Key takeaways
- Highest promos: RBC and Simplii 4.60%, Tangerine 4.50%, TD 4% bonus, all for 3 to 5 months
- Highest steady rates: Oaken 2.80%, EQ Bank 2.75% with the direct deposit bonus, Wealthsimple up to 2.25%
- After the promo, Simplii pays 0.30% on balances up to $50,000
- Interest is taxable unless the money is in a TFSA
- Deposits at CDIC members are insured up to $100,000 per category
Savings rates for newcomers, October 2026
Rates are yearly (annual) interest rates, taken from each provider’s own page on the date shown. They can change at any time.
| Provider and account | Promo rate | Promo length | Regular rate | Key conditions | Checked |
|---|---|---|---|---|---|
| RBC High Interest Savings (newcomer offer) | 4.60% | 3 months (90 days) | RBC posted rate | First RBC HISA, part of the newcomer package; no minimum deposit | Oct 5, 2026 |
| TD Every Day Savings (newcomer package) | 4% bonus rate | 3 months | TD posted rate | Part of the New to Canada package, which ends Nov 2, 2026 | Oct 5, 2026 |
| Simplii High Interest Savings | 4.60% | 5 months (153 days) | 0.30% up to $50,000; 0.50% to $100,000 | New clients; deposits Aug 1 to Oct 31, 2026; promo on up to $200,000 | Oct 5, 2026 |
| Tangerine Savings Account | 4.50% | 5 months (153 days) | Tangerine posted rate | New clients who open within 60 days of getting a client number | Oct 5, 2026 |
| EQ Bank Personal Account | None | None | 1.00% base; 2.75% with bonus | Bonus of 1.75% when you set up eligible direct deposits; rates effective Jan 7, 2026 | Oct 5, 2026 |
| Oaken Financial Savings Account | None | None | 2.80% | No fees, no minimum balance; TFSA savings also 2.80%; effective Oct 2, 2026 | Oct 5, 2026 |
| Wealthsimple Chequing | None | None | 1.25% Core, 1.75% Premium, 2.25% Generation | +0.50% for Core and Premium with $2,000 direct deposit in 30 days | Oct 5, 2026 |
“Posted rate” means the bank’s regular rate shown on its rate page. We could not read RBC’s, TD’s and Tangerine’s regular rates from their pages on the check date, so check them before you rely on the account after the promo ends.
Promo rate or steady rate: what earns more?
Say you put $5,000 in savings for one year and do not add more.
- Simplii promo: 4.60% for 153 days earns about $96. Then 0.30% for the other 212 days earns about $9. Total: about $105.
- Oaken at 2.80% for the full year earns about $140 (before compounding).
So a steady 2.80% beats a 5-month 4.60% promo over a full year, unless you move your money again when the promo ends. Moving money every few months works, but promos are often for new clients only, so you can usually use each bank’s promo once.
Promotional rates usually apply only to new money deposited during the offer, not money already at that bank. Read the terms before you move savings between accounts at the same bank.
How we collect these rates
- We read each rate on the provider’s own website. We do not use rate aggregators.
- We list promo and regular rates separately, with the promo length and main conditions.
- We update this page at least once a month and whenever a major promo starts or ends. The “Checked” column shows the date we last confirmed each row.
- Rates are yearly rates. Most savings accounts calculate interest daily and pay it monthly.
- No provider pays to be listed. We include big banks with newcomer savings offers and online banks with the highest steady rates.
Is my savings safe? CDIC and Wealthsimple
The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits at member institutions up to $100,000 per insured category, including interest. Savings in your own name and savings in a TFSA are separate categories, so each can be covered up to $100,000. Foreign currency deposits and GICs are also eligible.
Wealthsimple is not a bank and not a CDIC member. It says it holds client cash at several CDIC members so that coverage of up to $1 million applies across them. Simplii (CIBC), Tangerine (Scotiabank), EQ Bank and Oaken (Home Trust) are, or are part of, CDIC members. Check the CDIC member list if you are unsure.
Most credit unions are provincially regulated and are not CDIC members. Their deposits are protected by provincial deposit insurance instead, and the limits and rules differ by province. Ask the credit union which plan covers you.
Where to keep your emergency fund
Keep 3 to 6 months of basic costs somewhere safe that you can reach in a day or two. For most newcomers that means:
- A high-interest savings account at a CDIC member, separate from your chequing account, so you are not tempted to spend it.
- An account with no monthly fee and free transfers to your chequing account.
- Not a GIC that locks your money, and not stocks or crypto, which can fall in value when you need the money.
Work out how much you need with the first 90 days budget.
Interest is taxable: use your TFSA
Interest in a regular savings account is added to your income and taxed. Your bank sends you a T5 slip if you earn $50 or more. Inside a Tax-Free Savings Account (TFSA), interest is tax-free.
The TFSA dollar limit for 2026 is $7,000. You get room for each year you are a resident of Canada and 18 or older, starting the year you become a resident. You need a SIN to open one. Learn more in TFSA and RRSP room in your first year, and compare options with the RRSP vs TFSA calculator.
For money you will not need for a year or more, a GIC can lock in a rate. See the GIC calculator. For the rest of your banking set-up, see the banking guide.
How we handle offers. Offers on this page come from each bank’s own website and were last checked on October 5, 2026. Banks change offers often, so confirm the details on the bank’s site before you apply. No bank pays to be included or ranked here. If a link on this page ever earns us a commission, we will label it next to the link.
Common questions
What is the best savings account for newcomers to Canada?
Do promotional rates apply to all my money?
Do I pay tax on savings interest?
Can I open a savings account without a SIN?
How often do you update these rates?
Sources
- CDIC: What’s covered
- CRA: Calculate your TFSA contribution room
- RBC: Offers for permanent resident and foreign worker newcomers
- TD: New to Canada banking package
- Simplii Financial: High Interest Savings offer
- Tangerine: Savings Account promotional rate
- EQ Bank: Rates
- Oaken Financial (Home Trust): Savings account rates
- Wealthsimple: Chequing