How to Find the Best High-Interest Savings Account in Canada (2026)

If you’re keeping your savings in a standard bank account earning 0.01% interest, you’re leaving money on the table. High-interest savings accounts (HISAs) in Canada have offered meaningfully better rates over the last several years, and while rates move up and down with the Bank of Canada’s policy rate, there’s almost always a significant gap between what a big bank pays on a basic account and what a competitive HISA pays.

This isn’t a ranked list of current rates - those change frequently, and any list written today would be outdated next month. Instead, this is a guide to evaluating HISAs so you can make the right call with whatever rates exist when you’re reading this.

What a HISA Actually Is

A High-Interest Savings Account is a deposit account - CDIC-insured in most cases - that pays a higher interest rate than a standard savings account. The money is accessible (not locked in like a GIC), and in most cases you can transfer funds in and out without fees or penalties.

HISAs are suitable for:

• Emergency funds (you need access, but you want the money working while it sits)
• Short-term savings for a specific goal (a trip, a car, a down payment in the next 1–2 years)
• Money you’re parking while deciding what to invest

They’re not suitable for long-term wealth building on their own - the after-tax, after-inflation return on a HISA is typically modest. But as a place to park money you need to keep liquid, they’re significantly better than the default big-bank savings rate.

What to Look For

1. The Rate Type

Promotional rates are common. A bank may offer 5% for the first 5 months, reverting to 2.5% afterward. The promotional rate is real - but when evaluating where to keep money long-term, you need to know the ongoing rate, not just the promotional one.

Everyday rates are what you’ll actually earn after any promotional period ends. This is the number that matters for your emergency fund, which might sit for years.

Look for both when comparing. Some institutions advertise promotional rates prominently and make the everyday rate harder to find.

2. CDIC Coverage

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits up to $100,000 per depositor, per member institution, per category. Most Canadian banks and many credit unions are CDIC members. Some newer fintechs hold your deposits through a CDIC-member bank (EQ Bank, for example, holds deposits through Equitable Bank, a CDIC member). Verify this before depositing.

For most people with less than $100,000 in savings, CDIC coverage at a single institution is sufficient. If you have more than that, you may want to spread deposits across institutions.

3. Minimum Balance and Fees

A HISA that requires a minimum balance to earn the advertised rate - or charges a monthly fee - isn’t actually the rate you’d expect. Calculate the effective rate after any fees.

Many online banks and fintechs offer true no-fee HISAs with no minimum balance requirement.

4. Transfer Speed and Withdrawal Access

Some HISAs have next-day or even same-day Interac e-Transfer availability. Others require 1–3 business days for transfers. For your emergency fund, transfer speed matters - if your car breaks down or a medical bill arrives, you need the money accessible quickly. Check whether the account supports Interac e-Transfer for outgoing transfers and what the limits are.

Where to Look

Online banks and fintechs consistently offer the most competitive everyday HISA rates in Canada. Names like EQ Bank, Motive Financial, Simplii Financial, and Oaken Financial have historically been competitive. Rates vary and change - always check current rates directly on their websites.

Credit unions can be competitive, especially for members in certain provinces. They’re also CDIC equivalents through provincial deposit insurance schemes (DICO in Ontario, CUDIC in BC, etc.).

Major banks (TD, RBC, Scotiabank, CIBC, BMO) typically offer lower everyday rates on savings accounts, but may offer competitive promotional rates. Their main advantage is integration with your existing accounts and faster internal transfers.

Where Your Emergency Fund Should Live

Your emergency fund should be in a HISA, not invested. The point of an emergency fund is guaranteed access to a specific amount when you need it - not growth. Market investments can drop 20% in a bad month, which is exactly when emergencies tend to happen.

The ideal setup for most Canadians:

• Emergency fund → HISA (accessible, no market risk, earning something)
• Short-to-medium term goals (1–3 years) → HISA or TFSA invested conservatively (GICs or bond ETFs)
• Long-term savings/retirement → TFSA or RRSP invested in growth-oriented assets

For the emergency fund specifically, the psychological ease of access matters as much as the rate. Pick a HISA at a bank you find easy to use, that supports Interac e-Transfer, and that offers a reasonable ongoing rate. Don’t pick the highest promotional rate if the bank has a clunky interface and 3-day transfer times.

The Interest Rate Environment

HISA rates follow the Bank of Canada’s overnight rate, with a lag and a spread. When the BoC raised rates aggressively in 2022–2023, HISA rates rose too. As rates have moderated since, HISA rates have come down. This is normal - your HISA rate will fluctuate over time, and that’s okay. The goal is to be earning a reasonable real return on cash you need to keep liquid, not to lock in a guaranteed rate (that’s what a GIC is for).

If rates drop significantly and you have cash you’re certain you won’t need for 12–18 months, a GIC at that term may offer a better locked-in rate than a HISA. The trade-off is liquidity - once the GIC is locked, early redemption usually isn’t possible or comes with penalties.

Frequently Asked Questions

Is my money safe in a HISA at an online bank?

Generally yes, provided the bank is CDIC-insured. EQ Bank, Motive Financial, Oaken Financial, and Simplii Financial all hold deposits through CDIC-member institutions. Verify CDIC membership for any institution you’re considering on the CDIC website (cdic.ca). Credit union deposits are covered by provincial deposit insurance, which varies by province.

Should I keep my HISA at the same bank as my chequing account?

Not necessarily. The benefit of same-bank savings is faster internal transfers. But if the rate difference is significant, you can have your emergency fund at a separate online bank and initiate Interac transfers when needed. Most online banks process incoming e-Transfers within minutes and outgoing transfers within 1–2 business days.

What’s the difference between a HISA and a GIC?

A GIC (Guaranteed Investment Certificate) locks in your money for a fixed term (30 days to 5 years) at a fixed rate. You typically can’t access the money without penalty before the term ends. A HISA is fully liquid - you can withdraw anytime. GICs often offer higher rates for the locked term; HISAs offer flexibility. Use a HISA for your emergency fund. Use a GIC for money you won’t need for the full term.

Can I hold a HISA inside a TFSA or RRSP?

Yes. Many institutions offer TFSA-eligible and RRSP-eligible HISAs, meaning the interest earned is sheltered from tax. This is worth doing if you have unused TFSA room and want to keep some savings in cash - you get the HISA rate without paying income tax on the interest.

How often is HISA interest calculated and paid?

Most Canadian HISAs calculate interest daily and pay it monthly. This means your balance grows gradually through the month, and you see the interest deposited on the first of the following month. The daily calculation means even short-term deposits earn their fair share of interest.

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