Best High-Interest Savings Accounts in Canada | Savings Account Rates Compared

Savings account rates in Canada differ widely from one institution to the next, and many of them depend on a condition: a direct deposit, a membership plan, a balance tier or how much else you hold with the same firm. This page lists the posted everyday rate of each account side by side, with the tier or condition that applies and the date of each posted rate, then covers promotional rates separately, since those last only a few months.

How a high-interest savings account works (variable rates, access, registered and non-registered versions) is explained in our HISA guide. This page is part of our savings account guides for Canadians, which also cover opening an account, what a balance earns and business and US-dollar savings.

Savings account and HISA rates by institution

All of these are variable rates: each institution can change them at any time, and the last column gives the date of each posted rate.

The big banks’ basic savings accounts, which are separate from the high-interest accounts in the table, post these rates: TD Every Day Savings Account 0.01%, BMO Premium Rate Savings Account 0.01%, RBC Day to Day Savings 0.005% ($0.00 to $999.99) or 0.01% ($1,000.00 and over), and Scotiabank Money Master Savings 0.01%, or 0.50% when enrolled in Smart Savings tools.

On a balance of $25,000 held for a full year at an unchanged rate, simple interest before tax comes to about $687.50 at EQ Bank’s bonus rate, $700.00 at Oaken’s posted rate and $2.50 in TD’s basic savings account. Monthly figures, compounding and longer periods are worked through in what $10,000 earns in a Canadian savings account, and the savings interest calculator runs your own balance and deposits.

How the tiers and conditions work

The rates in the table depend on different things, which is why one headline number rarely tells the whole story:

• A condition on the account. EQ Bank’s Personal Account pays its base rate on every balance and its bonus rate only with qualifying recurring direct deposits of at least $2,000/month. The bonus is ongoing rather than time-limited, but without the qualifying deposits the account earns the base rate.
• A notice period. EQ Bank’s Notice Savings Account sets its rate by the length of notice you give before a withdrawal, with no direct-deposit condition.
• A membership or plan. Neo Savings sets its rate by Neo membership tier, and KOHO by plan. KOHO’s Extra and Everything plans carry a monthly fee, so the plan cost belongs in the comparison; current plan fees are on our KOHO page.
• Assets with the same firm. Wealthsimple’s tier depends on your total assets held with Wealthsimple, not on the chequing balance alone, and there is no monthly fee at any tier.
• Balance tiers. Simplii, TD ePremium and CIBC eAdvantage pay by balance band, and Scotiabank’s HISA pays by your Total Relationship Balance with Scotiabank.

Savings rates are variable and broadly follow the Bank of Canada’s policy rate; how that works is covered in how Bank of Canada decisions affect savings.

Promotional savings rates

Tangerine, Simplii, CIBC, BMO, Scotiabank (on its MomentumPLUS Savings account) and Manulife Bank run promotional rates from time to time. These rates are kept out of the table above because they change with each campaign. The typical terms:

• They apply to new deposits, usually money moved in from another institution, and sometimes only to new clients.
• They last a fixed period, often a few months, after which the balance earns the posted rate in the table.
• Some cap the balance that earns the promotional rate, and registered (TFSA or RRSP) deposits can have a promotion of their own.

To see a current offer, check the bank’s current promotion on our pages for Tangerine, Simplii, CIBC, BMO, Scotiabank and Manulife Bank, or on the bank’s own site. Scotiabank’s MomentumPLUS Savings posts a regular rate of 0.40% (as of October 5, 2026) outside its promotions.

Some savers move money from one promotion to the next as each ends. The trade-off is tracking each end date: once a promotion expires, the money earns the posted rate until it is moved, and at Tangerine that is 0.30%. An account whose rate depends on an ongoing condition, such as EQ Bank’s bonus rate, needs no tracking once the condition is met.

The institutions compared

EQ Bank. A digital bank owned by Equitable Bank (EQB Inc.), with no branches. The Personal Account also works as an everyday account (Interac e-Transfers, bill payments and the EQ Bank Card), so the same balance can earn interest and pay bills. EQ Bank does not offer wire transfers. Its TFSA savings account pays 1.50% and its RRSP savings account 1.50% (as of October 5, 2026), rates separate from the Personal Account. More on our EQ Bank page.

Oaken Financial. A deposit-only brand: a savings account and GICs, with no chequing account, debit card or Interac e-Transfer, so it sits alongside a primary bank rather than replacing one. Oaken issues deposits through two separate CDIC members, Home Bank and Home Trust Company; what that means for coverage is explained in our CDIC deposit insurance guide. More on our Oaken Financial page.

Wealthsimple. Wealthsimple Chequing was renamed from Wealthsimple Cash in June 2025. Wealthsimple is not a bank itself: deposits are held with CDIC-member partner banks. Its draw is instant transfers to Wealthsimple’s investing accounts in the same app. Wealthsimple and EQ Bank are compared feature by feature in Wealthsimple vs EQ Bank; in short, EQ Bank adds GICs and registered savings accounts, while Wealthsimple ties the cash balance to its investing platform. More on our Wealthsimple page.

Neo Financial and KOHO. Neither is a bank: Neo’s deposits are protected through Peoples Bank of Canada or held in trust at a CDIC member institution, and KOHO’s funds are held at Peoples Trust Company, with CDIC protection once the Earn Interest feature is switched on. Neo High-Interest Savings is a separate, older product from Neo Savings. More on our Neo Financial and KOHO pages.

Tangerine and Simplii. The direct-banking arms of Scotiabank and CIBC. Both offer no-fee chequing alongside a posted everyday savings rate, with periodic promotions on top, and Simplii customers can use CIBC’s ATM network. More on our Tangerine and Simplii pages.

Manulife Bank. The Advantage Account combines chequing and savings in one account and can link to a Manulife One mortgage, so its case rests partly on that structure rather than on rate alone. See our Manulife Bank page for the current rate.

The big banks, National Bank and Desjardins. Their high-interest accounts are in the table; the attraction is keeping savings beside an existing chequing account, mortgage or branch relationship. Each bank’s full rate and fee detail is on its page in our bank directory.

Savings accounts inside a TFSA or RRSP

Several of these institutions offer the same kind of account inside a TFSA, often at a different rate from the non-registered account. TFSA savings rates and providers are compared on our best TFSA accounts page. How much a TFSA saves over a taxable account after tax, at your own rate and balance, is what the HISA calculator works out.

When a GIC fits better

A savings account keeps money available; a GIC pays a fixed rate for a fixed term. Current GIC rates are on our best GIC rates page, and the choice between the two is laid out in GIC vs HISA.

Opening an account

Opening one of these accounts online usually takes ID, your SIN and a Canadian address, and you don’t need to close your current bank account first. The steps, including how to move money in, are in how to open a high-interest savings account.

Related pages

• HISA guide: how high-interest savings accounts work
• How to open a high-interest savings account
• What $10,000 earns in savings
• Savings interest calculator
• HISA calculator: TFSA vs taxable
• Best business savings accounts
• US-dollar accounts in Canada
• Best TFSA accounts
• Best GIC rates
• CDIC deposit insurance
• All savings account guides