These are 12 Best Banks Offering Savings with Cashback in Canada. In recent years, the Canadian banking landscape has evolved significantly, with financial institutions increasingly offering innovative products to attract and retain customers. One such product that has gained popularity is the savings account with cashback rewards. These accounts combine the traditional benefits of savings accounts, such as interest earnings and security, with the added perk of cashback on everyday purchases. This unique combination can help Canadians grow their savings while simultaneously earning rewards on their spending.
This article delves into the 12 best banks in Canada offering savings accounts with cashback rewards, providing a comprehensive analysis of each option to help you make an informed decision.
1. Tangerine Bank – Tangerine Savings Accelerator Account
Overview:
Tangerine, a subsidiary of Scotiabank, is known for its customer-friendly approach and innovative banking solutions. The Tangerine Savings Accelerator Account is a popular choice for those seeking a high-interest savings account with additional perks.
Key Features:
- Interest Rates: Tangerine offers competitive interest rates, which are often among the highest in the market. While the rates are not fixed and can fluctuate, they are typically higher than those offered by traditional brick-and-mortar banks.
- Current Rate: As of April 2025, the interest rate is 4.10% for the first 5 months, followed by a standard rate of 1.65% (rates subject to change).
- Cashback Rewards:
- Tangerine does not offer a traditional cashback program on its savings accounts. However, it does provide a unique “Savings Booster” feature.
- Savings Booster: Customers can link their Tangerine savings account to their Tangerine chequing account and earn additional interest based on their debit card purchases. For every $1 spent using their Tangerine debit card, customers earn a small percentage of interest boost on their savings account balance.
- Example: If the Savings Booster rate is 0.5%, and you spend $500 on your debit card in a month, you will earn an additional $2.50 in interest on your savings account balance.
- No Monthly Fees: The account has no monthly maintenance fees, making it a cost-effective option.
- Automatic Savings Program (ASP): Customers can set up automatic transfers from their chequing account to their savings account, facilitating disciplined saving habits.
- Mobile and Online Banking: Tangerine offers a user-friendly mobile app and online banking platform, allowing customers to manage their accounts seamlessly.
- Interac e-Transfer: Free Interac e-Transfer service is available for sending and receiving money.
Pros:
- High interest rates, especially during the promotional period.
- No monthly fees.
- Innovative Savings Booster feature that rewards spending.
- User-friendly digital banking experience.
Cons:
- No physical branches, which may be a drawback for those who prefer in-person banking.
- The Savings Booster rate is relatively low compared to traditional cashback percentages.
Who is it for?
The Tangerine Savings Accelerator Account is ideal for tech-savvy individuals who prioritize high interest rates and are comfortable with online-only banking. The Savings Booster feature makes it attractive for those who use their debit card frequently.
2. Simplii Financial – Simplii Financial High-Interest Savings Account
Overview:
Simplii Financial is the direct banking brand of CIBC, offering a range of no-fee banking products. Their High-Interest Savings Account is designed to help customers grow their savings with competitive interest rates.
Key Features:
- Interest Rates:
- Simplii offers competitive interest rates, which are subject to change. As of April 2025, the rate is 4.00% for the first 4 months, followed by a standard rate of 1.50%.
- Cashback Rewards:
- Similar to Tangerine, Simplii does not offer a traditional cashback program on its savings account.
- However, customers can earn cashback on their Simplii credit card purchases. While not directly linked to the savings account, it provides an additional avenue for earning rewards.
- Simplii Cash Back Visa Card: Offers 4% cashback on eligible grocery purchases, 1.5% on eligible gas, dining, and drugstore purchases, and 0.5% on all other purchases.
- No Monthly Fees: The account has no monthly fees.
- Mobile and Online Banking: Simplii offers a robust online banking platform and a mobile app with features like mobile cheque deposit and bill payment.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Competitive interest rates.
- No monthly fees.
- Access to cashback rewards through the Simplii credit card.
- User-friendly digital banking services.
Cons:
- No physical branches.
- The cashback program is not directly linked to the savings account.
Who is it for?
