Compare RRSP Accounts in Canada for 2026

Why open a registered retirement savings plan (RRSP)? An RRSP is a tax-advantaged account designed to help Canadians save and invest for retirement. Contributions reduce your taxable income for the year you make them, while investments grow tax-deferred until you withdraw funds in retirement. To choose the right RRSP, compare it with other registered accounts such as the tax-free savings account (TFSA) and the first home savings account (FHSA), and review each provider’s interest rates, investment options and fees. Below is a clear guide to selecting and using RRSPs effectively.

How to choose an RRSP

Decide whether you want an RRSP primarily for saving or for investing. Some RRSPs function like high-interest savings accounts (HISAs) and offer competitive rates for cash holdings. Others let you buy guaranteed investment certificates (GICs). Full investment accounts allow a range of RRSP-qualified assets, including stocks, bonds, exchange-traded funds (ETFs) and mutual funds. Investing typically offers higher long-term returns than saving, but savings-focused RRSPs are useful for short-term stability and liquidity. Compare providers’ offerings—savings rates, GIC terms, trading fees and account features—before you open an account.

Provider	Best for category	Can hold cash savings (HISA)	Can hold GICs	Can hold other qualified investments
EQ Bank	Savings account	✔️	✔️	✖️
Hubert Financial	Savings account	✔️	✔️	✖️
Achieva Financial	Savings account	✔️	✔️	✖️
National Bank	Savings account	✔️	✔️	✔️
RBC	Savings account	✔️	✔️	✔️
Oaken Financial	GIC (1-year)	✔️	✔️	✖️
EQ Bank	GIC (1-year)	✔️	✔️	✖️
Questwealth Portfolios	Robo-advisor	✖️	✖️	✔️
Wealthsimple Invest	Robo-advisor	✖️	✖️	✔️
Questrade	Online broker	✖️	✔️	✔️
Wealthsimple Trade	Online broker	✖️	✖️	✔️
Qtrade	Online broker	✖️	✔️	✔️

Compare RRSP savings accounts

Below are some leading RRSP savings accounts and what they offer. Rates and terms change, so verify details with the provider before opening an account.

Best RRSP savings accounts

EQ Bank RSP Savings Account

EQ Bank offers a competitive interest rate on RRSP savings accounts and also provides GICs with higher locked-in rates. As an online bank, EQ Bank handles accounts via its website and app. Deposits are CDIC-insured up to the applicable limits. Availability varies by province.

• Interest rate: Competitive (check provider for current rate)
• Minimum balance: None
• Insurance: CDIC (as applicable)

Hubert Financial

Hubert Financial is an online division of a credit union offering high savings rates and no routine banking fees. Deposits are protected by provincial deposit insurance where applicable. Accounts are suitable for savers seeking strong HISA returns with no minimum balance.

• Interest rate: Competitive (check provider for current rate)
• Minimum balance: None
• Insurance: Provincial deposit guarantee (varies by institution)

Achieva Financial

Achieva Financial offers a no-fee RRSP savings account with a notable interest rate. The account may include perks for opting into electronic statements. Deposits are covered by the local deposit guarantee program.

• Interest rate: Competitive (check provider for current rate)
• Minimum balance: None
• Insurance: Provincial deposit guarantee (as applicable)

Best big bank RRSP savings rates

National Bank of Canada

National Bank offers RRSP savings accounts with tiered interest rates that increase with larger balances. This account is often used to hold cash alongside other investments offered by the bank’s investment arm.

• Interest rate: Tiered (check provider for current tiers)
• Minimum balance: $1
• Insurance: CDIC

RBC

RBC’s RRSP savings account can be convenient if you already bank with RBC and want to keep accounts consolidated. Rates are generally lower than online-only banks but offer easy integration with other RBC services.

• Interest rate: Typically lower than online competitors (check provider)
• Minimum balance: None
• Insurance: CDIC

Return to top

---

Compare RRSP GIC rates

Best RRSP GIC rates (1-year term)

GICs let you lock funds for a set term at a guaranteed interest rate. They are a low-risk option for RRSP holders who want predictable returns. Confirm CDIC coverage and terms with each issuer.

Oaken Financial

Oaken Financial, an online provider associated with Home Trust Company, frequently offers competitive one-year RRSP GIC rates with CDIC protection on eligible deposits. Check current offers for exact rates and terms.

EQ Bank

EQ Bank typically offers one-year RRSP GICs at attractive rates and provides CDIC protection on eligible deposits. GICs are a reliable option when you want a guaranteed return over a fixed term.

Return to top

---

Best RRSP investment accounts

Best robo-advisors for RRSP investing	• Questwealth Portfolios • Wealthsimple Invest
Best online brokers for RRSP investing	• For passive investing: Wealthsimple Trade • For active traders: Questrade • For mutual funds: Qtrade

Best robo-advisors for RRSP investing

Questwealth Portfolios

Questwealth is a robo-advisor that builds diversified portfolios based on your risk tolerance and goals. Fees are low relative to traditional advice and the platform offers automated features such as dividend reinvestment and tax-loss harvesting for eligible accounts. The minimum investment is modest, making it accessible for many investors.

