My 3 Favourite Canadian Bank Accounts for Everyday Banking, Saving, and Investing (2025 Guide)

When it comes to managing your money, the accounts you choose matter — not just for convenience, but for how much interest you earn, how easily you can grow wealth, and how much you don’t lose to hidden fees.

Over the last few years, I’ve tested just about every “fintech” and online bank in Canada — and after trying them all, there are three accounts I personally use and recommend every single day.

These aren’t sponsored picks — they’re the exact accounts I use to manage my business cash flow, emergency savings, travel fund, investments, and my day-to-day spending.

Here’s how I use each one, and why I think they’re some of the best bank accounts in Canada for 2025 👇

🏦 1. Neo Financial – My Everyday Banking & Emergency Savings

If you want an everyday banking setup that’s simple, fast, and earns more than the “big banks” give you, Neo is the account I recommend starting with.

I use Neo Financial for two things:

• 🪙 Everyday Chequing Account – For daily spending and bill payments. This account pays 0.1% interest (which is already more than many traditional banks offer on chequing).

• 🏦 High-Interest Savings Account (HISA) – For my emergency fund. This account currently pays 2.25%, and deposits are CDIC insured.

💡 Why I love it:

• Easy-to-use app and easy-to-withdraw cash.

• Instant transfers and mobile cheque deposits.

• No monthly fees, minimum balances, or gimmicks.

• Perfect for building a cash cushion or emergency fund that’s actually earning something.

📊 My setup: I keep about 3–6 months of living expenses in my Neo HISA — money I never touch unless it’s a true emergency or I have a gap in income. The rest of my daily spending flows through the Neo chequing account.

👉 Open a Neo account here (affiliate link) and start earning more on your everyday cash.

💸 2. Wealthsimple – Investing, Crypto, and Travel Banking (All-in-One)

Wealthsimple has become one of my favourite financial tools because it lets me invest, save, and spend globally — all in one place.

Here’s how I use it:

📈 Self-Directed TFSA for Stocks & ETFs

Wealthsimple Trade is my go-to for buying Canadian and U.S. stocks inside a Tax-Free Savings Account (TFSA). No trading commissions, no account minimums, and no annual fees. The platform is simple and intuitive, making it great for both beginners and experienced investors.

₿ Crypto Trading Account

Wealthsimple Crypto is one of the easiest ways to get exposure to Bitcoin, Ethereum, and other coins in Canada. You can trade directly in CAD and withdraw your crypto to a private wallet — something many Canadian platforms don’t offer.

🌍 High-Yield Chequing for My Travel Fund

Wealthsimple also offers a 1.5% yield chequing account, which I use exclusively for my travel fund. It’s a great place to stash cash for future trips while still earning interest.

💳 Mastercard Debit Card – Travel-Friendly Spending

Their Mastercard debit card is one of my favourite travel banking tools:

• 💸 1% cash back on purchases

• 🌐 No foreign transaction fees (a huge money-saver abroad)

• 📱 Instant notifications and easy budgeting in the app

💡 Why I love it: Wealthsimple essentially acts as a “financial operating system” — one login where I can invest, trade crypto, save for travel, and spend internationally without fees. It’s also one of the best ways to maximize TFSA room while staying hands-on with your investments.

👉 Sign up for Wealthsimple here (affiliate link) and start investing commission-free.

📊 3. EQ Bank – High-Interest Savings and GICs That Actually Pay

The third account I use is EQ Bank, and this one is best if you're an employee earning direct deposit income:

🪙 Direct Deposit & High-Interest Savings

This is where your employment income would land before moving it into investments or other accounts. EQ consistently offers some of the highest savings rates in Canada — well above what the big five banks offer.

It’s perfect for holding large balances temporarily (for example, money earmarked for tax payments, a big purchase like car insurance, or other short-term savings goals) while still earning strong returns.

📑 Buying GICs With Extra TFSA Room

I also use EQ to buy GICs (Guaranteed Investment Certificates) inside my TFSA when I have contribution room left but don’t want market volatility. It’s a safe, low-effort way to earn a predictable return while using every dollar of TFSA space.

💡 Why I love it:

• Consistently top-tier interest rates.

• Super quick account setup and transfers.

• GIC terms as short as 3 months with competitive yields.

• Ideal for cash you don’t want in the market but still want to grow.

👉 Open an EQ Bank account here (affiliate link) and start earning more on your savings.

🧠 How to Use All Three Together (The Smart Banking Stack)

Here’s how I personally integrate all three into a simple, optimized system:

• 💳 Neo → Daily spending & emergency savings (fast access, decent interest).

• 💼 Wealthsimple → Investing, crypto, travel savings, and global spending.

• 💰 EQ Bank → Separating out additional short-term savings, and GIC investing.

This setup covers every major financial goal — from cash flow and travel to long-term wealth building — while keeping fees low, interest rates high, and money working harder.

Final Thoughts

You don’t need a dozen accounts to manage your finances well. By choosing the right three bank accounts, you can:

✅ Earn more interest on everyday cash.

✅ Eliminate foreign transaction fees when you travel.

✅ Simplify your investments and tax-sheltered savings.

✅ And make your money work harder across every part of your financial life.

I’ve personally used Neo, Wealth Simple, and EQ Bank for years — and I recommend them because they make saving, spending, and growing wealth simple, automated, and effective.

Ready to optimize your banking setup?

• 👉 Open a Neo account – Great for everyday spending + emergency fund

• 👉 Try Wealthsimple – Commission-free investing + travel-friendly debit

• 👉 Join EQ Bank – Highest interest on savings + GIC options

(Affiliate links: I may earn a small commission if you sign up through these links — at no extra cost to you. I only recommend products I personally use and trust.)