Best High-Interest Savings Accounts – 2026
Compare HISA rates from Canadian banks to maximize your interest earnings.
Rates change frequently. Verify current rates before opening an account.
Best Regular HISA Rates
| Institution |
Interest Rate |
Min. Balance |
Monthly Fee |
CDIC |
| EQ Bank |
4.00% |
$0 |
$0 |
✓ |
| Wealthsimple |
4.00% |
$0 |
$0 |
✓ |
| Motive Financial |
3.90% |
$0 |
$0 |
✓ |
| Tangerine |
0.25%* |
$0 |
$0 |
✓ |
| Simplii |
0.20%* |
$0 |
$0 |
✓ |
| TD Bank |
0.05% |
$0 |
$0** |
✓ |
| RBC |
0.05% |
$0 |
$0** |
✓ |
*Regular rate; often has 5%+ promotional rates for new deposits
**Fee waived with minimum balance or account package
Best TFSA Savings Account Rates
| Institution |
Interest Rate |
Min. Balance |
CDIC |
| EQ Bank TFSA |
4.00% |
$0 |
✓ |
| Wealthsimple TFSA |
4.00% |
$0 |
✓ |
| Tangerine TFSA |
0.25%* |
$0 |
✓ |
| Simplii TFSA |
0.20%* |
$0 |
✓ |
| Big Bank TFSAs |
0.05-0.10% |
$0 |
✓ |
| Institution |
Promo Rate |
Duration |
Conditions |
| Tangerine |
5.25% |
5 months |
New deposits only |
| Simplii |
5.00% |
5 months |
New deposits only |
| EQ Bank |
4.50% |
Ongoing |
No promo (regular rate) |
Promo rate strategy: Move money to capture promo rates, then switch to EQ Bank or similar when promos end.
HISA vs Big Bank Savings
|
Big Bank |
Online HISA |
Difference |
| Rate |
0.05% |
4.00% |
80× higher |
| On $10,000 |
$5/year |
$400/year |
$395/year |
| On $25,000 |
$12.50/year |
$1,000/year |
$987.50/year |
| On $50,000 |
$25/year |
$2,000/year |
$1,975/year |
Best HISAs by Feature
| Feature |
Best Option |
| Highest everyday rate |
EQ Bank, Wealthsimple |
| Best promo rates |
Tangerine, Simplii |
| Full-service banking |
Tangerine |
| Best TFSA savings |
EQ Bank |
| Best mobile app |
Wealthsimple |
| No minimum balance |
All online banks |
EQ Bank vs Wealthsimple Comparison
| Feature |
EQ Bank |
Wealthsimple |
| Savings rate |
4.00% |
4.00% |
| TFSA savings |
Yes |
Yes |
| RRSP savings |
Yes |
No |
| Chequing account |
Yes |
Yes |
| Joint accounts |
Yes |
Yes |
| GICs |
Yes |
No |
| Investing |
No |
Yes |
| CDIC insured |
Yes |
Yes |
When to Use a HISA
| Purpose |
Why HISA |
| Emergency fund |
Instant access, earns interest |
| Short-term savings |
Don’t lock in with GIC |
| Down payment savings |
Easy deposits, no penalties |
| Tax refund parking |
While planning next steps |
| Between investments |
Cash waiting to be deployed |
When a GIC Is Better
| Situation |
Why GIC |
| Money locked 1+ years |
Higher rate than HISA |
| Rising rate environment |
Lock in current rate |
| Low willpower |
Can’t access GIC early |
See our GIC vs HISA comparison for detailed analysis.
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