Search
  1. Home
  2. Banking
  3. 11 Best High-Interest Savings Accounts in Canada for 2022
Published May 3, 2022

11 Best High-Interest Savings Accounts in Canada for 2022

Compare the best high-interest savings accounts (HISAs) across categories like best no-fee HISA, best bonus offers and best hybrid HISA.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Canadians have over 100 different kinds of bank accounts to choose from, according to the Canadian Bankers Association. If you’re specifically looking for an account that can fast-track your savings, it may be time to explore the world of high-interest savings accounts, or HISAs.

While the best high-interest savings accounts offer robust interest rates, that’s not the only way to compare them. Some HISAs also offer minimal transaction fees, low service charges and opportunities to earn cash back. Browse top options below and choose your high-interest savings account with confidence.

The best high-interest savings accounts

Our pick for no-fee online account with free and unlimited transactions

Neo Money Account

  • Interest Rate
    1.45%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
    • Pair this account with the Neo Card to earn an average 5%+ unlimited cash back at thousands of local and national Neo partners.
  • Product Details
    • One account to spend, save and earn 1.45% interest.
    • No fees, 1.45% interest rate as of April 22, 2022 (not a promotional rate; Savings interest rate is calculated daily on the closing balance and paid monthly).
    • Earn up to 145x more than at traditional banks (0.05% is the rate at most banks for high interest savings accounts, with 0% on most daily everyday chequing accounts - unlimited transaction accounts are typically $29.99 per month, whereas Neo is free).
    • Make bill payments, send and receive Interac e-Transfers®, and make bank to bank transfers to and from existing bank account - all with no monthly fees or minimum balances and unlimited free transactions.
    • Available Canada-wide (with the exception of Quebec, coming soon).
    • Manage everything from the phone app, whenever and wherever. Desktop/web banking is also available.
    • Much like any bank account at a traditional bank, the Neo Money Account is eligible for CDIC deposit protection, and provided by Concentra Bank, a CDIC member institution. Deposits held in Neo Money Accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.
Our pick for a fee-free and flexible hybrid savings account

EQ Bank’s Savings Plus Account

  • Interest Rate
    1.50%*
    No minimum balance required
  • Bonus Offer
    $150**
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • EQ Bank’s Savings Plus Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
    • The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.
  • Product Details
    • 1.50% interest rate*.
    • No monthly fee.
    • This hybrid account gives you the benefits of savings with the flexibility of chequing.
    • Mobile Cheque Deposit is available through the EQ Bank mobile app.
    • Zero monthly banking fees.
    • No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
    • No minimum balance, but a $200,000 maximum balance.
    • Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
    • Eligible for CDIC deposit insurance.
    • EQ Bank is not available to Quebec residents.
    • *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Our pick for a Big Bank-backed HISA with a large bonus offer

Simplii Financial™ High Interest Savings Account

  • Interest Rate
    0.10%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • Simplii Financial™ is owned by CIBC and gives account holders access to CIBC ATMs in Canada.
  • Product Details
    • 0.10% standard interest rate.
    • No monthly fee.
    • Manage your money through online banking and a mobile app.
    • Easily set up automatic deposits.
    • HISA account holders can open a no-fee chequing account to access money from any CIBC ATM in Canada without a fee.
    • No transaction or service fees.
    • No minimum balance.
    • Immediate access to your money through withdrawals, Interac e-Transfer, transfers to linked accounts, and more.
    • Eligible for CDIC deposit insurance.
Our pick for a no-fee hybrid account that earns cash back

KOHO Spending and Savings Account

  • Interest Rate
    1.20%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • This hybrid chequing-savings account earns 1.20% interest on savings and 0.5% cash back on purchases.
    • KOHO is a virtual bank that also offers cash back prepaid VISA cards
  • Product Details
    • 1.20% interest rate.
    • No monthly fee.
    • The account comes with the KOHO prepaid Visa card that earns 0.5% instant cash back on spending — plus the ability to earn more with brand partners.
    • The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
    • Free and unlimited transactions, including e-Transfers.
    • No transaction or service fees.
    • No minimum balance.
    • Immediate access to your money through free Visa Plus ATM withdrawals, e-transfers, and more.
    • Eligible for CDIC deposit insurance.
  • More

    Learn about KOHO’s Reloadable Prepaid Visa Card in our picks for the best student credit cards in Canada.

