1.EQ Bank Personal Account
EQ Bank
2.75% interest
For new customers who open a Personal Account and deposit at least $100 within 30 days
CA$0
CA$0
Unlimited free transactions
The EQ Bank Personal Account stands out as the top choice because it offers a competitive interest rate of 2.75% with no monthly fees and unlimited transactions. This account is ideal for those looking to maximize their savings without incurring costs, making it a strong contender in the high-interest savings category.
Pros:
- High interest rate
- No monthly fees
- Unlimited transactions
Cons:
- Digital-only banking
- Limited physical branches
2.Scotiabank MomentumPLUS Savings Account
Scotiabank
4.65% for a limited time
For the first 3 months on new accounts
CA$0
CA$0
Unlimited self-service transfers
What sets this account apart is its promotional interest rate of 4.65% for the first 90 days, which is significantly higher than many competitors. This makes it an attractive option for savers looking to maximize their returns in the short term.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Limited direct deposit options
- Not suitable for regular transactions
0.70% total interest
CA$0
CA$0
Free transfers to linked CIBC accounts
This account shines for its simplicity and lack of fees, making it a solid choice for those who want to save without worrying about monthly costs. However, the interest rate is relatively low compared to other high-interest accounts.
Pros:
- No monthly fees
- Free transfers
Cons:
- Low base interest rate
- Limited promotional offers
4.60% for the first 3 months
CA$0
CA$0
One free withdrawal per month
A key differentiator is the promotional interest rate of 4.60% for the first three months, which provides a strong incentive for new savers. This account is particularly appealing for those looking to grow their savings quickly.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Limited free withdrawals
- Lower rate after promotional period
5.Simplii Financial High Interest Savings Account
Simplii Financial
4.50% for 5 months
CA$0
CA$0
Free unlimited transfers between Simplii accounts
This account offers a competitive promotional rate of 4.50% for new customers, making it an attractive option for those looking to maximize their savings in the short term. Its no-fee structure further enhances its appeal.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Limited to eligible deposits
- Not designed for daily transactions
6.EQ Bank US Dollar Account
EQ Bank
2.50% interest
CA$0
CA$0
Free USD-to-USD transfers within Canada
This account is particularly beneficial for Canadians holding US dollars, offering a competitive interest rate of 2.50% with no fees. It is ideal for those looking to avoid high conversion costs while saving in USD.
Pros:
- No monthly fees
- High interest on USD
Cons:
- Limited to USD transactions
- Not suitable for CAD savings
7.Scotiabank Ultimate Package
Scotiabank
N/A
For new clients who meet specific qualifying criteria within 60 days
CA$30.95
CA$0
Unlimited debit and Interac e-Transfer transactions
The standout feature here is the $500 cash bonus for new clients, which provides a significant incentive to open this account. Additionally, it offers unlimited transactions, making it a great choice for those who frequently use their accounts.
Pros:
- Unlimited transactions
- Cash bonus for new clients
Cons:
- High monthly fee
- Requires minimum balance to waive fee
Final Words
In conclusion, as you explore the best bank accounts in Canada this March 2026, remember that options like the EQ Bank Personal Account offer competitive rates and benefits. Be sure to compare features and rates across various institutions to find the account that best suits your financial needs.
Frequently Asked Questions
The EQ Bank Personal Account currently offers a total interest rate of 2.75%. This includes a 1.00% base rate and a 1.75% bonus interest rate, which requires setting up qualifying recurring direct deposits of $2,000 or more per month.
The Scotiabank MomentumPLUS Savings Account has a monthly fee of CA$0.
The Scotiabank MomentumPLUS Savings Account offers a promotional interest rate of 4.65% for a limited time.
No, the CIBC eAdvantage Savings Account has a monthly fee of CA$0.
The CIBC eAdvantage Savings Account offers a total interest rate of 0.70%.
To maximize the interest rate on the EQ Bank Personal Account, you should set up qualifying recurring direct deposits of at least $2,000 per month to receive the bonus interest rate.
When choosing a bank account in Canada, consider factors such as interest rates, monthly fees, accessibility of funds, and any additional features that may suit your financial needs.
Interest on savings accounts is typically paid monthly, but it's important to check the specific terms of each account as they may vary.
