Interest rates are at an all time low, so you won't get much interest from a savings account, but it is always a good idea to keep some liquid cash on hand, in case of emergencies or other reasons. Tangerine Bank Canada has a special offer, where they are giving 3% interest on all new deposits made to a Tangerine savings account between now to November 30, 2015. This beats all the big 5 banks, so take advantage of this awesome promo. More details on this promo can be found here.
Also, if you haven't yet opened an account with Tangerine, then don't forget to use an orange key to get the $50 referral bonus. I would be grateful if you use my key, 35561445S1. Remember, once you open an account, you will get your own orange key and can start referring others to get more bonuses.