Our pick for a no-fee HISA with a competitive promo rate

Tangerine Savings Account

  • Interest Rate
    2.75%
    Promotional rate
  • Bonus Offer
    Up to $400
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • Tangerine’s promotional 2.75% interest rate will earn you a high rate of return for five months. Pair it with the virtual bank’s no-fee chequing account, credit card, registered accounts or a GIC to maximize your financial goals.
    • This virtual bank is a subsidiary of Scotiabank.
  • Product Details
    • To earn 2.75% interest for 5 months, you must become a new client online by August 18, 2022, using the promo code EARNMORE and open your first eligible Chequing Account and Savings Account (including TFSAs, RSPs, RIFs and US$ Savings Accounts) within 30 days.
    • To earn the $400 Bonus, Open your first Savings Account and Chequing Account within 30 days of becoming a Client. Activate your Client Card and start earning your Bonus. Use your Client Card for online purchases and online bill payments to earn 20% cash back on Eligible Transactions for 60 days. Full promotional offer details are listed online.
    • 2.75% promo interest rate and 0.10% regular interest rate.
    • No monthly fee.
    • Automated savings program available.
    • Unlimited free self-serve transactions per month.
    • Service fees are limited to a $45 charge for non-sufficient funds.
    • No minimum balance.
    • Immediate access to your money through withdrawals, transfers to linked accounts, and more.
    • Eligible for CDIC deposit insurance.
  • More

    Learn about Tangerine’s Money-Back Credit Card in our picks for the best credit cards in Canada.

Our pick for no-monthly fee HISA that can be included in registered plans at the same bank

WealthONE High Interest Savings Account

  • Interest Rate
    1.60%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • This HISA offers a competitive rate of interest.
    • WealthONE Bank of Canada is a newer bank that opened in 2016. It has two offices in Toronto and Vancouver and offers online banking, a mobile app and competitive interest rates.
  • Product Details
    • 1.60% interest rate.
    • No monthly fee.
    • Automated savings program available. HISA can be included in TFSAs, RRSPs, RRIF or other registered plans.
    • Free unlimited transactions to/from your linked account, and ten free bill payment transactions per month.
    • Service fees are listed online and include a $1.50 charge to send an Interac e-Transfer®.
    • No minimum balance.
    • Access your money immediately through transfers to linked accounts, Interac e-Transfer, and more.
    • Eligible for CDIC deposit insurance.
Our pick for an uncomplicated fee-free HISA

Canada Tire High Interest Savings® Account

  • Interest Rate
    1.10%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • Canada Tire’s online HISA — which the retailer has pet-named the ‘Money Magnet’ — is a stripped-down and easy-to-use account that can facilitate basic transactions.
    • This account boasts a strong interest rate, but it does not offer cheque cashing, sending Interac e-Transfers®, a mobile app or branches to visit.
  • Product Details
    • 1.10% interest rate.
    • No monthly fee.
    • Automatic savings plan available.
    • 24/7 online banking.
    • Free and unlimited transfers to an external linked account at another Canadian financial institution.
    • Service fees are limited and listed online.
    • No minimum balance.
    • Access your money immediately by making withdrawals anytime you want via phone or online banking.
    • Eligible for CDIC deposit insurance.
    • This account is not available to Quebec residents.
Our pick for a no-monthly fee HISA

Bridgewater Bank Smart eSavings Account

  • Interest Rate
    1.50%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • Bridgewater Bank offers this high-interest savings account, joint accounts, GICs and mortgages.
    • The bank does not have any branches but offers online banking and customer service over the phone.
  • Product Details
    • 1.50% interest rate.
    • No monthly fee.
    • $25 initial deposit required.
    • Pre-authorized contributions help you save automatically.
    • One free withdrawal per month, $5 each after that.
    • Service fees are listed online and include a $20 charge for dishonoured cheque or pre-authorized debit reversal fee.
    • No minimum balance.
    • To withdraw money, contact the bank and they will transfer the funds requested into the external account in about 3 to 5 business days.
    • Eligible for CDIC deposit insurance.
    • Smart eSavings accounts are not available to Quebec residents.
Our pick for a no-monthly fee HISA that works well with GICs

