Savings comparison tool
Use the tool below to compare the latest high-interest savings rates in Canada. Filter results to estimate returns based on your balance and find the account that fits your short- or medium-term savings goals.
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MoneySense is an award-winning Canadian personal finance magazine, helping readers make informed financial choices since 1999. Our editorial team of trained journalists collaborates with leading experts to compare products from banks, credit unions and fintech providers. We evaluate features such as rates, fees and insurance coverage to recommend dependable options. Learn more about our advertising and partner relationships in our disclosure.
Best high-interest savings account rates in Canada
Savings accounts typically offer modest returns, but choosing a high-interest savings account (HISA) helps your cash grow more quickly while keeping funds accessible. Below we explain the features to consider and highlight competitive HISA options available across Canada.
| High-interest savings account (HISA) | HISA rate |
|---|---|
| EQ Bank Personal Account* | 2.75% |
| EQ Bank Notice Savings Account* | 2.75% with 30 days’ notice (or 2.35% with 10 days’ notice) |
| Maxa Financial High-Interest Savings | 1.80% |
| Neo Savings Account | 2.00%–2.75% (depending on balance) |
| Saven Financial High Interest Savings Account | 2.85% |
| Scotiabank MomentumPlus Savings Account | 0.40% |
| Simplii Financial High Interest Savings Account | Earn 4.60% on eligible deposits up to $100,000 (regular rates 0.30%–1%) |
| Tangerine Savings Account | 4.50% for the first 5 months (regular rate 0.30%) |
| Wealthsimple Cash | 2.25% (rate varies by balance) |
MoneySense insight: How to save $100,000 in a HISA
Saving $100,000 is a common goal. Using a hypothetical 3.5% HISA and saving 10% of a $60,000 salary (about $500 per month), compound interest can help you reach that goal in under 15 years. For an approach that combines saving and investing, see our guide on building your first $100,000.
—MoneySense editors
Compare the best HISAs in Canada
EQ Bank, part of Equitable Bank, is an online bank offering competitive returns on its Personal Account. There are no monthly fees or minimum balances, and common services like Interac e-Transfer are free. EQ also provides a prepaid reloadable card that can earn interest and cash back when linked to your account.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 in Canadian funds
- Other restrictions: Maximum balance of $200,000 per customer; no paper statements
A notice savings account (NSA) requires you to give a set notice period before withdrawing funds. EQ Bank offers both 10- and 30-day notice options with no fees or minimum deposits. The notice period simply defines the waiting time between requesting a withdrawal and receiving the funds. This model often yields higher rates because the bank can plan around the notice period.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 per depositor
- Other restrictions: Not available in Quebec
Maxa, part of Westoba Credit Union in Manitoba, offers competitive rates that are available to Canadians nationwide. The account has no regular monthly fee, but some transaction charges may apply.
- Promotional rate: None
- Minimum balance: None
- Free transactions per month: First debit of each month free
- Interac e-Transfer fee: $2 domestic; $5 international
- Fees for extras: $1.50 per debit after the first of each month
- Deposit protection: Deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba (no dollar limit)
- Other restrictions: Online interface is dated
Neo combines spending and saving in a single no-fee account that lets you earn interest and cash-back rewards. Access is app-based for quick transfers, bill payments and Interac e-Transfers.
- Minimum balance: None
- Free transactions per month: Unlimited
- Limited-time contest: Neo’s “10K Your Way” contest awards entries for deposits from external banks. Contest closes July 9, 2026.
- Interac e-Transfer fee: None
- Fees for extras: $5 per printed document
- CDIC insured: Deposits are protected in combination with Concentra Bank up to $100,000 per category, per depositor
- Other restrictions: Maximum balance of $200,000 per customer; not available to Quebec residents
Saven, a division of FirstOntario Credit Union, offers a strong rate without a promotional limit. There is no minimum balance, and transfers are free. New members must invest a one-time $25 membership fee to join FirstOntario.
- Promotional rate: None
- Minimum balance: None
- Deposit protection: Deposits are insured through the Financial Services Regulatory Authority of Ontario (up to $250,000)
- Fees: No ongoing fees aside from the one-time $25 membership
- Other restrictions: Available to Ontario residents only
This account offers tiered interest that increases the longer funds remain untouched, similar in effect to a GIC but with the flexibility to withdraw under certain conditions. New accounts may receive a promotional rate for an initial period, and self-service transfers are unlimited.
0.40% (regular interest) +
- 0.20% after 90 days
- 0.25% after 180 days
- 0.30% after 270 days
- 0.45% after 360 days
- Minimum balance: None
- Fees for extras: $5 per non-self-service debit
- Free transactions per month: Unlimited for self-service transfers
- Interac e-Transfer fee: None
- CDIC insured: Eligible on qualifying Canadian dollar deposits
- Other restrictions: No paper statements
Simplii offers a high promotional rate on eligible deposits for a limited time, after which balances earn the regular rate according to account terms. There are no account fees, and transactions like Interac e-Transfer are free, making it convenient for everyday use.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- CDIC insured: Yes
- Other restrictions: None
Tangerine is known for ease of use and flexibility. There’s no minimum balance or monthly fee, and clients can set up automated savings plans. Its promotional rate can offer attractive short-term returns while regular rates apply thereafter.
