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Best High-Interest Savings Accounts in Canada

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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.

Maintaining a cash cushion is a key component of good financial management. On the one hand, cash liquidity will protect you against unexpected emergencies. On the other hand, it can help you take advantage of spur-of-the-moment investing opportunities. That said, if you’ve got your cash buffer in an account earning 1.00% interest, you’re doing your money a disservice. With an interest rate that low, your money is losing value due to inflation.

Fortunately, you have options. In this WealthRocket roundup, we’ll provide the best high-interest savings accounts in Canada that can help you save your money much more effectively.

Our top picks for the best high-interest savings accounts


Best promotional interest rate


Best interest rate at a bank

Up to 3%

Best interest rate at an online bank


Best interest rate at a credit union

Up to 5%

Best regular interest rate

Best promotional interest rate

Why we picked it

The Tangerine Bank Savings Account takes the lead for its promotional interest rate, delivering a 6.00% rate for new clients. This account stands out in the marketplace for its consumer-centric approach, offering a fee-free structure that’s as transparent as it is rewarding. Without the burden of service charges or minimum balance requirements, it’s a premier choice for savers who expect their money to work hard for them.

Tangerine’s commitment to straightforward banking is evident not just in its lack of fees, but also in the clarity of its offerings. Customers only get a base interest rate of 0.80%, but the promotional rate is incentive enough to open an account, providing an unparalleled opportunity to bolster savings quickly and efficiently.

In the realm of high-interest savings accounts, Tangerine Bank stands out by eliminating common banking nuisances. It’s a clear winner for those who want to grow their savings with an institution that provides a straightforward and cost-effective banking experience. If you’re drawn to high yields without the complication of hidden charges, the Tangerine Bank Savings Account promises a refreshing approach to maximizing your financial growth.

Best interest rate at a bank

Why we picked it

The BMO Savings Amplifier Account offers an interest rate of 1.90% — a figure that outshines its counterparts in Canada’s big bank offerings. This competitive edge, coupled with the absence of monthly fees and minimum balance requirements, positions it as the premier choice for savers who favour the reliability and accessibility of a traditional bank with the benefit of a high-yield return on their savings.

BMO’s expansive network of branches across Canada fortifies its appeal, offering a tangible sense of security and personalized service. The in-person branch experience, valued by many Canadians, is further enhanced by the Savings Amplifier Account’s performance, combining the convenience of widespread physical accessibility with the financial advantage of a leading interest rate. It’s an optimal mix for those who prefer in-person banking without sacrificing the growth potential of their savings.

Ultimately, the BMO Savings Amplifier Account delivers a top-tier interest rate among the large banks and the practicality of brick-and-mortar service. This account is tailor-made for savers seeking to maximize their earnings while enjoying the confidence that comes with easy access to in-person support, ensuring their banking needs are met with a blend of traditional service and exceptional value.

Best interest rate at an online bank

Why we picked it

EQ Bank’s Savings Plus Account stands out for delivering consistently superior interest rates without resorting to short-lived promotions. Offering a solid 3.00% yield — a sum of 2.50% base rate bolstered by an additional 0.50% for users who manage direct deposits or set up recurring debits — EQ Bank offers long-term, steady value for its customers.

This commitment to high returns has propelled EQ Bank to the top of Forbes’ list as the best bank in Canada in 2023 for the third year running. This repeated distinction is a testament to EQ Bank’s reliability and excellence, ensuring that clients are partnering with an institution dedicated to their financial success.

As part of Equitable Bank, Canada’s Challenger Bank™, EQ Bank shares in a legacy of innovation and stands as the nation’s 7th largest bank by assets. This account perfectly marries the practicality of a chequing account with the lucrative nature of a savings account, while also discarding typical banking fees. It encapsulates EQ Bank’s philosophy: banking that is inclusive, efficient, and geared towards enhancing customers’ financial prosperity. With the solid foundation of Equitable Bank, customers of EQ Bank enjoy not only market-leading interest rates but also the benefits of stability, convenience, and dependability.

Best interest rate at a credit union

Why we picked it

The Motive Savvy Savings® Account distinguishes itself with a standout 4.100% interest rate, making it a prime choice for savers focused on growing their funds steadily over time. However, it’s worth noting that this account is designed more for the saver who intends to deposit funds and let them accumulate interest rather than for active daily use.

With only two free transactions permitted each month, it’s clear that the account is not intended for frequent access or as a transactional hub. Additional transactions incur a $5.00 fee, so active account management could lower the value gained from the high-interest rate.