Oaken Savings Account

  • Interest Rate
    1.60%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • This fee-free savings account has a high interest rate, no minimum balance and works easily with Oaken GICs.
    • Oaken Financial is backed by Home Bank and powered by Home Trust Company and offers a digital app and online banking services for HISAs and GICs.
  • Product Details
    • 1.60% interest rate.
    • No monthly fees.
    • Transfer money from your account to an Oaken GIC, or transfer your GIC’s matured balances or interest payments to your savings account.
    • Automatic contributions are available.
    • Free and unlimited transactions.
    • Service fees are limited to optional costs, like a $2 paper statement (e-statements are free and made available automatically).
    • No minimum balance.
    • Access your money immediately by transferring it to a linked account or using free and unlimited e-Transfer.
    • Choose either Home Bank or Home Trust Company as the issuer for each account, both of which are members of CDIC.
Our pick for a Big Bank-backed no-fee HISA

LBC Digital High Interest Savings Account

  • Interest Rate
    1.15%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • This HISA’s 1.15% interest rate is a competitive rate for a Big Bank-backed savings account.
    • LBC Digital is the personal digital banking arm of Laurentian Bank of Canada and offers a HISA, a chequing account and GICs.
  • Product Details
    • 1.15% interest rate on deposits up to $500,000; a 0.30% interest rate applies to deposits above $500,000.01.
    • No monthly fee.
    • LBC Digital online banking is available via a mobile-friendly site, but there is no mobile app.
    • Free and unlimited self-service transactions.
    • Service fees are limited and listed online.
    • No minimum balance.
    • Immediate access to your money through transfers to linked accounts or by transferring money from an LBC Digital Chequing Account and using a debit card.
    • Eligible for CDIC deposit insurance.
Our pick for a no-fee HISA from a savings-focused online bank

Hubert Financial Happy High-Interest Savings Account

  • Interest Rate
    1.70%
    No minimum balance required
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Our Take
    Why we like it

    • This stripped-down virtual bank offers this high-interest savings account as well as term deposits, registered plans, a credit card and VirtualWealth investing.
    • Hubert Financial is the online division of Sunova Credit Union.
  • Product Details
    • 1.70% interest rate.
    • No monthly fee.
    • To open this account, you must become a member of Sunova Credit Union, which requires a $5 share. Your share is considered an investment and is fully refundable should you cancel your membership.
    • Manage your money through online banking and a mobile app.
    • Access to registered plans, term deposits, investing and more.
    • No transaction or service fees, except for wire transfers and a $25 fee for accounts that are inactive for six months with a balance under $1,000.
    • No minimum balance.
    • Immediate access to your money through transfers to linked accounts. Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.
    • Hubert Financial is not available to Quebec residents.
Back to Top

Methodology

NerdWallet Canada selects the best high-interest savings accounts based on several criteria including annual percentage yields, minimum balances, fees, digital experience and more. Only high-interest savings accounts that are available in more than one province are considered for this list.

Honourable mentions

These HISAs also offer higher-than-average rates — all earning at least 1% interest. But unlike the accounts featured above, some of these HISAs are limited to residents of a single province. (Scroll horizontally to see more details about each HISA.)

