1.EQ Bank Personal Account
EQ Bank
2.75%
For new customers who open a Personal Account and deposit at least $100 within 30 days
CA$0
CA$0
Unlimited free transactions, including Interac e-Transfers and bill payments
The EQ Bank Personal Account stands out as the top choice because it offers a competitive interest rate of 2.75% on every dollar with no monthly fees or minimum balance requirements. Its unlimited free transactions, including Interac e-Transfers, make it an excellent option for those looking to maximize their savings while enjoying flexibility in accessing their funds.
Pros:
- High interest rate
- No monthly fees
- Unlimited transactions
Cons:
- Digital-only account
- Limited physical branches
2.Scotiabank MomentumPLUS Savings Account
Scotiabank
4.65%
For the first 3 months on new accounts
CA$0
null
Unlimited self-service transfers between Scotiabank accounts
What sets this account apart is its high promotional interest rate of 4.65% for a limited time, making it an attractive option for savers looking to maximize their returns. Additionally, the account features no monthly fees and allows unlimited self-service transfers, providing both value and flexibility.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Limited to self-service transfers
- Cannot receive direct deposits
3.Simplii Financial High Interest Savings Account
Simplii Financial
4.50%
On eligible deposits up to CA$100,000
CA$0
null
Free unlimited transfers between Simplii accounts
This account shines for its promotional interest rate of 4.50% for the first five months, making it a compelling choice for new customers looking to grow their savings. With no monthly fees and free unlimited transfers between accounts, it offers a straightforward and cost-effective way to manage savings.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Not designed for daily debit transactions
- Limited ATM access
4.Tangerine Savings Account
Tangerine
4.50%
For 5 months on new deposits
CA$0
null
Free unlimited electronic transfers to linked accounts
A key differentiator is the promotional interest rate of 4.50% for new clients, which is appealing for those looking to maximize their savings in the short term. The account also features no monthly fees and allows free electronic transfers, making it a flexible option for savers.
Pros:
- High promotional interest rate
- No monthly fees
Cons:
- Standard rate drops significantly after promotional period
- Limited physical branches
5.Neo Savings Account
Neo Financial
3.00%
For opening and funding a new account with at least CA$1,000
CA$0
CA$1,000
Unlimited free everyday transactions, including e-transfers
The standout feature here is the potential to earn up to CA$650 in bonus cash, which is a significant incentive for new customers. Coupled with a competitive interest rate of up to 3.00% and no monthly fees, this account offers a strong value proposition for those looking to grow their savings.
Pros:
- Competitive interest rate
- No monthly fees
Cons:
- Requires a minimum deposit to earn bonus
- Limited brand recognition
Final Words
In summary, as you explore the best online savings bank accounts in Canada this March 2026, remember that options like EQ Bank offer attractive features such as high interest rates and no fees. Be sure to compare the different accounts available to find one that best suits your financial needs and goals.
Frequently Asked Questions
The EQ Bank Personal Account offers an APY of 2.75%.
No, the Scotiabank MomentumPLUS Savings Account has a monthly fee of CA$0.
The Simplii Financial High Interest Savings Account offers an APY of 4.50%, making it competitive among high-interest savings accounts.
Online savings accounts often provide higher interest rates, lower fees, and convenience with digital banking features such as easy fund transfers and online account management.
To open an EQ Bank Personal Account, you need to be a Canadian resident, have a valid Social Insurance Number (SIN), a Canadian mobile number, and a government-issued photo ID.
No, the EQ Bank Personal Account does not have a minimum balance requirement.
Yes, most online savings accounts, including those mentioned, offer unlimited free transactions and easy access to funds, including features like Interac e-Transfers.
High-interest savings accounts allow you to earn more on your savings compared to traditional savings accounts, helping your money grow faster while still providing liquidity.
