Best High-Interest Savings Accounts in Canada (2026)

Quick Picks (At a Glance)

§ Rates verified October 21, 2026. EQ Bank rate: 1.50% base + 1.25% bonus interest = 2.75% effective (conditions apply; structure changed October 2, 2026 — base rate up, bonus down, headline unchanged). Saven Financial available to Ontario residents only; deposits are FSRA-insured (Ontario provincial insurer), not CDIC. Oaken Financial is a division of Home Trust Company (a federally regulated trust company; deposits CDIC-insured). Tangerine standard rate 0.30% (since February 23, 2026; verified tangerine.ca Oct 21, 2026). Tangerine New Client Two-Rate offer (5 months, 153 days) is 5.00% on RSP/TFSA/RIF registered accounts and 4.50% on the non-registered Savings Account for new Clients created Jul 28, 2026 – Nov 30, 2026 (client number must be created in that window and the account opened within 60 days; the 153-day promo clock starts when the first eligible account opens — promo window closes in 40 days). Simplii 4.60% promotional offer valid Aug 1 – Oct 31, 2026 (5 months, eligible deposits up to $200K) — promo expires in 10 days; standard tier 0.30% on first $50K once promo ends. PC Money Account 2.20% on the optional savings feature. Saven Financial HISA rate 2.85% (verified savenfinancial.ca/en/on-rates Oct 21, 2026).

Comparison Table

\\ Rates verified October 21, 2026 via provider websites and rate aggregators. EQ Bank rate: 1.50% base + 1.25% bonus = 2.75% effective (conditions apply; base/bonus structure changed effective October 2, 2026 — headline 2.75% unchanged). Saven Financial HISA 2.85% (verified savenfinancial.ca Oct 21, 2026). Neo Savings rates are tied to membership tier: Essentials (free) 2.00%, Start (coming soon; $0 with payroll deposit or $4.99/mo) 2.25%, Build ($9.99/mo) 2.50%, Grow ($14.99/mo) 2.75% — effective October 1, 2026, membership fees replaced balance-based qualification (verified neofinancial.com/whats-changing-october-2026 Oct 21, 2026). PC Money Account rate: 2.20% on the optional savings feature (verified pcfinancial.ca Oct 6, 2026). Simplii standard rate is 0.30% on balances $0–$50K, 0.50% on $50K–$100K, 0.60% on $100K–$500K, 0.70% on $500K–$1M, 1.00% on $1M+ (verified simplii.com Oct 21, 2026). Tangerine standard rate is 0.30% (since Feb 23, 2026; verified tangerine.ca Oct 21, 2026). Tangerine's current New Client Two-Rate offer (client numbers created Jul 28, 2026 – Nov 30, 2026; eligible account opened within 60 days) is 5.00% on RSP/TFSA/RIF registered accounts and 4.50% on the non-registered Savings Account for 5 months (153 days), max $1M per account type. † Neo membership-tier pricing confirmed above; membership fees apply per tier, so the 2.75% headline is a paid-membership rate, not a no-cost rate.

§ Wealthsimple Cash rates: Core clients 1.25%. Premium ($100K+ assets): 1.75%. Generation ($500K+): 2.25%. Rates verified September 2026. CIPF protects investment accounts, not cash balances.

§ Wealthsimple launched a separate High Interest Savings Account (HISA) in August 2026 paying a flat 2.50% on all balances, regardless of client tier. Held through Wealthsimple Investments Inc. (CIRO member); CIPF-protected to $1M. Open in the Wealthsimple app (not available on web).

§ Saven Financial is a division of FirstOntario Credit Union. Deposits are insured by FSRA (the Financial Services Regulatory Authority of Ontario), the Ontario provincial deposit insurer — not CDIC.

§ Promotional rates are for new customers/new deposits, typically 3–6 months. Standard rate applies after promo period. Simplii's 4.60% promo is valid Aug 1–Oct 31, 2026 (5 months, eligible deposits up to $200K). Source: simplii.com/en/special-offers.

Best By Use Case

Best Overall: EQ Bank Personal Account

Rate: 2.75%* | Fee: $0 | Minimum: $0

Why it's our top pick:

EQ Bank consistently offers a competitive rate with no monthly fee and full CDIC coverage. The published rate is the rate a new customer opening an account today would see. The headline 2.75% includes a 1.50% base + 1.25% conditional bonus, so a small portion of the rate requires conditions to be met. (Saven Financial at 2.85% and Oaken at 2.80% are higher headline rates; we still recommend EQ Bank for the combination of no-fee, CDIC-insured convenience, and a mobile-first experience.)

Best for: Emergency funds, general savings, anyone who wants a set-it-and-forget-it account.

Caveats: Online-only — no physical branches. No debit card (transfers only).

Opens in a new window on EQ Bank's secure website

Best for TFSA Emergency Fund: EQ Bank TFSA Savings

Rate: 1.50%* | Fee: $0 | Minimum: $0

Why it's our top TFSA pick:

EQ Bank's TFSA Cash Savings Account lets you earn tax-free interest on your emergency fund. However, note that the TFSA rate of 1.50% is now significantly lower than the regular Personal Account rate of 2.75%. If maximizing returns matters more than tax savings, consider keeping your emergency fund in EQ Bank's Personal Account instead — especially if you're in a lower tax bracket.

