Canada’s 38 Best High Interest Savings Accounts in 2024

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The best high-interest savings accounts in Canada are offered by online banks.

When you open a high-interest savings account (HISA), you earn a higher interest rate on your deposit compared to a regular savings account.

There are also many types of high-interest savings accounts, such as tax-free savings accounts (TFSA), registered retirement savings plans (RRSP), general savings, U.S. dollar savings, and many others.

This guide compares Canada’s best high-interest savings accounts from online banks, big banks, and credit unions.

Table of Contents Show

Best High Interest Savings Accounts in Canada

This is your one-stop shop for finding the best online savings account package for your needs.

While some financial institutions listed below provide a full suite of banking products, many of them focus on the most important ones, like HISAs, free chequing accounts, and Guaranteed Investment Certificates (GICs).

1. Neo Financial High Interest Savings Account

Neo Financial is a financial technology company that’s offering a higher interest savings account, spending account (Neo Money), cash back credit cards, and a secured credit card.

The Neo HISA pays 4.00% interest on your deposit, a rate that is up to 225x what some traditional banks are offering.

In addition to this, you get unlimited free transactions (bill payments, deposits, and Interac e-Transfers) when you open a Neo Money account.

Your deposits at Neo are eligible for CDIC protection and are held at Concentra Bank.

Learn more about Neo Financial in this review.

Open a Neo High Interest Savings Account.

2. EQ Bank Savings Plus Account

The EQ Bank Savings Plus Account is our number-one pick for the best HISA in Canada.

This savings account pays a 2.50% interest rate on every dollar, and this rate is non-promotional, which means you are not forced to go looking for another savings offer after a few weeks or months.

Even better is the fact that this EQ Bank account can help you save on chequing account fees with its:

  • Unlimited free debit transactions and bill payments
  • Unlimited free Interac e-Transfers
  • Mobile cheque deposits using the EQ Bank app
  • Access to international money transfer
  • $0 monthly account fees

You can also open a TFSA or RSP savings account and earn a high 3.00% rate.

Your deposits are insured by the Canada Deposit Insurance Corporation for up to $100,000.

Open an EQ Bank Account.

3. Simplii Financial High Interest Savings Account

The high-interest savings account from Simplii Financial is perfect if you want to earn some quick online saving bonuses.

It offers a 6.00% promotional interest rate for new accounts and 0.40% to 5.5% after the offer ends.

The Simplii savings account has no minimum balance requirement, and you can set up automatic savings to grow your account.

Simplii Financial is owned by CIBC, and your deposits are insured by CDIC.

Learn more in this Simplii review.

Open a Simplii account.

4. High Interest Savings Account From KOHO

KOHO combines the best of both worlds if you want to earn the best online savings rates while also earning cash back on all purchases.

When you sign up for a free KOHO account, you get a KOHO Prepaid Card that pays cash back on purchases.

You also earn interest on your entire balance (the rate earned depends on account type).

This hybrid KOHO account includes unlimited debit transactions, bill payments, and Interac e-Transfers. Your deposits are insured by CDIC.

5. Canadian Tire Bank HISA

The Canadian Tire Bank HISA is one of the better rates you will come across in 2024, at 3.70%.

This rate also applies to its TFSA HISA. Both accounts have no monthly fee or minimum balance, and deposits are insured by the CDIC up to specific limits.

You can also use the Canadian Tire Bank for high-interest GICs.

Open an account.

6. LBC Digital High Interest Savings Account

The LBC Digital high-interest savings account pays 3.00% interest on all deposits.

The online bank is owned by Laurentian Bank of Canada, and you can also open a free chequing account or invest using GICs.

Transfers between LBC Digital accounts are free, and you can set up preauthorized deposits.

Open an account.

7. motusbank High Interest Savings Account

motusbank’s high interest savings account offers a 2.50% interest rate and has no minimum balance.

Its features include unlimited debit purchases and withdrawals, as well as access to thousands of free ATMs in Canada and the U.S.

motusbank also offers high-interest TFSA and RRSP accounts with 2.50% and 2.50% interest rates, respectively.