The Simplii Financial High-Interest Savings Account is suitable for those who prefer online banking and are interested in earning cashback through a credit card. It is a good option for individuals who want to keep their savings and credit card rewards separate.
3. EQ Bank – EQ Bank Savings Plus Account
Overview:
EQ Bank, a subsidiary of Equitable Bank, has gained popularity for its high-interest savings accounts and innovative banking solutions.
Key Features:
- Interest Rates:
- EQ Bank offers one of the highest interest rates in the market. As of April 2025, the rate is 4.25% (subject to change).
- Cashback Rewards:
- EQ Bank does not offer a traditional cashback program on its savings account.
- However, customers can earn cash back through the EQ Bank Rewards Visa Card, which is a separate product.
- EQ Bank Rewards Visa Card: Offers 1.5% cashback on all purchases, with no annual fee.
- No Monthly Fees: The account has no monthly fees.
- Unlimited Interac e-Transfers: Customers can send and receive unlimited free Interac e-Transfers.
- Mobile and Online Banking: EQ Bank offers a modern and intuitive digital banking platform.
- Linked Accounts: Customers can link their EQ Bank account to other bank accounts for easy transfers.
Pros:
- Very high interest rates.
- No monthly fees.
- Unlimited free Interac e-Transfers.
- Access to cashback rewards through the EQ Bank credit card.
Cons:
- No physical branches.
- The credit card is a separate product, so cashback is not directly linked to the savings account.
Who is it for?
The EQ Bank Savings Plus Account is ideal for individuals who prioritize high interest rates and unlimited Interac e-Transfers. The availability of a cashback credit card makes it attractive for those who want to earn rewards on their spending.
4. CIBC – CIBC eAdvantage® Savings Account
Overview:
CIBC, one of Canada’s largest banks, offers the eAdvantage® Savings Account, which combines competitive interest rates with convenient digital banking features.
Key Features:
- Interest Rates:
- The interest rate is tiered based on the account balance. As of April 2025, the rates are:
- 0.10% for balances below $100,000
- 1.50% for balances $100,000 and above
- The interest rate is tiered based on the account balance. As of April 2025, the rates are:
- Cashback Rewards:
- CIBC offers a cashback program on its savings account through the CIBC Smart™ Savings Account.
- CIBC Smart™ Savings Account:
- Customers earn 1% cashback on eligible savings deposits made to the account each month.
- The cashback is capped at $10 per month.
- The account requires a minimum monthly deposit of $100 to qualify for the cashback.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: CIBC offers a comprehensive online and mobile banking experience.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Cashback rewards on savings deposits.
- No monthly fees.
- Competitive interest rates for higher balances.
- User-friendly digital banking services.
Cons:
- The cashback program has a low maximum limit of $10 per month.
- The interest rate for lower balances is relatively low.
Who is it for?
The CIBC eAdvantage® Savings Account is suitable for individuals who have a significant amount of savings and are looking for a combination of cashback rewards and competitive interest rates. It is also a good option for those who prefer banking with a major financial institution.
5. Scotiabank – Scotia Scotia Momentum® Savings Account
Overview:
Scotiabank, another of Canada’s big five banks, offers the Scotia Momentum® Savings Account, which focuses on providing competitive interest rates and a unique cashback program.
Key Features:
- Interest Rates:
- The interest rate is tiered based on the account balance. As of April 2025, the rates are:
- 0.10% for balances below $5,000
- 1.00% for balances $5,000 and above
- The interest rate is tiered based on the account balance. As of April 2025, the rates are:
- Cashback Rewards:
- The Scotia Momentum® Savings Account offers a cashback program that rewards customers for their savings deposits.
- Customers earn 1% cashback on the first $1,000 of eligible savings deposits each month.
- The cashback is credited to the account monthly.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: Scotiabank offers a robust online and mobile banking platform.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Cashback rewards on savings deposits.
- No monthly fees.
- Competitive interest rates for higher balances.
- User-friendly digital banking services.
Cons:
- The cashback program has a low maximum limit of $10 per month.
- The interest rate for lower balances is relatively low.
Who is it for?
The Scotia Momentum® Savings Account is ideal for individuals who want to earn cashback on their savings deposits and have a balance of at least $5,000. It is also suitable for those who prefer banking with a major bank.
