Get one of Canada's best high interest rates
Opening a savings account is pretty simple—you just need to pick where you want to save, provide some basic info, and make your first deposit.
Start With KOHO Essential
If you want something that works for everyday spending and saving in one place, KOHO Essential gives you a savings experience with interest on your whole balance:
It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.
Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.
Grow your savings with a 2% interest savings rate on your entire balance.
Earn 1% cash back on groceries, eating & drinking, and transportation.
You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.
Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).
No minimum balance, ever.
Reach your savings goals faster
Steps to Open a Savings Account
1. Choose Where You Want to Save
Decide whether you want to use:
A money management app like KOHO
An online bank
A traditional bank or credit union
Look for no or low fees and a decent interest rate.
2. Gather Your Information
Most places will ask for:
Your full name and date of birth
Address and contact info
Government-issued ID
SIN (sometimes) for tax reporting
Having this ready makes the process faster.
3. Apply Online or In-App
With many providers, you can:
Download the app or visit their website
Fill out a short application
Verify your identity with ID and sometimes a selfie or verification questions
Approval is usually quick if everything checks out.
4. Make Your First Deposit
Once the account is open, add money by:
Linking another bank account and transferring funds
Setting up direct deposit for your pay
Moving money from an existing account
5. Automate Your Savings
To actually grow your balance:
Set a small amount to move into savings every payday
Keep savings separate from everyday spending so you’re not tempted to dip in
Let interest and (where available) cash back help your money grow over time
Even small, regular contributions add up quickly once they’re on autopilot.