Financial MAXA Savings
- No minimum deposit required
- One free withdrawal per month
- Interest calculated on daily closing balance and paid monthly
- Online banking access
Pros
- Division of Assiniboine Credit Union Limited
- Superior interest rates
- No monthly maintenance fees
- Full deposit guarantee
Cons
- Limited to one free withdrawal per month
- No welcome bonus offered
- Physical locations limited to Manitoba
8. Manulife Bank Advantage Account
The Manulife Advantage Account combines high-interest savings with everyday banking features, offering a promotional rate of 4.75% on new deposits and free unlimited transactions with qualifying balance.
Manulife Bank Advantage Account
- High interest on every dollar
- Free unlimited everyday banking transactions with $1,000 balance
- Free deposits and Interac e-Transfers
- No monthly maintenance fees
Pros
- No monthly account fees
- High promotional interest rate
- Free unlimited transactions with minimum balance
- No minimum balance required to open
Cons
- $1,000 minimum balance needed for free transactions
- Potential fees at non-Manulife ATMs
- Regular interest rate drops to 1.75% after promotional period
9. Alterna Bank High Interest eSavings
Alterna Bank's High Interest eSavings account offers a no-fee savings solution with unlimited free transactions and high interest earnings on every dollar, without locking in your money for extended periods.
Alterna Bank High Interest eSavings
- Free unlimited bill payments and transfers
- No monthly fees or minimum balance requirements
- Free unlimited Interac e-Transfers
- CDIC deposit insurance protection
Pros
- No monthly account fees
- No minimum balance required
- Unlimited free transactions
- Free unlimited Interac e-Transfers
Cons
- Current interest rate not publicly disclosed
- No welcome bonus offered
- Fees apply for specialized services (NSF, personalized cheques)
10. EQ Bank Personal Account
EQ Bank's Personal Account combines everyday banking with high-interest earning potential, offering a 3.00% interest rate with qualifying direct deposits and zero monthly fees, making it an ideal solution for digital-first banking.
EQ Bank Personal Account
- High interest rate of 3.00% with qualifying direct deposits
- Free ATM withdrawals across Canada with surcharge reimbursement
- Up to 8 separate accounts for different purposes
- Free unlimited e-Transfers and bill payments
Pros
- No monthly fees
- No minimum balance required
- Free ATM withdrawals nationwide
- High interest rate compared to traditional banks
Cons
- Must maintain $2,000 monthly direct deposit for bonus rate
- Canadian dollars only
- Must be age of majority (18/19) to open account
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
About the author
Frequently Asked Questions: Best Online Savings Bank Accounts in Canada This October 2025
What are the best high interest savings accounts in Canada October 2025?
Bridgewater Bank Smart eSavings currently leads with the highest interest rate among online savings accounts in Canada.
Which online savings account has the lowest minimum deposit in Canada 2025?
Hubert Financial Happy Savings offers the most accessible entry with a $0 minimum deposit requirement.
How do I choose the best online savings account in Canada right now?
Compare the top 5 online banks including Bridgewater, Canadian Tire Bank, Hubert Financial, Motive Financial, and Laurentian Bank based on interest rates, fees, and account features.