Account NameInterest RatesMonthly FeeFree withdrawal transactions per monthRestrictions
Saven Financial
High-Interest
Savings Account
1.75%, no bonus
offer available
$0UnlimitedMust agree to become a Saven member. Only available
to Ontario
residents.
AcceleRate Financial
AcceleRate Savings
1.70%, no bonus
offer available
$01 cheque,
point-of-sale
transaction or
electronic funds
withdrawal
Achieva
Daily Interest
Savings Account
1.50%, no bonus
offer available
$01 cheque,
direct transfer
or pre-authorized
payment
Must agree to
become a member
of Cambrian Credit
Union Limited.
Implicity Financial
High Interest
Savings
1.60%, no bonus
offer available
$0Unlimited,
but $1 for
debit card
purchases
You must become
a credit union
member ($5 share).
Peoples Bank
e-Savings
1.60%, no bonus
offer available
$0Unlimited
Outlook Financial
High Interest
Savings
1.6%, no bonus
offer available
$01 debitYou must become
a member of
Assiniboine Credit
Union ($5 share)
and have a $1
minimum deposit.
Motive Financial
Motive Savvy
Savings Account
1.45% for balances
under $5M
(0.5% for
balances over
$5M), no bonus
offer available
$02 transactionsNot available
to Quebec
residents.
Ideal Savings
High Interest
Savings Account
1.01%, no bonus
offer available
$03 Automated
Funds Transfers
MAXA Financial
High Interest
Savings Account
1.5%, no bonus
offer available
$01 debit itemMust become a
member of
MAXA Financial
($5 share).
Motusbank
High interest
savings account
1.25%, no bonus
offer available
$0Unlimited

Back to Top

Summary of the best high-interest savings accounts

Best HISA with a bonus offer

Back to Top

Guide to high-interest savings accounts in Canada

By Hannah Logan and Clay Jarvis

HISA stands for “high-interest savings account.” Most banks and financial institutions in Canada offer HISAs. There are a few different types, including

What is a high-interest savings account?

As the name implies, HISAs offer higher interest rates than a regular savings account or chequing account. Still, high-interest savings accounts may offer a rate of return that’s lower than other investment options. Current rates for Canadian HISAs typically fall into the 1-1.7% range although some institutions may provide special promotional rates above 2%.

Savings account vs. chequing account

When determining what kind of bank account you need, one of the first choices you’ll have to make is whether to go with a savings account or a chequing account.

A savings account is generally used for funds you don’t intend on spending right away. It’s a good option if you’re looking for a place to stash cash and let it grow.

A chequing account is designed for everyday transactions. This is the kind of account most people use to pay for groceries and bills and have their paycheques deposited into. Because chequing accounts are intended for more high-volume use, they often come with monthly service fees and lower interest rates — if they pay interest at all.

How does a high-interest savings account work?

A HISA works similarly to any other savings account. When you deposit your money into an account at a bank or other financial institution, they may lend those funds to other clients. You have access to your money at any time, and to reward you for keeping your money in the account, the bank pays you a certain rate of interest.

High-interest savings account rules

While HISAs generally earn more interest than a regular savings account, they tend to be governed by more rules and include fewer perks. For example, most HISAs won’t come with cheques or debit cards, since they’re designed for savings and not daily banking. It might take one or two days to transfer money from your HISA to another account, and you might need to pay a fee for e-transfers from your HISA account.

Rules will vary from bank to bank, so be sure to read the fine print before opening a HISA. Generally speaking, a HISA is a good place to save toward your financial goals, and you should handle your day-to-day banking through your chequing account.

How high-interest savings accounts earn interest

HISA interest is usually presented as an annual percentage yield, but the interest is normally calculated daily and paid back into the account monthly.

This means you’ll earn compound interest (interest on the interest) in your HISA, which is ideal for helping your savings grow faster. For example, let’s say that you put $10,000 in your HISA with an interest rate of 1%, and then you don’t touch your account for one year. You will have earned $100.50 in interest by the end of the year, so your HISA will contain $10,100.50.

But know that interest rates are subject to change without notice, so make sure to check your account often so you know how much you’re actually earning.

High-interest savings account investment

As an investment option, a HISA presents very little risk. But that also means your rate of return is lower than what you might earn with other investments. A HISA is a good tool to have in your financial kit, but you may not want to rely on them alone for long-term savings goals, such as retirement.

High-interest savings account taxes

Like regular earnings, the interest generated by your HISA savings is considered taxable income by the Canadian Revenue Agency.

When you file your tax return, you’ll be expected to disclose the interest earned. That figure can be found in the return of investment income slip, known as a T5, your financial institution sends you each year.

