Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Best high-interest savings account rates in Canada
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer. This type of account is referred to as a high-interest savings account (HISA). We break down what you should know about HISAs and give you our picks for the most competitive interest rates in Canada.
| High-interest savings account (HISA) | HISA rate |
|---|---|
| EQ Bank Personal Account* | 1.25% to 3.50% |
| EQ Bank Notice Savings Account* | 3.00% with 30 days’ notice (or 2.85% with 10 days’ notice) |
| LBC Digital High-Interest Savings Account | 2.20% |
| Maxa Financial High-Interest Savings | 1.85% |
| Motive Savvy Savings Account | 2.25% |
| Neo High-Interest Savings Account | 2.50% |
| Saven Financial High Interest Savings Account | 2.80% |
| Scotiabank MomentumPlus Savings Account | Up to 4.90% for the first 3 months (Regular rate of 0.55%) |
| Simplii Financial High Interest Savings Account | 3.7% for the first 7 months (Regular rate of 0.30% to 1.50%) |
| Tangerine Savings Account | 4.50% for the first 5 months (Regular rate of 0.30%) |
| Wealthsimple Cash | 1.75% to 2.75% (Based on account balance) |
MoneySense insight: How to save $100,000 in a HISA
Saving $100,000 is a popular financial goal. In a recent article, we looked at how long it would take you to save that amount using a 3.5% HISA (which is less that what you can earn with the accounts above!). Someone who makes $60,000 per year and saves 10% of their income per month ($500) would reach the $100,000 milestone in less than 15 years, thanks to compound interest. Read: How to save (and invest) your first $100,000.
—MoneySense editors
Compare the best HISAs in Canada
EQ Bank Personal Account
EQ Bank is owned by Equitable Bank, a Canadian institution in business since 1970. Another in the burgeoning online space, EQ Bank offers great returns on its Personal Account*. There is no fee for the account and no minimum balance. All services, including Interac e-Transfer, are free. EQ Bank also recently launched a prepaid reloadable card that earns you interest and pays cash back. Simply transfer funds from your Personal Account to the card. The card functions like a debit card, with no monthly fees or transaction fees, and you can make purchases with the card online, too.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than five years
- Other restrictions: There’s a maximum balance of $200,000 per customer; paper statements are not available
EQ Bank Notice Savings Account
EQ Bank recently became the first in Canada to offer a notice savings account (NSA) to all Canadians with no fees and no minimum deposit. If you’ve never heard of an NSA, it’s because they’re uncommon in Canada. But that just might change with the introduction of this account.
With this notice savings account, you can choose between two accounts: the 10-day and the 30-day. If you agree to give the bank 10 days’ notice (hence, the name) before you can access your funds, you’ll earn 4.5% on your deposit. With 30 days’ notice, you’ll earn 5%. You can request to withdraw funds at any time and as many times as you want. The notice only refers to the time you’ll wait between your request and having access to your money. This account has no fees and there’s no paperwork—it’s just like opening any other savings account.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 per insured carry, per depositor
- Other restrictions: This account is not available in Quebec
LBC Digital High-Interest Savings Account
Since 2003, Laurentian Bank has been available only in Quebec, but with the recent launch of a new digital offering at LBCDigital.ca, the institution is tempting clients from across the country. The headline news here is the high-interest rate and the fact it has no minimum balance and no monthly fees. With the LBC Digital High-Interest Savings Account, you can access your funds whenever you like and use services like electronic fund transfers and pre-authorized deposits. Plus, transfers between LBC Digital accounts are included. This last one is important as it means you can move your money to an LBCDigital.ca chequing account, from which you can make unlimited free Interac e-Transfer transactions.
- Promotional Rate: None
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than five years
- Other restrictions: Non-sufficient funds (NSF), returned items and overdrawn accounts are subject to fees, and if you close the account within 90 days there’s a $25 penalty
Maxa Financial High-Interest Savings
Maxa is a division of Westoba Credit Union, located in Manitoba. But its accounts are open to all Canadians, and it offers an impressive interest rate on savings. There’s no fee, but account holders can expect to pay service charges for many transactions.
- Promotional Rate: None
- Minimum balance: None
- Free transactions per month: First debit of each month free
- Interac e-Transfer fee: $2 per transfer domestically; $5 per transfer internationally
- Fees for extras: $1.50 per debit except on the first of each month
- CDIC insured: No, but all deposits guaranteed by the Deposit Guarantee Corporation of Manitoba, with no dollar-amount limit
- Other restrictions: The online interface is dated
Motive Savvy Savings Account
Motive Financial, the online banking division of Canadian Western Bank, offers a high regular interest rate. Eligible deposits are held at Canadian Western Bank and protected by the Canada Deposit Insurance Corporation (CDIC; see details below). There isn’t a monthly fee. However, if you’re a resident of Quebec, you won’t be able to use this account.
- Promotional Rate: Receive 4.75% interest for 120 days after opening the account.