6. BMO Bank of Montreal – BMO Smart Savings Account
Overview:
BMO offers the BMO Smart Savings Account, which focuses on providing a simple savings solution with competitive interest rates.
Key Features:
- Interest Rates:
- The interest rate is 1.25% as of April 2025 (subject to change).
- Cashback Rewards:
- BMO does not offer a cashback program on its savings account.
- However, customers can earn cash back through the BMO CashBack® Mastercard®, which is a separate product.
- BMO CashBack® Mastercard®:
- Offers 1% cashback on all purchases, with no annual fee.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: BMO offers a comprehensive online and mobile banking experience.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Competitive interest rate.
- No monthly fees.
- Access to cashback rewards through the BMO credit card.
Cons:
- No cashback program directly linked to the savings account.
- The interest rate is lower compared to other options.
Who is it for?
The BMO Smart Savings Account is suitable for individuals who want a straightforward savings account with a competitive interest rate and are interested in earning cashback through a credit card.
7. National Bank of Canada – National Bank High-Interest Savings Account
Overview:
National Bank offers a High-Interest Savings Account, which is designed to help customers grow their savings with a competitive interest rate.
Key Features:
- Interest Rates:
- The interest rate is 1.35% as of April 2025 (subject to change).
- Cashback Rewards:
- National Bank does not offer a cashback program on its savings account.
- However, customers can earn cash back through the National Bank Cashback Mastercard®, which is a separate product.
- National Bank Cashback Mastercard®:
- Offers 1.5% cashback on eligible grocery and transportation purchases, 1% on eligible gas and recurring bill payments, and 0.5% on all other purchases.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: National Bank offers a user-friendly online and mobile banking platform.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Competitive interest rate.
- No monthly fees.
- Access to cashback rewards through the National Bank credit card.
Cons:
- No cashback program directly linked to the savings account.
- The interest rate is lower compared to some other options.
Who is it for?
The National Bank High-Interest Savings Account is ideal for individuals who want a savings account with a competitive interest rate and are interested in earning cashback through a credit card.
8. HSBC Bank Canada – HSBC Savings Account
Overview:
HSBC offers the HSBC Savings Account, which provides a decent interest rate and a unique cashback program.
Key Features:
- Interest Rates:
- The interest rate is 1.00% as of April 2025 (subject to change).
- Cashback Rewards:
- HSBC offers a cashback program on its savings account through the HSBC Rewards Savings Account.
- Customers earn 0.5% cashback on eligible savings deposits each month.
- The cashback is credited to the account quarterly.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: HSBC offers a comprehensive online and mobile banking experience.
- Interac e-Transfer: A Free Interac e-Transfer service is available.
Pros:
- Cashback rewards on savings deposits.
- No monthly fees.
- Decent interest rate.
Cons:
- The cashback rate is relatively low.
- The interest rate is lower compared to other options.
Who is it for?
The HSBC Savings Account is suitable for individuals who want to earn cashback on their savings deposits and are comfortable with a lower interest rate.
9. Canadian Western Bank – CWB High-Interest Savings Account
Overview:
Canadian Western Bank offers the CWB High-Interest Savings Account, which is designed to provide a high-interest savings solution.
Key Features:
- Interest Rates:
- The interest rate is 1.50% as of April 2025 (subject to change).
- Cashback Rewards:
- CWB does not offer a cashback program on its savings account.
- However, customers can earn cash back through the CWB Cash Back Rewards Mastercard®, which is a separate product.
- CWB Cash Back Rewards Mastercard®:
- Offers 1% cashback on all purchases, with no annual fee.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: CWB offers a user-friendly online and mobile banking platform.
- Interac e-Transfer: A Free Interac e-Transfer service is available.
Pros:
- Competitive interest rate.
- No monthly fees.
- Access to cashback rewards through the CWB credit card.
Cons:
- No cashback program directly linked to the savings account.
- The interest rate is lower compared to some other options.
Who is it for?
The CWB High-Interest Savings Account is ideal for individuals who want a savings account with a competitive interest rate and are interested in earning cashback through a credit card.