- Minimum balance: None
- Free transactions per month: Unlimited; free ATM access at Tangerine and Scotiabank ABMs in Canada
- Interac e-Transfer fee: None
- Fees for extras: None; optional paper statements available
- CDIC insured: Eligible on qualifying deposits up to $100,000
- Other restrictions: None
Wealthsimple Cash is a hybrid account combining chequing and savings features, with a competitive interest rate and no transaction fees. It offers easy transfers to Wealthsimple investment accounts and a card that earns cash back. CDIC coverage applies since January 1, 2021.
- Promotional Rate: None
- Minimum balance: $1
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Yes
- Other restrictions: None
How we determined the best high-interest savings accounts
The MoneySense team evaluates savings products across interest rates, promotional offers, fees, transaction limits and deposit insurance. Our rankings are independent and aim to help Canadians compare value across banks, credit unions and fintech providers. Affiliate links do not influence our editorial choices; read our disclosure for details.
What is a high-interest savings account (HISA)?
A high-interest savings account (HISA) pays a higher interest rate than a standard savings account while keeping your funds accessible. HISAs are offered by banks, credit unions and online lenders and are ideal for short- to medium-term savings goals such as an emergency fund, a down payment or a vacation.
How does a high-interest savings account work?
HISAs grow your money through compound interest—earning interest on both your original deposit and the interest it accumulates. Banks use deposited funds for lending, and in return they pay interest to account holders. Many banks that are members of the Canada Deposit Insurance Corporation (CDIC) insure eligible deposits up to $100,000. Credit union deposits are typically provincially insured, often with different coverage levels. HISAs usually have no monthly fees but may limit withdrawals or apply transaction fees to discourage frequent access.
How are high-interest savings accounts taxed?
Interest earned in a HISA is taxable as income and must be declared on your tax return. To shelter interest from tax, you can hold savings inside tax-advantaged accounts such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP).
Difference between a high-interest savings account and a regular savings account
The primary distinction is the interest rate: HISAs offer higher returns than standard savings accounts. HISAs may impose withdrawal limits, transaction fees or minimum balances in exchange for the higher rate. Use a regular savings or chequing account for everyday spending and a HISA for goal-based savings where higher returns and liquidity are both important.
Difference between a HISA and a GIC
GICs (guaranteed investment certificates) generally pay higher interest because you lock your money in for a fixed term, and early withdrawals can incur penalties. HISAs offer more flexibility—you can usually access funds when needed—so they are better for short-term goals. Use GICs for medium- to long-term savings when you can commit funds for a set period.
How to choose a high-interest savings account
Compare these factors when selecting a HISA:
- Interest rate: Look for a rate that at least outpaces inflation over the long term. Promotional rates are useful short-term but weigh the long-term rate more heavily.
- Service fees: Check for fees on withdrawals, transfers or account maintenance.
- Account conditions: Note withdrawal limits, required notice periods, and minimum balance rules.
- Deposit protection: Confirm CDIC coverage or provincial insurance to protect deposits against institutional failure.
How the Bank of Canada’s overnight rate affects high-interest savings accounts
The Bank of Canada’s policy rate influences the interest banks pay on savings. When the overnight rate rises, many financial institutions increase HISA rates to remain competitive. Conversely, when the rate falls, HISA returns may decline. Online banks and fintech firms often offer higher rates than traditional banks because they operate with lower overhead.
What is the current benchmark interest rate?
- On June 4, 2025, the Bank of Canada held its benchmark rate at 2.75%. The next announcement was scheduled for July 10, 2025.
Is having a savings account necessary?
A savings account is a foundational element of personal finance. It provides a safe, liquid place to store money for emergencies or near-term purchases. While stocks and real estate may deliver higher long-term returns, they are less liquid and more volatile. A HISA offers a balance of accessibility, security (often with deposit insurance) and modest returns to help maintain purchasing power.
Didn’t find the perfect savings account here?
If none of these HISAs fit your needs, consider registered accounts that provide tax advantages:
High-interest TFSA
A Tax-Free Savings Account (TFSA) lets you earn interest or investment returns tax-free. You can withdraw funds tax-free at any time, and you can hold cash, GICs, ETFs or stocks within a TFSA. For many savers, a TFSA can be a superior choice because of its tax-free growth.
Rankings
Compare the best TFSA rates in Canada
High-interest RRSP
An RRSP is a registered retirement savings plan that provides tax-deferred growth. Contributions can reduce your taxable income today, and withdrawals are taxed when taken in retirement—often at a lower rate. RRSPs can hold a range of investments, including cash, GICs, ETFs and stocks.
Rankings
Compare the best RRSP rates in Canada
Frequently asked questions
A savings account is a secure, liquid place to keep money for short-term needs or an emergency fund. HISAs offer higher interest than typical chequing accounts, helping protect your money from inflation. Be mindful of transaction fees and withdrawal limits, and avoid using savings accounts as primary chequing accounts to prevent extra charges.
Yes. The Canadian banking system is generally secure. To be certain your deposits are protected, confirm that your institution participates in Canada Deposit Insurance Corporation (CDIC) coverage or the appropriate provincial deposit insurer. CDIC typically insures eligible deposits up to $100,000 per depositor.
Read more about saving:
- Compare the best chequing accounts in Canada
- Compare the best savings accounts in Canada
- Compare the best GIC rates in Canada
What does the * mean?
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