Savers Roundup January 2026: Quiz time! How well do you know the TFSA?

Savings account interest rates are holding steady so far in 2026. In fact, there has not been a single rate change on our savings account comparison chart since the end of November. If you have over $20,000 to deposit, the highest rate is from Neo Financial at 3.00%. If you don’t want to keep a minimum balance or jump on a promo or direct deposit deal, the highest standard rate is 2.85% from Saven Financial, which you can get in a regular savings account, TFSA, or RRSP. This time last year, PC Financial was offering a 4.00% savings account, although by May it had gone down to 3.10%.

The top GIC rates on our chart are currently as follows:

• 3.65% for a 1-year GIC (Wealth One Bank of Canada)
• 3.75% for a 2-year GIC (Wealth One Bank of Canada)
• 3.80% for a 3-year GIC (Achieva Financial)
• 3.75% for a 4-year GIC (Wealth One Bank of Canada)
• 3.85% for a 5-year GIC (EQ Bank)

Take our TFSA quiz

The new year ushered in another $7,000 in TFSA contribution room for Canadian residents who turn at least 18 this year. The official government statistics from 2025 (for the 2023 contribution year) showed that there are over 18 million TFSA holders, but over 8 million of them did not make a contribution that year. Launched in 2009, TFSA rules have remained largely unchanged, but there is still a good level of confusion about the TFSA. Many Canadians are not taking full advantage of the TFSA, and every year a meaningful number of Canadians over-contribute to their TFSA. How well do you know the Tax Free Savings Account? Take our quiz!

New year, new deposit promos

If you’re looking for a new place to park some savings this year, some of the listings on our promotions page include:

• Vancity (BC only): 4.80% (registered accounts) or 4.70% (non-registered accounts) on new deposits to a savings account until April 30, 2026
• CIBC: 4.60% in a new eAdvantage savings account for the first 3 months
• RBC new customers: 4.60% for 3 months in your first RBC High Interest eSavings account if opened before 3pm ET on January 27, 2026
• BMO: Earn up to $700 cash bonus on a new Chequing and Savings Amplifier Account, and up to 4.55% in the savings account for the first 120 days
• Simplii Financial new customer promo: 4.50% in a savings account for the first 5 months
• Tangerine Bank new customers: 4.50% savings account interest rate for the first 5 months
• EQ Bank: $100-$200 bonus on deposits to registered accounts made by March 2, 2026

You can get some additional cash back on top of some of those offers through our cash back website.