Best High Interest Savings Account in Canada 2026

The short answer is that there is no single “best” account for everyone.

However if you want an everyday account with high interest, KOHO Everything is one of the strongest options in Canada.

Why KOHO Everything Stands Out

It is a prepaid Mastercard, so you spend your own money while still earning strong rewards.

With KOHO Everything Account:

• Grow your savings with 3.5% interest, one of the highest rates in Canada

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• There are no foreign exchange fees, so you save on international purchases and travel

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

Big Bank High Interest Savings Accounts

Think of KOHO Everything as a high interest everyday spending and saving account, while the big banks offer traditional savings accounts.

Scotiabank MomentumPLUS Savings Account

The Scotiabank MomentumPLUS Savings Account combines a base rate with extra “premium period” interest and sometimes limited-time welcome bonuses.

Key points, in simple terms:

• Headline rate: Scotiabank advertises a special savings rate, for example around 4.65% for a limited time when you use a 90-day premium period.

• Conditions: To get the higher “premium” rate, you often need to leave your money in for the whole period and avoid withdrawals. Taking money out early can cut your rate.

• Fees and flexibility:

  • $0 monthly account fee

  • No minimum balance

  • Unlimited self service transfers between your Scotiabank accounts

BMO Savings Amplifier Account

The BMO Savings Amplifier Account is a simple high-interest savings account with no monthly fee.

Key points:

• Everyday rate: Around 0.55% interest on all balances, calculated daily and paid monthly.

• Promo rate: As of late 2025, BMO has a special offer where new online accounts can earn a total rate around 4.6% for a limited time, which combines the normal rate plus a temporary bonus.

• Fees and rules:

  • No monthly fee

  • No minimum balance

  • Unlimited no fee self-serve transfers to your other BMO accounts

CIBC eAdvantage® Savings Account

The CIBC eAdvantage® Savings Account uses a mix of regular interest, “Smart Interest,” and temporary promo offers.

Key points:

• Top rate: Comparison sites show “up to around 4.60%” when you include promo and bonus interest.

• How you earn that rate:

  • You get a regular base rate

  • You can earn Smart Interest when your balance grows by at least $200 in a month, up to certain limits

  • New customers can get a special promo rate for the first few months

• Fees:

  • No monthly fee on the account itself

  • You may still pay transaction fees, for example for Interac e-Transfers

So Which High Interest Savings Account Is “Best”?

It depends on what you want:

• Choose a big bank savings account (Scotiabank, BMO, CIBC) if:

  • You like keeping everything at a traditional bank

  • You are good at tracking promo expiry dates and bonus conditions

  • You do not mind your rate dropping after a promo

• Consider KOHO Everything if:

  • You want a strong everyday rate (3.5%) on your full balance, without chasing promos

  • You like earning cash back on daily spending at the same time

  • You prefer no minimum balance and no FX fees on purchases abroad