There are no monthly fees for these accounts.

In addition to its savings account, motusbank also offers a chequing account, GICs, and mortgages.

Open an account.

8. Wyth Financial HISA

Wyth Financial is a digital bank that provides access to mortgages, GIC investments, and a high-interest savings account.

The Wyth Financial HISA pays 2.50% interest on your balance of $150,000 or less, and no interest on deposits exceeding this amount.

It has no monthly account fees and is backed by the CDIC.

This digital bank is owned by Concentra Bank.

Open an account.

9. Tangerine Savings Account

Tangerine Bank’s savings account pays a 0.70% interest on your deposit.

If you are a new client, you may qualify for a time-limited promotional rate that is higher than the regular interest rate.

Tangerine’s HISA can be opened for general purposes, TFSA, RRSP, U.S. dollars, and retirement income fund (RIF) savings.

You can use the Tangerine savings calculator to estimate how your savings will grow over time.

Tangerine Bank is owned by Scotiabank, and your deposit is CDIC-insured.

Open an account.

10. Wealthsimple Save

If you are already a Wealthsimple client for investments, you can also use the company’s Save account to grow your savings.

Wealthsimple Save offers a 1.5% interest on every dollar, and it has no monthly fees. In addition to savings, Wealthsimple offers online wealth management services.

It also has a free money transfer app (Wealthsimple Cash), a stock trading app, and tax software.

Open an account.

11. WealthOne Bank of Canada High Interest Savings Account

The WealthOne High-Interest Savings Account offers a 4.00% interest rate on your deposits.

This account includes ten free bill payments each month and has no monthly fees. You can also set up automatic savings with regular deposits from your linked account.

This HISA is also available for TFSA and RRSP accounts, and it is eligible for CDIC protection.

Open an account.

12. Oaken Savings Account

The HISA from Oaken Financial pays a 3.40% interest rate on your savings and is one of the highest savings account rates in Canada.

You get access to unlimited transactions and automatic contributions, and there are no monthly fees.

Savings accounts are also available for TFSA, RSP, and RIF accounts, plus GICs if you also want to invest.

Open an account.

13. Maxa Financial High Interest Savings Account

The high-interest savings account from Maxa Financial offers a high-interest rate of 3.55%. It has no monthly fees, and no minimum deposit is required.

Clients get a Maxa Member Card they can use for ATM and POS transactions.

This deposit account is insured by the Deposit Guarantee Corporation of Manitoba (DGCM).

MAXA Financial is a division of Webstoba Credit Union.

Open an account.

14. Alterna Bank High Interest eSavings

The High-Interest eSavings from Alterna Bank will pay you 2.25% interest on your deposit.

This online bank savings account has no monthly fees, and you get free unlimited bill payments and Interac e-Transfers.

The account is also eligible for CDIC protection.

Open an account.

15. Achieva Financial High Interest Savings

 Get a 3.60% interest rate with the Achieva Financial high-interest savings account.

This daily savings interest account generally offers one of the best savings rates and has no minimum balance.

It also has no monthly account fees, with one free debit transaction every month.

Deposits in this account are 100% insured by DGCM.

Open an account.

16. MomentumPLUS Savings Account from Scotiabank

While the savings rates offered by big banks are often disappointing, the MomentumPLUS savings account may be worth your time.

It has a 1.30% regular interest rate and a premium bonus rate if you keep your deposit for 90 days to 360 days, respectively.

Scotiabank customers who have an Ultimate Chequing Account package also earn an extra 0.10%.

You can transfer funds from your Scotiabank savings account to other Scotiabank accounts in your name.

Open an account.

17. BMO Savings Builder Account

The BMO Savings Builder Account has a 0.500% base interest rate and a bonus of up to 2.500% interest when you deposit at least $200 in the account each month.

You get one free transfer per month and pay a $5 fee for additional transfers.

The bonus rate is only paid on balances up to $250,000.

Open an account.

