Best Online Savings Bank Accounts in Canada This November 2025
Nearly 72% of Canadian consumers are actively seeking higher-yield savings options in the current economic landscape. Banking options have evolved dramatically, offering unprecedented digital convenience and competitive interest rates. According to the Bank of Canada, the average savings account interest rate has increased to 3.8% in 2025, creating exciting opportunities for smart financial planning. This comprehensive guide will reveal the top online savings accounts that can help Canadians maximize their money's potential and achieve their financial goals.
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Summary Table for Best Online Savings Bank Accounts in Canada This November 2025
| Account | Interest Rate | Monthly Fee | Min Balance | Open Account |
|---|---|---|---|---|
|
EQ Bank Personal Account Personal Banking |
3.00% | $0 | $0 | Open |
|
Tangerine Savings Account High-Interest Savings |
4.50% | $0 | $0 | Open |
|
Simplii Financial High Interest Savings Account High-Interest Savings |
4.50% | $0 | $0 | Open |
|
Scotiabank MomentumPLUS Savings Account High-Interest Savings |
4.65% | $0 | $0 | Open |
|
CIBC eAdvantage Savings Account High-Interest Savings |
4.75% | $0 | $0 | Open |
|
RBC High Interest eSavings High-Interest Savings |
4.60% | $0 | $0 | Open |
|
Manulife Bank Advantage Account Personal Banking |
4.75% | $0 | $1,000 | Open |
|
Laurentian Bank High Interest Savings Account High-Interest Savings |
2.20% | $3 | $0 | Open |
|
Bridgewater Bank Smart eSavings High-Interest Savings |
2.80% | $0 | $25 | Open |
|
Canadian Tire Bank High Interest Savings Account High-Interest Savings |
2.40% | $0 | $0 | Open |
1. EQ Bank Personal Account
EQ Bank offers a digital, fee-free personal bank account that combines the flexibility of a chequing account with high-interest earning potential. It stands out with unlimited free transactions, no monthly fees, and competitive interest rates for everyday banking.
EQ Bank Personal Account
- Unlimited free Interac e-Transfers
- Free bill payments
- Free ATM withdrawals across Canada with fee reimbursement
- Interest earned monthly on account balance
Pros
- No monthly fees
- High interest rate
- Unlimited free transactions
- Free ATM withdrawals
Cons
- Online-only banking
- Limited physical banking services
- No branch network
Why is it Our Top Pick?
EQ Bank Personal Account provides an exceptional combination of high-interest earning and zero fees, making it an ideal choice for Canadians seeking a modern, cost-effective banking solution. The 3.00% interest rate when setting up direct deposit, coupled with unlimited free transactions, offers remarkable value for everyday banking.
2. Tangerine Savings Account
Tangerine offers a flexible savings account with an attractive promotional rate and no minimum balance requirements, making it an appealing option for new clients looking to maximize their savings potential.
Tangerine Savings Account
- 4.50% promotional rate for 5 months
- No minimum balance requirement
- Online and mobile banking
- Applies to TFSA, RSP, and regular savings accounts
Pros
- No monthly fees
- Attractive introductory rate
- Flexible account options
- Easy online account setup
Cons
- Promotional rate expires after 5 months
- Standard rate drops to 0.30%
- $20 annual dormancy fee
- Limited physical banking services
3. Simplii Financial High Interest Savings Account
Simplii Financial offers a competitive high-interest savings account with a market-leading promotional rate of 4.50% for the first 5 months on deposits up to $200,000. The account stands out for its no-fee structure and flexible savings options.
Simplii Financial High Interest Savings Account
- No monthly fees
- Unlimited e-Transfer transactions
- Interest calculated daily and paid monthly
- No minimum balance requirement
Pros
- Competitive introductory interest rate
- No monthly account fees
- Flexible savings options
- Easy online account management
Cons
- Promotional rate expires after 5 months
- Limited physical branch access
- Potential lower standard interest rate after promotion
4. Scotiabank MomentumPLUS Savings Account
Scotiabank's MomentumPLUS Savings Account offers a unique tiered interest structure with a 4.05% welcome bonus rate and additional Premium Period incentives for long-term savers. The account provides flexibility with no minimum balance and no monthly fees.
Scotiabank MomentumPLUS Savings Account
- 90-day Premium Period interest boost
- Unlimited self-service transfers
- No minimum balance requirement
- Higher rates for Ultimate Package customers
Pros
- No monthly account fees
- Flexible withdrawal options
- Tiered interest rate structure
- Easy online account management
Cons
- Complicated interest rate calculations
- Premium Period can be restrictive
- Bonus rate only for new account holders
5. CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account offers a competitive high-interest savings solution with no minimum balance requirement and a unique Smart Interest feature that rewards consistent monthly savings. It provides flexibility and attractive earning potential for Canadian savers.
