The Best Online Savings Accounts in 2025 for Digital-First Canadians

The majority of Canadians are no longer willing to wait in line at a bank branch; they want digital banking that is instant, intuitive, and rewarding. In 2025, the Bank of Canada reduced the interest rates on high-interest online savings accounts, with rates ranging from 2.75% to 4.75% (including limited-time offers). The good news is that each of the accounts here is insured by CDIC to a maximum of 100,000 dollars; thus, your money is completely safe as it grows.

You can use them to optimize an emergency fund or to find the best yield on idle cash, but these online savings accounts are the best that Canadians can get in 2025, without having to visit a branch.       

What to Look for in a Digital Savings Account

The winners and the meh are filtered out by five fast filters:

• Everyday rate – this is the amount you will earn once any promo is over.
• No monthly charges, as no one needs another bill.
• Free unlimited transfers – transfer money without penalties.
• Solid mobile application – 4.0 or more on iOS/Android.
• CDIC protection–non-negotiable for peace of mind.

Curious how this year’s top picks stack up against last year’s? Take a look at Best High-Interest Savings Accounts in Canada —the shifts might surprise you.   

EQ Bank Savings Plus 2.75% Everyday

When you open a direct deposit (1.00 % base rate otherwise), EQ Bank remains the leader with a 2.75% bonus rate. No charges, unlimited transfers, and an application that looks like a fintech startup. Ideal for remote workers who want set-it-and-forget-it growth—or for anyone who wants to automate retirement contributions straight from payroll.  

✓ No minimum balance

✓ Free Interac e-Transfers

✓ GIC ladder within the same application.

✗ No physical branches (but who needs them?)

✗ Promo rates rare

Neo High Interest Savings – 2.25% to 2.90%

Neo Financial makes it easy: 2.25% starting rate, with up to 2.90% interest on higher balances. The app also functions as a cash-back portal of Mastercard- useful when you use it at partners such as Skip The Dishes. Excellent with young Canadians who are establishing their first emergency fund.

Oaken Financial Savings – 2.80%

The digital division of Home Capital offers 2.80 per cent, no charges, and a clean interface. Based in Ontario but accessible countrywide. A good fit for retirees who prefer stability and competitive, non-promotional rates over flashiness.

Bridgewater Bank Smart eSavings -2.70%

Bridgewater, which is Alberta-based, charges 2.70% and includes free e-transfers. The application is simple yet solid. Appeals to prairie families who value no-nonsense banking, consistently high-yield banking.  

PC Money Account 2.70% + Groceries Perks

Earn 2.20% and PC Optimum points on debit purchases (a 0.7% bonus rate may be offered conditionally). This hybrid account is better than simple savings in case you already shop at Loblaw banners, and it works well for couples—check our article on joint savings accounts to learn more.   

Saven Financial HISA -2.50% (Ontario Credit Union)

Only Ontario residents, yet 2.50% co-op ethics and local phone support. Ideal for teachers or government employees who prefer community roots and ethical banking.

Wealth One Bank of Canada – 2.50%

Serves the Asian-Canadian community with 2.50% and bilingual support. Essential among newcomers who desire Mandarin/Cantonese service.

Quick Comparison Table

How to Switch in Under 10 Minutes

Take your ID, void cheque, and phone. Install the new application, take pictures, connect your payroll or current account, and that is it. The FCAC guide takes you through it step-by-step. The majority of transfers are completed within a day.

FAQ

• Are online-based savings accounts secure? Yes–all the picks above are insured by CDIC to a maximum of $100,000 per depositor category. 
• What if rates drop again? Ladder your money: 3-6 months in liquid HISA, the rest in 1-year GICs (3.00-4.50% at present).
• Any tax-free version? Yes–transfer money to a TFSA HISA. Look at our TFSA vs savings breakdown.
• Best for an emergency fund? EQ or Neo-maximum liquidity and immediate access.

Pick one today, set up direct deposit, and watch your money finally work harder than you do.