18. AcceleRate Financial Savings

This high-interest account from AcceleRate Financial pays 3.60%. It includes one free debit transaction each month and free personal cheques.

You can also use the AcceleRate debit card for ATM deposits.

This deposit account is guaranteed by the Deposit Guarantee Corporation of Manitoba.

19. Bridgewater Bank Savings Account

This Calgary-based bank offers a high-interest savings account (Smart eSavings) that pays 3.60%.

The minimum deposit is $25, and interest is calculated daily on your closing balance.

This account includes one free withdrawal per month and costs $5 for additional withdrawals.

It is eligible for a deposit guarantee by CDIC.

Open an account.

Canada’s 39 Best High-Interest Savings Accounts

20. Hubert Financial Happy Savings Account

For some of the best online HISA rates in Canada, you can look at the Hubert Happy Savings Account.

It pays a 3.60% interest rate and has no monthly account fee.

You can also get TFSA and RRSP HISAs with this financial institution.

Open an account.

21. RBC High Interest eSavings

RBC is another big bank with a high-interest savings account that offers a 1.70% interest rate.

The RBC high-interest eSavings account has no monthly fee, and you get 1 free RBC ATM cash withdrawal each month. Additional withdrawals cost $5 each.

You can use Save Matic to automate your contributions to this savings account.

Open an account.

22. TD High Interest Savings Account

The TD high-interest savings account offers a 0.050% interest rate.

Transaction fees are waived if you maintain a minimum monthly balance of $25,000 or more. Otherwise, you pay $5 for each transaction. On balances below $5,000, you don’t earn any interest.

Open an account.

23. TD ePremium Savings Account

This TD savings account offers its highest interest rate at up to 1.85%.

The TD ePremium savings account has no monthly fee, but you pay $5 for each debit transaction.

Open an account.

24. Outlook Financial HISA

The high-interest savings account from Outlook Financial pays 3.60% interest.

You get 1 free debit each month, and your deposit is 100% guaranteed by DGCM.

Open an account.

25. Ideal Savings HISA

The Ideal Savings HISA offers a 3.60% interest rate. It has no monthly fees, and you get 3 free automatic fund transfers each month.

You can also open a TFSA HISA and GIC accounts.

Open an account.

26. Peoples Trust e-Savings

The high-interest savings account from Peoples Trust is called e-Savings.

This account pays a 3.40% interest rate, and you can transfer funds between your linked bank accounts at other financial institutions.

Your deposit at Peoples Trust is eligible for CDIC insurance.

Open an account.

27. National Bank HISA

The high-interest savings account from National Bank currently pays 1.70% interest.

You can transfer funds between this account and your other National Bank accounts for free.

It also offers a systematic savings plan that automates how you save money.

Interac e-Transfers cost $1.25 each, there is 1 free ATM withdrawal, and all other debit transactions cost $5 each.

Open an account.

28. Motive Financial Savvy Savings Account

Use the Savvy Savings Account from Motive Financial to earn up to a 4.10% interest rate on your deposit.

This online-only savings account includes 2 free debit transactions per month and costs $5 each after. Interac e-Transfers cost $1.00 each.

For balances exceeding $5 million, you earn a 0.50% interest rate.

Open an account.

29. Manulife Advantage Account

The Manulife Advantage Account pays 2.85% interest on your deposits.

You can combine it with a Manulife chequing account and get free unlimited transactions if you keep at least $1,000 in your account.

This savings account is eligible for CDIC deposit protection.

Open an account.

30. Desjardins High Interest S@vings Account

The high-interest Savings account from Desjardins pays 1.70% interest.

There are no monthly fees, and you can transfer funds between this account and your other bank accounts.

It is eligible for CDIC insurance up to $250,000.

Open an account.

31. CIBC eAdvantage Savings Account

The CIBC eAdvantage Savings Account pays a regular interest rate of up to 1.90%. When you save an extra $200+ each month, you get a bonus of 0.50% interest rate.

Each debit transaction on this account will cost you $5.

Open an account.

