With interest rates finally offering something meaningful, Canadians are paying attention to where their savings sit. The difference between a big bank savings account (often 0.01%) and a high-interest savings account can be hundreds of dollars per year on the same balance.
Here are the best HISAs in Canada right now, based on rate, accessibility, and features.
EQ Bank consistently offers one of the highest everyday rates in Canada with no monthly fees and no minimum balance. Their hybrid chequing/savings account earns interest on every dollar while still functioning like a daily account.
Wealthsimple Cash earns a competitive rate and integrates seamlessly with their investing platform. Premium members (those with $100K+ across accounts) earn an elevated rate. No monthly fees, instant transfers.
Oaken Financial (a Home Bank subsidiary) regularly offers top-tier rates, especially on GICs. Their HISA rate is competitive, and they're fully CDIC insured. Best for set-it-and-forget-it savers who don't need daily access.
Simplii's everyday rate is modest, but they run aggressive promotional rates for new deposits several times per year — sometimes exceeding 5% for 90-150 day periods. If you time it right, this can be lucrative.
Tangerine offers a solid everyday rate and strong welcome bonuses for new clients. Their mobile app and integration with Scotiabank make it a reliable mid-tier option. Good for those who want a recognizable brand without big bank rates.
For context: most Big Six bank savings accounts pay between 0.01% and 0.50% on everyday balances. On a $50,000 balance, the difference between 0.05% and 3.25% is approximately $1,600 per year — just sitting there, uncollected.
Most HISAs can be held inside a TFSA — meaning the interest you earn is completely tax-free. This is the most efficient setup for an emergency fund or short-term savings goal.
A Mortgage Agent Level 2 can help you understand how your savings translate to purchasing power — and what programs you might qualify for.
Book a Free Mortgage Review →EQ Bank and Wealthsimple lead for everyday high-interest savings. Oaken is the pick for set-and-forget. Simplii rewards those who watch for promotions. All four beat any Big Six everyday savings rate — often by 10x or more.
Open one this week. The opportunity cost of sitting in a big bank savings account at 0.05% is real money every single month.