Best for: Canadians with unused TFSA room who want tax-free emergency fund growth.

Caveats: Withdrawals from a TFSA don't permanently lose room (it's added back January 1 of the following year), but you can't re-contribute until then. Plan your withdrawals accordingly.

Opens in a new window on EQ Bank's secure website

Best for Newcomers to Canada

What newcomers should look for: No-fee banking with easy account opening — no Canadian credit history required, no minimum balance, and free Interac e-Transfers. Most online banks accept government-issued ID. The Big Five (RBC, TD, Scotiabank, BMO, CIBC) offer newcomer packages with 1–2 years of free banking and a first Canadian credit card, but charge monthly fees after the intro period.

Best for: Newcomers building their first Canadian emergency fund without locking into a big-bank fee structure.

Our pick for newcomers: EQ Bank's Personal Account pays 2.75% interest with no monthly fee, no minimum balance, and CDIC insurance. Tangerine offers a promotional rate up to 5.00% for 5 months on new RSP/TFSA accounts, with unlimited free Interac e-Transfers. Both accept government-issued ID and have no Canadian credit history requirement.

No monthly fee, no minimum balance, CDIC insured. Opens on EQ Bank's secure website.

Best for Promotional Rate Hunters: Tangerine Savings

Standard rate: 0.30% | Promo rate: Up to 5.00%* (5 months for new RSP/TFSA/RIF Savings Accounts — Tangerine's current top offer applies to registered accounts, not the non-registered Savings Account, which gets 4.50% as the non-registered promo; new Clients must be created Jul 28, 2026 – Nov 30, 2026 to qualify)

Why it's worth considering:

Tangerine regularly offers promotional rates of 4.00–5.50% for new customers (3–6 months). If you're willing to move your money when the promo ends — or negotiate an extension — Tangerine can be a high-yield home for your emergency fund.

Best for: People who don't mind monitoring rates and moving funds when promos expire.

Caveats: The standard rate is among the lowest on this list (0.30%). If you set it and forget it, you'll earn very little. Promo rates apply to "new money" only — existing balances may not qualify.

Use Orange Key: 38687402S1 for a cash bonus. Opens on Tangerine's secure website.

How We Picked These Accounts

We evaluated accounts using the following criteria:

Accounts we excluded: Those with tiered rates that require high minimums (e.g., $5,000+ for top tier), accounts locked to specific provinces, or accounts from institutions with consistently poor user ratings. Cross-reference: the highinterestsavings.ca HISA chart tracks the same universe of accounts weekly and is our primary cross-check on rate claims.

For rate verification on the most-cited providers, we use the official published rate pages: EQ Bank Personal Banking Rates, Tangerine Savings Account, Simplii HISA special offers, and PC Money Account. For CDIC membership, see the CDIC member institution list.

CDIC Insurance: What You Need to Know

The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits up to $100,000 per insured category, per member institution.

Categories include:

• Deposits in one name
• Joint deposits
• TFSA deposits
• RRSP deposits
• FHSA deposits

This means: You could have $100,000 in a regular savings account, $100,000 in a TFSA savings account, and $100,000 in a joint account — all at the same institution — and all $300,000 would be covered.^[1]

Credit unions are typically insured by provincial deposit insurers (e.g., DICO in Ontario, CUDIC in BC), not CDIC. Coverage terms vary by province.^[2]

Frequently Asked Questions

What's a "good" HISA rate in Canada in 2026?

As of Q4 2026, anything above 2.50% is competitive. The Bank of Canada policy rate sits at 2.25% (in place since the October 29, 2025 cut from 2.50%; held at 2.25% on September 2, 2026; next decision October 28, 2026), so HISA rates typically track 0.25–1.00% above that, depending on the institution.^[3]

Should I chase the highest rate?

If the difference is less than 0.50%, the convenience of staying with a bank you already use probably outweighs the extra interest. On a $10,000 balance, 0.50% is $50/year. If the difference is 1.00%+, switching may be worth the effort.

Are online-only banks safe?

Yes. Online-only banks in Canada (EQ Bank, Tangerine, Simplii, Motive, Oaken) are either CDIC-insured banks or subsidiaries of CDIC-insured institutions. Your deposits are protected up to the same $100,000 limit as at major banks.

Can I open multiple HISAs?

Yes. There's no limit on how many savings accounts you can hold. Some people open accounts at multiple institutions to maximise CDIC coverage or take advantage of promotional rates.

Next Steps

How to Build an Emergency Fund in Canada (Full Guide) →

Once you've chosen an account, here's the step-by-step plan to actually fill it.

TFSA vs Standard Account for Your Emergency Fund →

If you want your emergency-fund interest tax-free, the TFSA HISA is the right wrapper. We break down the trade-offs.

Canadian Money Guide is a research-driven publication, not a financial advisor. Rates are accurate as of the date shown and are subject to change. Always verify current rates, terms, and CDIC coverage directly with the provider before opening an account. This page contains links to financial institutions — we may earn a commission from some of these links at no cost to you. See How We Research and our Affiliate Disclosure.