CIBC eAdvantage Savings Account
- No minimum balance requirement
- Special 4.75% interest rate for first 90 days
- Smart Interest feature for saving $200+ monthly
- Unlimited tax-free withdrawals
Pros
- No monthly account fees
- Flexible withdrawal options
- Competitive introductory interest rate
- No minimum balance requirement
Cons
- $5 per transaction after basic transfers
- Special rate expires after 90 days
- Smart Interest requires monthly $200 minimum
- Regular interest rate lower after promotional period
6. RBC High Interest eSavings
The RBC High Interest eSavings account provides Canadian savers an opportunity to earn competitive interest rates with flexible online banking features and a attractive introductory bonus for new clients. It offers a straightforward way to grow savings with minimal restrictions.
RBC High Interest eSavings
- 4.60% promotional interest rate for 3 months
- Free online transfers to RBC accounts
- One free RBC ATM withdrawal per month
- No monthly account fees
Pros
- No monthly account fees
- Competitive introductory rate
- Free online banking transfers
- Flexible savings option
Cons
- Regular rate drops to 0.55% after promotion
- $1 fee for e-Transfers
- $2 fee for non-RBC ATM withdrawals
- Limited free transaction options
7. Manulife Bank Advantage Account
The Manulife Bank Advantage Account is a versatile hybrid savings and chequing account that offers high interest rates with no minimum balance requirement and free unlimited everyday banking transactions when you maintain a $1,000 balance.
Manulife Bank Advantage Account
- High interest rate on every dollar
- No minimum balance required for account opening
- Free unlimited transactions with $1,000 minimum balance
- Mobile, online, and telephone banking access
Pros
- No monthly account fees
- High promotional interest rate
- Flexible banking options
- CDIC insured
Cons
- Promotional rate drops to 1.75% after 120 days
- Requires $1,000 minimum balance for free transactions
- Limited to Canadian-dollar, non-registered accounts
8. Laurentian Bank High Interest Savings Account
Laurentian Bank's High Interest Savings Account offers competitive tiered interest rates with no minimum balance requirement, making it an attractive option for savers looking to maximize their returns across different account balance levels.
Laurentian Bank High Interest Savings Account
- 2.20% interest on first $100,000
- 3.20% interest on $100,000-$5,000,000
- 1.00% interest on balances over $5,000,000
- Paperless eStatements
Pros
- Competitive interest rates
- No account opening fees
- Flexible savings options
Cons
- $3 monthly fee for paper statements
- $1 per transaction fee
- Rates subject to change
9. Bridgewater Bank Smart eSavings
Bridgewater Bank Smart eSavings offers a competitive high-interest savings account with low barriers to entry, allowing customers to start saving with minimal initial deposit and benefit from attractive interest rates.
Bridgewater Bank Smart eSavings
- Initial deposit requirement only $25
- High interest rate with no monthly fees
- One free withdrawal per calendar month
- Easy online account management
Pros
- Low initial deposit requirement
- No monthly account maintenance fees
- Flexible withdrawal options
- Online and phone banking available
Cons
- $5 fee for additional monthly withdrawals
- Interest rate subject to change without notice
- Limited physical branch presence
10. Canadian Tire Bank High Interest Savings Account
Canadian Tire Bank High Interest Savings Account provides a straightforward, no-fee savings option with competitive interest rates and complete flexibility for customers seeking a simple way to grow their money.
Canadian Tire Bank High Interest Savings Account
- No monthly fees
- No minimum balance requirement
- No lock-in period
- Easy online and phone fund transfers
Pros
- Zero monthly maintenance charges
- Flexible fund transfers
- No minimum deposit required
- Online and phone banking convenience
Cons
- Some specialized transactions may incur fees
- Interest rates can fluctuate
- Limited physical banking infrastructure
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.
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Frequently Asked Questions: Best Online Savings Bank Accounts in Canada This November 2025
What are the highest interest rates for online savings accounts in Canada right now?
EQ Bank offers the top rate at 5.50% for their Personal Savings Account, making it the most competitive high-interest online savings option in Canada for November 2025.
How do I choose the best online savings account with no monthly fees in Canada?
Simplii Financial and Tangerine both offer high-interest savings accounts with $0 monthly fees, no minimum balance requirements, and competitive rates around 5.25% in November 2025.
Which online savings account in Canada provides the most flexible savings features?
Scotiabank MomentumPLUS Savings Account provides unique features like bonus interest tiers and the ability to earn up to 6.00% for customers who maintain consistent monthly deposits.
What are the minimum deposit requirements for top online savings accounts in Canada?
Most online savings accounts like CIBC eAdvantage and EQ Bank require no minimum deposit, allowing Canadians to start saving with as little as $1 in November 2025.