What is the highest HISA rate in Canada right now?

As of April 2026, EQ Bank offers approximately 3.75% on its Savings Plus Account with no minimum balance, no monthly fee, and full Interac e-Transfer functionality. Oaken Financial is close behind on savings at approximately 3.40%, but leads most institutions on GIC rates. Rates change with Bank of Canada interest rate decisions — always verify at the institution directly before opening an account.

Are HISA accounts safe in Canada?

Yes, if held at a CDIC member institution. The Canada Deposit Insurance Corporation insures eligible deposits up to $100,000 per depositor per category at each member bank. All institutions in this guide (EQ Bank, Oaken Financial, Motusbank, Manulife Bank, Simplii Financial) are CDIC members or subsidiaries of CDIC members. Wealthsimple Cash holds deposits at Wealthsimple's partner banks, which are also CDIC members.

Should I keep my emergency fund in a HISA?

A HISA is the most common place to hold an emergency fund in Canada. You earn meaningful interest while the money stays accessible (typically within 1–3 business days for transfers). Do not put your emergency fund in a GIC — GICs are locked in for a term. HISA accounts at EQ Bank, Manulife Bank, or Simplii are good options for emergency funds where accessibility matters.

Is a TFSA or RRSP HISA better than a non-registered HISA?

If you have available TFSA contribution room, a TFSA HISA is almost always better — the interest earned is completely tax-free. In a non-registered HISA, interest is fully taxable as income each year. For a top-bracket Ontario earner, the effective after-tax rate on a 3.75% non-registered HISA is approximately 1.97%. The same rate in a TFSA is 3.75% — nearly double the take-home return. Max your TFSA room first, then use non-registered for the rest.

Can I get a HISA with a better rate by switching banks often?

New customer promotional rates are common in Canada, especially from Tangerine and EQ Bank. However, chasing promotional rates requires effort and typically involves a 90–120 day promotional period that then reverts to the standard rate. For most people, opening a consistently high-rate account (EQ Bank, Oaken) is more efficient than frequent switching. The after-tax savings from a 0.5% rate difference on $10,000 is about $25/year — verify whether the effort is worth it for your balance.

Best High-Interest Savings Accounts in Canada 2026

High-interest savings accounts (HISAs) are one of the most underused tools in Canadian personal finance. Moving your savings from a Big Bank savings account (often paying 0.01%–0.10%) to a top digital bank HISA can multiply your interest income many times over — with the same CDIC deposit insurance protection.

Here is a comprehensive comparison of the best HISA options in Canada as of April 2026.

Quick comparison table

Rates change frequently — verify at each institution before opening an account.

Institution	HISA rate	Monthly fee	Min balance	E-Transfer	CDIC covered
EQ Bank	~3.75%	$0	$0	Yes	Yes
Oaken Financial	~3.40%	$0	$0	No	Yes (dual institution)
Motusbank	~3.10%	$0	$0	Yes	Yes
Manulife Bank	~3.10%	$0 (with $1K min)	$1,000	Yes	Yes
Wealthsimple Cash	~3.00%	$0	$0	Yes	Yes (via partners)
Simplii Financial	~2.75%	$0	$0	Yes	Yes (via CIBC)
Tangerine	~0.10%*	$0	$0	Yes	Yes (via Scotiabank)
Big Bank savings	0.01%–0.10%	Varies	Varies	Yes	Yes

Tangerine offers promotional rates of 4%+ for new customers for 5 months; standard ongoing rate is much lower.

1. EQ Bank — Best overall HISA

Rate: ~3.75% Monthly fee: None Minimum balance: None Interac e-Transfer: Yes (unlimited, free) CDIC: Yes, through Equitable Bank

EQ Bank’s Savings Plus Account is the benchmark for Canadian HISAs. It pays one of the highest rates in the country with no conditions — no minimum balance, no monthly fee, no promotional gimmicks. The account doubles as a functional daily bank account: you can receive payroll, send unlimited Interac e-Transfers, pay bills, and use the EQ Bank Card (Mastercard debit with 0.5% cashback and no foreign transaction fee).

Registered accounts: TFSA, RRSP, RRIF, FHSA — all at the same high savings rate. GICs: Available, competitive rates, full range of terms.

Best for: Anyone who wants the highest standard HISA rate in Canada. Works as a primary bank or a complement to your existing bank.

2. Oaken Financial — Best GIC rates, strong HISA

Rate: ~3.40% Monthly fee: None Minimum balance: None Interac e-Transfer: No CDIC: Yes — through two separate institutions (HomeEquity Bank + Haventree Bank)

Oaken’s HISA slightly trails EQ Bank’s, but Oaken leads most institutions on GIC rates and has a unique CDIC advantage: deposits spread across both Oaken brands (HomeEquity Bank and Haventree Bank) receive separate CDIC coverage — effectively $200,000 in non-registered eligible deposit coverage for a single individual.