Wealthsimple Invest

Wealthsimple Invest provides simple, passive ETF-based portfolios with a range of risk levels, including socially responsible and specialized options. Fees are competitive and the platform is user-friendly, with no minimum for most accounts. Wealthsimple includes features like automatic roundups to help you invest small amounts regularly.

Return to top

---

Best online brokers for RRSP investing

Online brokerages are the best choice if you want direct control over individual investments, whether you trade ETFs, stocks, or mutual funds. Consider trading commissions, currency features and research tools when comparing brokers.

For passive ETF investors: Wealthsimple Trade

Wealthsimple Trade offers commission-free trading of many ETFs listed on Canadian exchanges, making it a strong choice for low-cost passive investors. It is a simple platform geared toward straightforward buy-and-hold strategies rather than advanced trading tools.

• Account fees: $0
• Commissions: $0 for trading many Canadian ETFs
• Portfolio: Access to thousands of Canadian-listed ETFs

For more active/experienced investors: Questrade

Questrade offers low-cost trading, the ability to hold U.S. dollars, and a suite of research and trading tools. Buying ETFs can be commission-free, and equity trades are competitively priced. It’s a popular choice for investors who trade actively or want access to U.S. markets while minimizing currency conversion costs.

• Account fees: $0 (typical)
• Commissions: Low per-share rates or fixed fees depending on trade
• Portfolio: Broad access to domestic and U.S. markets

For mutual fund investors: Qtrade

Qtrade combines a strong customer service reputation with a platform that can be appealing to mutual fund investors. It charges commissions on most stock and ETF trades but may waive fees or offer benefits for heavy mutual fund users and larger account balances.

• Account fees: Possible quarterly administration fee (waivers available)
• Commissions: Per-trade fees for equities and ETFs

Return to top

What is an RRSP?

An RRSP is a registered account recognized by the Canadian federal government that lets you save and invest for retirement on a tax-deferred basis. Contributions are deductible from your taxable income for the year you make them, and investment growth inside the account is not taxed until you withdraw. The strategy depends on the expectation that your tax rate in retirement will be lower than during your working years.

You can contribute to an RRSP until the year you turn 71. At that point, RRSPs must be converted to a registered retirement income fund (RRIF) or used to purchase an annuity, and withdrawals become taxable income.

Types of RRSPs

Common RRSP types include:

• Individual RRSP: Your own personal RRSP with contribution room determined by your earned income and carry-forward amounts.
• Spousal RRSP: You contribute to an RRSP in your spouse’s name to help split income in retirement while the contribution still counts against your own contribution room.
• Group RRSP (GRRSP): Employer-sponsored plans that often include payroll deductions and sometimes employer matching—take advantage of employer matching if available.

How many RRSPs can you have?

You can hold multiple RRSP accounts across different institutions. The important limit is total contribution room across all accounts. Diversifying across savings, GICs and investments can help manage liquidity and risk.

What investments can you hold inside an RRSP?

RRSPs can hold a variety of qualified investments: savings accounts, GICs, mutual funds, ETFs, stocks and bonds. Mixing low-risk holdings (cash, GICs) with growth-oriented assets (ETFs, stocks) can provide diversification aligned with your time horizon and risk tolerance. Non-qualified investments—such as private company shares you control, certain precious metals, commodity futures and personal property—cannot be held inside an RRSP.

What’s my RRSP contribution limit?

Annual RRSP contribution room equals 18% of your previous year’s earned income up to the yearly maximum, adjusted for pension adjustments and any unused room carried forward. Confirm your exact limit through your tax notice of assessment or CRA account.

Two reasons to withdraw from your RRSP before retirement

RRSPs can be used for specific programs that allow temporary, tax-deferred withdrawals if you meet repayment conditions:

Home Buyers’ Plan (HBP)

The HBP lets first-time home buyers withdraw up to an eligible limit from RRSPs to use toward a down payment, with a set repayment schedule (typically over 15 years). Missed repayments become taxable income.

Lifelong Learning Plan (LLP)

The LLP permits RRSP withdrawals for qualifying education or training, with limits and a repayment schedule. You can use the LLP for your own or your spouse’s education under the program rules.

RRSP vs. TFSA: Which should you choose?

TFSA contributions are not tax-deductible, but withdrawals are tax-free and flexible. If you expect to need funds before retirement or anticipate being in a similar or higher tax bracket in retirement, a TFSA may be the better option. If you expect to be in a lower tax bracket in retirement and want the upfront tax deduction, an RRSP can be more advantageous. Many people use both accounts strategically to meet short-term needs and long-term retirement goals.

Frequently asked questions