- Minimum balance: None
- Free transactions per month: Unlimited transactions between Motive accounts
- Interac e-Transfers: Free
- Fees for extras: None
- CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than five years
- Other restrictions: Not available to residents of Quebec
Neo High-Interest Savings Account
The Neo High-Interest Savings Account is a no-fee hybrid account that lets you spend and save—and earn cash back rewards—all in one place. Clients earn interest on money held in the account and can access their funds from an app on their phone, making bill payments, purchases, Interac e-Transfer transactions and more simple and seamless.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: $0
- Fees for extras: $5 for each printed document
- CDIC insured: Deposits held in Neo Money savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor
- Other restrictions: Maximum balance per customer is $200,000; not available to residents of Quebec
Saven Financial High Interest Savings Account
This HISA may sneak under the radar, but once you see the rate you will be impressed. It’s not limited to a promotional period, either. This online-only financial institution offers no minimum balance requirements and free transfers for its HISA. Saven is a division of First Ontario Credit Union, a financial institution with roots back to 1939, and which currently has more than 126,000 member clients. Note: You need to invest at least $25 to become a member of First Ontario.
- Promotional rate: None
- Minimum balance: None
- CIDC insured: No, but deposits of up to $250,000 are insured through the Financial Services Regulatory Authority of Ontario
- Fees: None, except for a one-time $25 fee to become a member of FirstOntario
- Other restrictions: Only available to residents of Ontario
Scotiabank MomentumPlus Savings Account
With tiered interest rates on your savings, this product acts like a guaranteed investment certificate (GIC), giving account holders the opportunity to save more just by leaving their money alone—but with the freedom to make withdrawals if you need to. Provided no debit transactions have taken place during that time; deposits stashed for longer can earn extra interest based on the following calculations:
0.65% (regular interest) +
- 0.25% after 90 days
- 0.30% after 180 days
- 0.35% after 270 days
- 0.55% after 360 days
For the first 3 months after opening the account, you can earn a welcome bonus rate of 3.80% interest on eligible deposits. Plus, if you also have an Ultimate Package account with Scotiabank, your earn rate will be an additional 0.05% for a limited time (or 0.05% for a Preferred Package account). The account is no-fee and self-service transfers are unlimited.
- Minimum balance: None
- Fees for extras: $5 per debit transaction that’s not self-service
- Free transactions per month: Unlimited for self-service transfers
- Interac e-Transfer fee: None
- CDIC insured: Eligible if in Canadian currency with a term of five years or less and payable in Canada
- Other restrictions: No paper statement available
Simplii Financial High Interest Savings Account
You can earn a high promotional interest rate on eligible deposits for the first five months, then it goes back to its regular rate, based on your account balance. Plus, no matter how much money you hold in this account, you won’t pay any fees, so you can stretch your earnings further and counter inflation’s impact on your finances.
- Minimum balance: None
- Free transactions per month: Unlimited
- Interac e-Transfer fee: None
- CDIC insured: Yes
- Other restrictions: None
Tangerine Savings Account
Known for its flexibility, this account doesn’t require a minimum balance. And there are no fees or service charges. Plus, with the generous promotional interest rate offer, you can stretch your deposits further and stash away a little extra savings towards your goals. The entire Tangerine banking experience is simple and friendly, and its savings offerings are the same. Account holders can set up an Automated Savings Program online to help plan and meet savings goals.
- Minimum balance: None
- Free transactions per month: Unlimited; free unlimited deposits and withdrawals at Tangerine or Scotiabank ABM Network bank machines in Canada; no surcharge or access fees on withdrawals from Global ATM Alliance machines internationally
- Interac e-Transfer fee: None
- Fees for extras: None; no cost for paper statement, if desired (sent quarterly)
- CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than five years
- Other restrictions: None
Wealthsimple Cash
Wealthsimple Cash was launched in January 2020 by the Canadian online financial services provider Wealthsimple. Joining the fintech’s original robo-advisor offering and its more recently added discount brokerage Wealthsimple Trade, Wealthsimple Cash is a hybrid chequing and savings account. Unlike many of the big banks, this institution offers a regular high interest rate. Plus, as with a good chequing account, this one gives you unlimited transactions with zero fees. From the account, you can make no-fee bill payments and Interac e-Transfer transactions with the account. You can also use your Wealthsimple card in-store and online, anywhere Mastercard is accepted, and earn 1% cash back. The card is similar to a credit card but without eligibility requirements, and you can automatically re-invest your cash back rewards or earn them in crypto. If you have a Wealthsimple investment account, such as a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), you can contribute to them easily using funds from your savings account, which is a fairly rare perk.
- Promotional Rate: None
- Minimum balance: $1
- Free transactions per month: unlimited
- Interac e-Transfer fee: None
- Fees for extras: None
- CDIC insured: Yes, since January 1, 2021
- Other restrictions: None
Read our review of Wealthsimple Cash.
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How we determined the best high-interest savings accounts
The MoneySense editorial team selects the best banking products by assessing the value they provide to Canadians across various categories. Our best high-interest savings accounts ranking is based on an extensive list of features, including interest rates on deposits, welcome offers, transaction fees, monthly fees and CDIC insurance coverage. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
Watch: Why open a high-interest savings account?
What is a high-interest savings account (HISA)?
A HISA is a savings account that pays a better rate of interest than standard savings accounts. HISAs are offered widely by a variety of banks, credit unions and other financial institutions.
This type of account al