With no monthly maintenance fees and the inclusion of unlimited transfers between Motive Bank accounts, savers can confidently use this account as a secure vault for their long-term savings goals. While the limited transaction allowance might be seen as restrictive, it reinforces the account’s purpose as a dedicated space for your savings to flourish, largely untouched and unbothered by frequent withdrawals or payments.

Best regular interest rate

Why we picked it

Wealthsimple Cash takes the cake for those who want more from their money with no strings attached. It offers a competitive 4% interest rate, climbing to 4.5% and 5% for Premium and Generation clients, respectively. This tiered interest model incentivizes customers to grow with Wealthsimple, rewarding increased investment with the company.

What sets Wealthsimple Cash apart is its hybrid nature — it operates like a chequing account but with the high-interest benefits of a savings account. This modern financial product eliminates common fees such as monthly fees, overdraft penalties, and foreign exchange fees, promoting a cost-effective and flexible banking experience.

The unique selling point of Wealthsimple Cash is the seamless integration of spending and investment. With 1% cash back rewards on spending that can be automatically reinvested in stocks, ETFs, or crypto, it encourages a continuous investment cycle. Additionally, the extension of CDIC coverage up to $300,000 is a standout feature, ensuring a high level of deposit protection.

Whether it’s getting paid early through direct deposit, managing everyday spending, or ensuring funds are always earning interest or being invested, Wealthsimple Cash is a prime choice for the financially savvy individual who values simplicity, innovation, and growth.

Other notable HISA rates in Canada

Bank/credit union Promotional interest rate Regular interest rate
RBC 5.5% 1.700%
CIBC Up to 5.60% Up to 1.90%
Scotiabank Up to 5.60% 1.40%
Neo Financial None 3.4%
Laurentian Bank None Up to 4%
HSBC 6.35% 1.85%
Meridian 5.75% 2.50%
Desjardins 5.00% 1.70%
Access Credit Union None Up to 3.80%
Steinbach None Up to 4.00%
KOHO None Up to 5.00%

How we select our accounts

When evaluating high-interest savings accounts on our website, we use a comprehensive and unbiased methodology.

  • Rate analysis

    We begin by evaluating the interest rate offered by the savings account. Then, we assess how competitive this rate is in the current financial market and investigate if the rate is introductory. If so, the duration and subsequent rate after this period is considered.

  • Fee structure

    All associated fees are examined, including monthly account maintenance fees, minimum balance fees, and transaction fees (for more than the allowed number of withdrawals, for instance). We also consider whether rates are capped.

  • Account features and flexibility

    The bank’s offerings are reviewed. We consider the flexibility of deposits and withdrawals and take any restrictions or penalties into account.

  • Security and insurance

    We highlight any insurance the account is backed by, such as CDIC coverage. Credit unions have their own insurance.

Recent updates

November 8, 2023 Added rationale for selection of each high-interest savings account in each category.

What is a high-interest savings account?

A high-interest savings account pays higher interest than a “regular” savings account. These accounts, known in shorthand as HISAs, usually have several common features, including no minimum balance requirements, low monthly fees, and (of course) attractive interest rates. Most regular savings accounts offer an interest rate of around 0.5%, while the average high-interest savings account has an interest rate closer to 2%.

Banks can offer these higher interest savings accounts with the aim that you will deposit your money and leave it in the account to grow. To further this agenda, some banks will limit how often you can withdraw cash, such as charging fees in the range of $5 per withdrawal. These limits encourage you to leave your money in the account where it will earn interest.

That said, many online banks that do not have high costs associated with physical locations can offer higher interest rates and unlimited withdrawals. Some online banks only offer high-interest savings accounts, and they often have the best rates in Canada. If there is a promotional interest rate available, you’ll earn that higher rate, and once it expires, your money will earn interest at the account’s regular rate. Most high-interest savings accounts debit their interest earned monthly.

A note on safety: Each financial institution listed below is a member of the Canada Deposit Insurance Corporation (CDIC), which provides insurance on your deposits up to $100,000 per account. So if you haven’t heard of a bank or financial institution listed in this roundup, rest assured that they’re 100% safe to use.

How does a HISA differ from other investment vehicles?

Unlike a TFSA, the interest you earn in a high-interest savings account is taxable. Any profits you make within a RRSP, however, are taxable only when money is withdrawn from the account. Before tax season, your financial institution will issue the necessary documents to claim your earned interest on your taxes.

There are also alternatives to a HISA that you can hold within a TFSA or RRSP. For example, holding an ETF that can maximize your savings, like CASH.TO, in your TFSA or RRSP portfolio can help you reduce investment risk while benefiting from non-taxable earnings.

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