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Marie Alcober
Updated Oct 15, 2026
A standard savings account pays a fraction of 1% in interest, while inflation eats away at every idle dollar you hold.
Consider opening a high-interest personal account with EQ Bank or switching to a basic chequing account to avoid overpaying in fees.
Cut fixed bills and redirect the difference into retirement accounts. You can save up to 20% on insurance if you bundle home and auto coverage with Rates.ca.
If your cash is earning next to nothing, or you haven't checked what you're paying in fees lately, keep reading.
You're likely holding onto that cash for a reason, whether it's an emergency fund, a down payment or a cushion for retirement. But if it's sitting in a big bank chequing account, there's likely a better home for it.
But growing your cash isn't only about chasing a higher interest rate. It's also about making sure you're not losing money to fees, missed rewards or overpriced premiums.
Here are three smart money moves to maximize your cash, plus one bonus move to free up more of your own money in 2026.
Bank without the fees eating your cash
Before you can grow your cash, make sure your everyday banking isn't working against you. Monthly fees, minimum-balance penalties, and limited access can chip away at your money before you even start saving.
Depending on your age and banking needs, some chequing accounts may offer unlimited digital transactions that can help reduce everyday banking costs.
For example, National Bank offers The Connected® chequing account. Depending on your age and account balance, the offer can include:
- Unlimited digital transactions
- Unlimited Interac e-Transfer® transactions
- An eligible Mastercard credit card with $30 applied as credit and a $5/month discount on fixed monthly fees
- $0 fixed monthly fees with a $4,500 balance or more
According to National Bank's pricing, The Connected starts at $15.95/month for ages 25-59, with $0/month for ages 0-24 and $10.95/month for ages 60+.
National Bank currently offers eligible customers up to $600 cashback when opening The Connected.
Promotion: You could earn $300 for opening the account and completing certain steps within 120 days, plus up to $100 each for adding an eligible Mastercard, setting up automatic mortgage payments, or opening a High Interest Savings Account. Promotion ends November 3, 2026.
Learn more about The Connected and compare with other National Bank chequing options and promotional offer conditions.
If you just need the basics, some chequing accounts offer simple, affordable banking.
For example, National Bank offers The Minimalist® chequing account. Depending on your age and eligibility, the package can include:
- 18 digital transactions per month (including Interac e-Transfers®)
- Access to THE EXCHANGE® network of ABMs at no additional cost
- Mobile cheque deposit available
According to National Bank's pricing, The Minimalist has $3.95 fixed monthly fees.
There are $0 monthly fees for ages 0-24 (including students), seniors 65+ on Guaranteed Income Supplement, RDSP beneficiaries, and Indigenous peoples.
Learn more about The Minimalist and compare with other National Bank chequing options.
Some Canadians may also qualify for profession-specific banking perks that can help reduce everyday banking costs.
For example, National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include:
- Up to 3 bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (Certain fees apply)
- Personal and home equity lines of credit with preferred terms and conditions
- Preferred value-added services like legal assistance and identity theft protection
- Access to a financial advisor
- An eligible Mastercard rewards credit card (Certain fees apply)
According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.
The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can enjoy even more savings when you combine specific banking products and services. Find out if you work in an eligible profession and explore your options.
Earn more on cash you're not using
If your priority is keeping cash accessible while still earning a real return, an online high-interest savings account offers the best of both worlds.
With no branches driving up overhead, online banks can typically pass those savings on to you, typically charging $0 in account fees while offering higher interest rates than the big banks.
For example, open a personal account with EQ Bank in just a few minutes and you get access to the best features of a chequing account combined with a high interest savings rate.
When you fund your account, you’ll start earning 1.00% interest on every dollar right away. Set up a direct deposit, you can earn 2.75% on every dollar.
The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.
Get cash back on money you're already spending
Not every dollar of extra cash comes from a new account. Some of it comes from getting more out of the spending you're already doing.
For example, you can get up to 1.5% cashback on your day-to-day purchases with the ECHO® Cashback MasterCard®.
Benefits of the ECHO® Cashback MasterCard® credit card include:
- Earn up to 1.5% cashback on gas, groceries, and online purchases¹
- Redeem your rewards directly via your online bank
- Extended warranty on your purchases²
- No minimum annual income required
Apply online from the comfort of your home and get an answer in minutes.
Routing bills like streaming, insurance, or utilities through a card instead of paying them directly from a bank account can be a smart consolidation move — provided the card actually gives you something back for it.
Benefit from cashback on your pre-authorized payments and restaurant purchases, as well as free mobile protection, with National Bank’s mycredit™ Mastercard®.
Benefits of the mycredit™ Mastercard® credit card include:
- Up to 1% cashback on restaurant purchases and recurring pre-authorized payments¹
- Mobile protection against theft or damage for up to 2 years following the purchase of your mobile device²
- Extended warranty on your purchases³
- No annual fee
Apply online from the comfort of your home and get an answer in minutes.
Bonus: Free up cash by cutting your fixed costs
Every dollar you're overpaying on a recurring bill is a dollar that isn't compounding in your savings or investment accounts. Trimming fixed expenses is one of the fastest ways to free up cash without changing your lifestyle.
Auto insurance is a classic example. Many drivers don't shop around regularly, and with premiums climbing year over year, auto-renewing your policy could be costing you more than you realize.
By using a comparison platform like Rates.ca, you could potentially save $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure you aren't paying a hidden ‘loyalty tax’ to your current insurer.
Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as 3 minutes.
Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.
Marie Alcober
Commercial Content Manager
Marie Alcober is a commercial content manager at Money.ca, where she develops branded content that helps readers make smarter money decisions.
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