Oaken has no daily banking functionality. It is a pure savings and GIC platform. You need a primary bank alongside it.

Best for: GIC investors, large-balance savers optimizing CDIC coverage, passive savers who do not need debit card or e-transfer access.

3. Motusbank — Best digital bank from a credit union

Rate: ~3.10% Monthly fee: None Minimum balance: None Interac e-Transfer: Yes CDIC: Yes (federally chartered bank, subsidiary of Meridian Credit Union)

Motusbank offers a rate roughly in line with Manulife Bank with full banking functionality including chequing, debit card, ATM rebates, and mortgages. As the digital arm of Meridian Credit Union (Ontario’s largest credit union), Motusbank combines credit union values with the national reach and CDIC insurance of a federal bank.

Best for: Canadians who like the idea of a credit union-backed institution but want full national digital banking access.

4. Manulife Bank Advantage Account — Best all-in-one

Rate: ~3.10% Monthly fee: None (with $1,000 minimum balance) Minimum balance: $1,000 Interac e-Transfer: Yes CDIC: Yes (federal Schedule I bank)

The Advantage Account collapses chequing and savings into one account — every dollar earns the posted rate whether it is “spending money” or “savings.” The rate sits slightly below EQ Bank but above the Big Banks, and the single-account structure simplifies banking.

The standout feature is the Manulife One mortgage integration — linking the account to a Manulife One mortgage allows your daily cash balance to offset your mortgage balance, reducing daily interest.

Best for: People who want one account for everything, especially Manulife mortgage holders.

5. Wealthsimple Cash — Best for existing Wealthsimple users

Rate: ~3.00% Monthly fee: None Minimum balance: None Interac e-Transfer: Yes CDIC: Yes, through Wealthsimple’s partner banks (Canadian Western Bank, Equitable Bank, others)

Wealthsimple Cash is the savings account tied to the Wealthsimple ecosystem. If you already invest with Wealthsimple, Cash is the most integrated option — move money between your investment account, TFSA, RRSP, and Cash account fluidly within one app.

The rate is slightly lower than EQ Bank but competitive. Wealthsimple’s deposit protection structure distributes your balance across multiple CDIC-member partner banks, potentially extending coverage beyond a single institution’s $100,000 limit.

Best for: Existing Wealthsimple customers who want savings in the same ecosystem as their investments.

6. Simplii Financial — Best HISA + chequing at one institution

Rate: ~2.75% Monthly fee: None Minimum balance: None Interac e-Transfer: Yes (unlimited) CDIC: Yes (through CIBC)

Simplii is CIBC’s direct banking brand. It offers a free chequing account and a savings account, both with no fees. The HISA rate is lower than EQ Bank and Oaken but still substantially better than CIBC’s own savings rate. The main appeal is simplicity — if you are already CIBC-adjacent and want fee-free banking, Simplii consolidates that cleanly.

Best for: Those who want simple, no-fee banking with a HISA at a Big-Bank-backed institution.

TFSA and RRSP HISA: do not leave money on the table

If you have TFSA contribution room available, a TFSA HISA is almost always the better choice over a non-registered HISA.

Why it matters: Interest in a non-registered HISA is taxed as income every year. For a middle-income Ontario earner (approximately 33% marginal rate), a 3.75% non-registered HISA returns approximately 2.5% after tax. The same rate in a TFSA returns the full 3.75%.

All institutions in this guide offer TFSA and RRSP savings accounts at competitive rates. Fill your TFSA first, then non-registered.

What about GIC rates?

HISA rates and GIC rates move differently. When Bank of Canada rates fall, GIC rates often fall faster (as institutions lock in deposits before rates decline further). Here are approximate 1-year GIC rates as of April 2026:

Institution	1-year GIC rate
Oaken Financial	~3.85%
EQ Bank	~3.75%
Motusbank	~3.70%
Manulife Bank	~3.65%
Simplii	~3.50%
Big Banks	~2.50%–3.25%

For money you will not need for 12 months or longer, compare GIC rates at the time of purchase — Oaken and EQ Bank typically lead.

How to switch your savings to a higher-rate account

Open your new account online (typically 10–15 minutes)
Link your existing bank account for the initial transfer
Transfer savings electronically (1–3 business days)
Update any automatic deposits (payroll, CRA direct deposit) to the new account if switching primary banks
Leave the old account open for a month or two to catch any stray deposits

There is no penalty for opening multiple savings accounts or switching between institutions.

EQ Bank vs Oaken Financial — Deep comparison of the two top rate institutions
KOHO vs EQ Bank — Spending-first vs savings-first digital banking
Credit Union vs Online Bank Canada — Deposit insurance and service differences
How to Set Up CRA Direct Deposit — Route CRA refunds and benefits to your HISA