10. Laurentian Bank of Canada – Laurentian Bank High-Interest Savings Account
Overview:
Laurentian Bank offers the Laurentian Bank High-Interest Savings Account, which provides a decent interest rate and a unique cashback program.
Key Features:
- Interest Rates:
- The interest rate is 1.25% as of April 2025 (subject to change).
- Cashback Rewards:
- Laurentian Bank offers a cashback program on its savings account through the Laurentian Bank Cash Back Savings Account.
- Customers earn 0.5% cashback on eligible savings deposits each month.
- The cashback is credited to the account monthly.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: Laurentian Bank offers a comprehensive online and mobile banking experience.
- Interac e-Transfer: Free Interac e-Transfer service is available.
Pros:
- Cashback rewards on savings deposits.
- No monthly fees.
- Decent interest rate.
Cons:
- The cashback rate is relatively low.
- The interest rate is lower compared to other options.
Who is it for?
The Laurentian Bank High-Interest Savings Account is suitable for individuals who want to earn cashback on their savings deposits and are comfortable with a lower interest rate.
11. ICICI Bank Canada – ICICI Bank High-Interest Savings Account
Overview:
ICICI Bank Canada offers the ICICI Bank High-Interest Savings Account, which provides a competitive interest rate and a unique cashback program.
Key Features:
- Interest Rates:
- The interest rate is 1.50% as of April 2025 (subject to change).
- Cashback Rewards:
- ICICI Bank offers a cashback program on its savings account through the ICICI Bank Cash Back Savings Account.
- Customers earn 1% cashback on eligible savings deposits each month.
- The cashback is capped at $10 per month.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: ICICI Bank offers a user-friendly online and mobile banking platform.
- Interac e-Transfer: A Free Interac e-Transfer service is available.
Pros:
- Competitive interest rate.
- Cashback rewards on savings deposits.
- No monthly fees.
Cons:
- The cashback program has a low maximum limit of $10 per month.
- The interest rate is lower compared to some other options.
Who is it for?
The ICICI Bank High-Interest Savings Account is ideal for individuals who want a savings account with a competitive interest rate and are interested in earning cashback on their savings deposits.
12. RBC Royal Bank of Canada – RBC Savings Builder® Account
Overview:
RBC offers the RBC Savings Builder® Account, which is designed to help customers grow their savings with a competitive interest rate.
Key Features:
- Interest Rates:
- The interest rate is 1.20% as of April 2025 (subject to change).
- Cashback Rewards:
- RBC does not offer a cashback program on its savings account.
- However, customers can earn cash back through the RBC Cash Back Mastercard®, which is a separate product.
- RBC Cash Back Mastercard®:
- Offers 1% cashback on eligible grocery and RBC banking fees and 0.5% on all other purchases.
- No Monthly Fees: The account has no monthly fees.
- Digital Banking: RBC offers a comprehensive online and mobile banking experience.
- Interac e-Transfer: A Free Interac e-Transfer service is available.
Pros:
- Competitive interest rate.
- No monthly fees.
- Access to cashback rewards through the RBC credit card.
Cons:
- No cashback program directly linked to the savings account.
- The interest rate is lower compared to some other options.
Who is it for?
The RBC Savings Builder® Account is suitable for individuals who want a savings account with a competitive interest rate and are interested in earning cashback through a credit card.
Conclusion
Choosing the right savings account with cashback rewards depends on your individual financial goals, spending habits, and banking preferences. Here are some key factors to consider:
- Interest Rates: Compare the interest rates offered by different banks and consider whether they are fixed or variable.
- Cashback Program: Determine whether the cashback program is directly linked to the savings account or through a separate credit card. Consider the cashback rate, maximum limit, and how the rewards are credited.
- Fees: Look for accounts with no monthly maintenance fees.
- Banking Experience: Consider whether you prefer online-only banking or the option of visiting a physical branch.
- Additional Features: Look for features like unlimited Interac e-Transfers, linked accounts, and mobile banking capabilities.
By carefully evaluating these factors, you can choose the savings account that best aligns with your financial needs and helps you maximize your savings and rewards.
