Best high-interest savings accounts in Canada

Quick Answer

Strong high-interest savings options in Canada include EQ Bank's Personal Account and Wealthsimple Chequing, which pay ongoing rates that rise with direct deposit or larger balances, and Tangerine and Simplii, which run introductory promo rates that drop to a low base rate after a few months. All are CDIC-insured directly or through partner banks and typically pay far more than big-bank savings accounts. Rates change often, so verify on the provider's site before moving money. If you have TFSA room, shelter the interest instead: it is fully taxable in a regular account.

The 2026 shortlist

Rates in this space move with every Bank of Canada announcement, so we rank on structure — who pays a fair everyday rate — rather than this week's promo. Verify the current number on the provider's site before opening anything.

EQ Bank Personal Account

Base rate, plus a bonus with direct deposit

Formerly the Savings Plus Account. No monthly fee or minimum balance. Pays a base rate on every dollar and a higher rate when you set up a qualifying monthly direct deposit such as your pay. CDIC-insured through Equitable Bank.

Wealthsimple Chequing

Tiered by client level and direct deposit

Formerly Wealthsimple Cash. The rate depends on your total assets at Wealthsimple and whether you set up direct deposit; instant transfers to Wealthsimple investing accounts. CDIC coverage through partner banks.

Tangerine Savings

Promo rate for new clients + lower base

The classic promo-rate play: strong introductory rate for a few months, then a modest base rate. Worth it if you will chase promos; weaker if you set and forget.

Simplii Financial HISA

Promo + base rate

CIBC-owned online bank, no fees, CDIC-insured. Often runs new-client promos competitive with Tangerine.

Everyday rate vs promo rate — the only distinction that matters

There are two kinds of HISA. Ongoing-rate accounts (EQ Bank, Wealthsimple) pay a rate that doesn't expire, often with a bonus for direct deposit or larger balances. Promo-rate accounts (Tangerine, Simplii, most big-bank "bonus" offers) pay a headline rate for 3-6 months, then drop you to a fraction of it. The promo game can win if you genuinely move money every cycle; for everyone else, the boring ongoing rate often beats the exciting promo within a year.

The tax mistake almost everyone makes

Savings interest is taxed at your full marginal rate — the worst treatment in the tax code. At a 30% bracket, a 2.5% HISA is really a 1.75% HISA. Two fixes: hold the cash in a TFSA savings account if you have room, or accept the tax and at least pick the highest rate. Run the after-tax yield with our GIC calculator (it handles taxable-vs-sheltered comparisons).

Where a HISA fits

The HISA is the home for your emergency fund, a house deposit being readied, and any money with a date under ~2 years. Longer horizon? Compare the best GIC rates or start actually investing. More on the category in our HISA explainer and GIC vs HISA breakdown.

Frequently Asked Questions

Are high-interest savings accounts safe in Canada?

Yes, at CDIC member institutions: deposits are insured up to $100,000 per depositor, per insured category, per institution — principal and interest. Every bank on this list is CDIC-insured directly or through a parent/partner bank. Credit unions carry provincial deposit insurance instead, which in several provinces is even broader.

Why are online bank rates so much higher than big-bank savings?

Cost structure. Online banks have no branch networks, so they compete on rate; big banks pay 0.01-1.85% on standard savings because they do not need your deposit badly enough to pay for it. The rate gap between a big-5 savings account and a top HISA is often 3+ percentage points — hundreds of dollars a year on a five-figure balance.

Is interest from a HISA taxable?

Yes, at your full marginal rate — interest is the most heavily taxed investment income in Canada. If you have TFSA room, hold savings inside a TFSA savings account or TFSA GIC instead; the interest becomes tax-free. Check your room with the TFSA guide before assuming you have space.

HISA or GIC — which is better?

HISA for money you might need (emergency fund, short-term goals): liquid, rate floats with the Bank of Canada. GIC for money you definitely will not need until a date: locks a usually-higher rate but locks the cash too. A GIC ladder gives you both — see the best GIC rates comparison and the laddering strategy guide.

Do HISA rates change?

Constantly — they float with the Bank of Canada policy rate, usually within days of an announcement. Promo rates also expire, which is the Tangerine/Simplii model: a great 5 months, then a drop. Treat every rate here as a snapshot and verify on the provider site before moving money.

Rates and offers change frequently — always confirm current terms on the provider's site. Product names and features checked September 14, 2026. LoanLens does not currently receive compensation from the providers named here; if that changes, it will be disclosed on this page. This is general comparison information, not financial advice.

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