---
title: "The highest-interest everyday savings account in Canada | Wealthsimple"
description: "Earn 2.5% interest from day 1. With anytime withdrawals and zero fees, it's the perfect place to park your savings."
url: "https://www.wealthsimple.com/en-ca/savings"
---

# Earn 2.5% interest on your savings. No fees, no funny business.

[Open an account](https://my.wealthsimple.com/app/account-selection/spend-and-save?locale=en-ca)

![](/cdn-cgi/image/format=auto,quality=90,width=3072,fit=scale-down/https://images.ctfassets.net/v44fuld738we/3vS0lb3KOfeiSV5FAYFAlD/dec46a4ff839fbf1669ff5f5199c8411/c56696ec-a5fc-443a-80d7-f5965f633e5c.png)

## Need an emergency fund? Waiting on a market moment? Park your savings in an account that grows your cash faster than at any of the big banks.

### Grow your savings by 2.5% without the monthly fees, transfer fees, or fees-for-the-sake-of-fees-fees

![A view of an empty Rainy Day savings account, with a prompt to add money.](/cdn-cgi/image/format=auto,quality=90,width=3072,fit=scale-down/https://images.ctfassets.net/v44fuld738we/4ePeHJK1v7fXROtpJ1xB2/755e0ccbf9506298033e7347a18e51df/1475x2560_HISA_UI_Animation_Desktop_Sequence_01210.png)

Free means free. Open and fund an account in minutes, with no paperwork or surprise costs — only savings that grow from day 1.

## Move it in to grow it, move it out anytime. Because moving your money shouldn't cost you money.

Comparison of Wealthsimple's savings account with the everyday savings accounts of other financial institutions in Canada, including big banks and digital banks.
|  | Wealthsimple | Big banks | Digital banks |
| --- | --- | --- | --- |
| Interest rate | 2.5% — simple, with no catch | 0.55% — once their too-short promo period ends | 2.35% — if you give 240 hours notice before withdrawals |
| Rate type | Non-promotional, with no fine print | Decent rates for a few months (if you're lucky) | Good rates, until you try withdrawing money |
| Fees | $0 | No monthly fee, but per-transaction fees apply | $0 |
| Account minimums | None | None, but higher rates may require minimum balances | None |
| Withdrawal notices and lock-in periods | None — instant withdraw | None, but 1–2 business days to settle | 10-30 days notice |
| Deposit protection | $1M CIPF | $100K CDIC | $100K CDIC |

Data collected as of August 19, 2026. For more information on how we collected the information included in this chart, [visit here](/en-ca/legal/disclaimers/savings-chart).

## Earn more, pay zero. That's what savings accounts are all about.

[Open an account](https://my.wealthsimple.com/app/account-selection/spend-and-save?locale=en-ca)

## FAQs

### How is this different than a chequing account?

Great question. Our chequing account earns 1.25%–2.25% interest depending on the total value of your assets at Wealthsimple (more on that [here](/en-ca/pricing)), while our savings account earns 2.5% interest for everyone from day 1.

There are a few other differences, too: With a chequing account, you can send and receive e-Transfers, make ATM withdrawals, deposit cash, pay bills, make purchases using your prepaid Visa Platinum\* card, and generally do more with your money. A savings account, meanwhile, is a great place to park your money so that it can earn high interest with virtually zero risk. Then, whenever you need it, you can move your cash over to your chequing account — instantly.

### Can I open a savings account in my TFSA, RRSP, or FHSA?

It's individual non-registered accounts only for now, with more account types to come!

### How do I fund this account?

There are three ways to fund your savings account, all of them easy:

*   Transfer funds internally from another Wealthsimple account (e.g., chequing)
*   Deposit funds from an externally linked bank account
*   Set up automatic transfers from your chequing account using automate your pay

Your savings account doesn’t have an account or transit number, so you won’t be able to direct deposit your paycheque into it. You _can_, however, direct deposit your pay into a chequing account and set up an automatic transfer of some (or all!) of those funds — gotta love automate your pay.

### Who’s eligible for 2.5% interest?

You are! Our 2.5% interest rate is available to everyone at Wealthsimple, regardless of the total value of their assets — no tiers, no promos, just everyday interest on your savings.

![](/cdn-cgi/image/format=auto,quality=75,width=3072,fit=scale-down/build-assets/_next/static/media/Coin.f9f2e07f.webp)