32. CI Direct Investing HISA

CI Direct Investing has a high-interest savings account that pays 4.00%. It has no monthly fees or minimum balance, and you can use this financial institution for your investments as well.

Open an account.

33. HSBC Canada High Rate Savings Account

The High Rate Savings Account from HSBC is comparable to other big banks.

You earn up to 1.85% on every balance, and there are no monthly account fees.

HSBC also offers TFSA, RRSP, and USD savings accounts.

Open an account.

34. Peoples Bank of Canada Savings Account

The free online savings account from People’s Bank pays 3.40% interest.

You can transfer funds between linked accounts, and there is no monthly fee.

This account is eligible for CDIC deposit insurance.

Open an account.

35. First Nations Bank of Canada HISA

First Nations Bank of Canada has a high-interest savings account that offers up to 0.15%.

Transaction fees apply to ATM withdrawals and Interac e-Transfers, except when you maintain a balance of $25,000 or more.

Open an account.

36. Canadian Western Bank Summit Savings Account

Earn a 1.40% interest rate when you open a Canadian Western Bank Summit savings account.

While transfers between linked accounts are free, debit transactions cost $5 apiece.

Open an account.

37. ICICI HiSave Savings Account

The high-interest savings account from ICICI Bank Canada pays 1.25% interest on Canadian savings and 1.00% on U.S. dollar deposits.

You can link up to 3 external bank accounts and move money between these accounts for free.

This ICICI savings account is eligible for CDIC protection.

Open an account.

38. ATB High Interest Savings Account

The HISA from ATB pays 4.55% for the “Personal Series A” and 4.65% for “Personal Series F.”

The minimum investment amount for these series is $1,000.

Open an account.

What is a High Interest Savings Account?

A high-interest savings account pays a higher interest rate than the regular savings account offered by your bank.

Typically, HISAs used to refer to inflation-beating interest rates, but in recent times, we have seen traditional banks offer dismal rates as low as 0.01% on their “high-interest savings account.”

The interest you earn on your account is usually calculated daily and paid monthly.

High-interest savings accounts may have some restrictions compared to regular savings accounts.

For example, you may need to deposit new funds each month to get the higher rate, or there may be limits to the free debit transactions provided.

How Does a HISA Work?

The interest earned by your deposit compounds on a daily basis, and over time, your balance will increase.

Deposits in your HISA, TFSA, RRSP or other savings accounts are insured by the CDIC up to $100,000 per depositor per bank and per insured category.

For provincially regulated financial institutions, a Deposit Guarantee Corporation insures the deposits within varying limits, and in some cases, without limits.

Types of HISA Accounts in Canada

You can open a high-interest savings account for:

  • General savings
  • Tax-free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Registered Education Savings Plan (RESP)
  • US Dollars, and more

How To Open a HISA in Canada

Opening a savings account is fairly straightforward since most banks allow you to do so online without visiting a branch.

You need to be a Canadian resident and the age of the majority in your province.

Visit the online portal of the bank to submit your details, including your name, address, and social insurance number (SIN).

You may need to connect your chequing account to the HISA in order to fund it.

How To Choose a High Interest Savings Account

The first thing to consider when choosing a high-interest savings account is the interest rate being offered.

Oftentimes, getting the best rate will mean opening a new account at an online bank if your regular bank does not offer competitive rates.

Check whether the rates are promotional or regular rates.

You should also confirm if there are any account fees, including monthly maintenance fees, transaction fees, etc. The best HISAs offer unlimited free debit transactions and Interac e-Transfers, which is great.

If you prefer to do all your banking in one place, you can also check whether the bank offers other products and services you may need in the future.

Are High Interest Savings Accounts Taxable?

The interest (income) you earn on your HISA deposit is included in your taxable income, and you may need to pay taxes on it when you file your tax return.

Depending on the tax deductions and credits you qualify for, interest income may be taxed at your marginal tax rate.

You can avoid paying taxes on your HISA by using a TFSA account.


Bonuses & Deals for April

Earn a standard 4.00% interest* on your deposits!

Get a free chequing account with unlimited transactions & $400 bonus cash.

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.