The rate of tax you pay on the interest from a high-interest savings account is the same rate that’s applied to the rest of your earnings.

TFSA vs high-interest savings account

Even though high-interest savings accounts and tax-free savings accounts (TFSAs) appear similar on the surface, they are typically used for completely different purposes.

A HISA is simply an account where you store your money and earn a higher rate of interest.

You can also save money and earn interest in a TFSA, but the money you deposit into a TFSA can also be invested in other products, like stocks, mutual funds and ETFs.

Your returns on TFSA investments are tax-free, whereas the interest earned by your HISA is not.

RRSP vs high-interest savings account

High-interest savings accounts and registered retirement savings plans, or RRSPs, are both places where you can grow your savings.

The money you deposit into your RRSP, and the income you earn from it, is treated differently than what goes into your HISA.

Unlike HISA deposits, RRSP contributions reduce your taxable income, which can significantly decrease your tax bill. The income you earn in an RRSP is typically tax-free, but when you withdraw money from the account, you’ll have to pay taxes on it.

GIC vs high-interest savings account

Another financial product similar to a high-interest savings account is a guaranteed investment certificate, or GIC.

With a GIC, you deposit money into a financial institution for a predetermined length of time in exchange for a guaranteed rate of interest. The length of GIC terms varies; some are as short as a month, others can be several years. The longer the term, the more interest you’ll typically earn.

With a HISA, you can withdraw your money anytime you like. With a GIC, you may be required to pay a penalty if you try to retrieve your money before the term expires.

Who should open a high-interest savings account?

A savings account is a critical component of a well-rounded financial portfolio. Having one allows you to organize your finances and keep your savings secure while putting money aside for major purchases and emergencies.

High-interest savings accounts are particularly valuable for people who want to give their savings a boost but who may lack access to investment vehicles that pay a higher rate of interest.

If you’re saving for a shorter-term goal, like paying for a wedding, vacation or making a down payment on a car or home, a HISA may help you reach your goal a little sooner.

How to use a high-interest savings account

A HISA is a savings vehicle that you can use to grow your money for any number of reasons, including:

Starting an emergency fund

An emergency fund is money you set aside specifically for those unforeseen life events that require quick cash. Urgent medical issues, car repairs and storm damage to a roof or basement are just a few examples of sudden costs that your credit card may not be able to cover.

An emergency fund can also provide a lifeline if you or someone in your family loses a job and your household’s income takes a hit.

Emergency funds should be easily accessible, which is why a high-interest savings account can be a good place to store them.

Short-term savings goals

A high-interest savings account can also help you prepare for those just-over-the-horizon purchases that require a little extra saving.

If you know your car will need to be replaced in the coming months, or that your family wants to get together for a luxurious vacation next year, saving your money in a HISA well ahead of time can help you earn interest while planning to cover those costs.

Large but predictable expenses

Saving for major expenses is another goal a high-interest savings account can help you accomplish. Significant life events like retirement, post-secondary education, getting married or buying a home can require a healthy stack of cash. The higher yields offered by HISAs can help you build that stack a little faster.

How to choose the best high-interest savings account

Each bank or credit union has its own terms and conditions for high-interest savings accounts. Here are things you should consider when deciding where to stash your money.

Minimum deposit

Some high-interest savings accounts require you to make a minimum deposit when you open your account.

These deposits can as low as $25 or much higher, so be sure to read the fine print or ask a customer service representative what initial deposit will be expected.

Reputation and security

When choosing a HISA, first make sure you pick a reputable bank or credit union. It doesn’t have to be your usual bank, but make sure it has good reviews and is insured.

Financial goals

Also, think about why you’re opening the HISA. Are you saving for something in the near future, like a summer vacation, or something further away, like buying a house in five years? Make sure the account offers a level of accessibility that will meet your needs.

Interest rate

Next, make sure the account offers a good interest rate. It’s important to be mindful of “teaser” or “promo” rates versus regular rates. Many Canadian banks offer higher promotional rates when you first open a HISA, but those rates only last a short time (sometimes five or six months). After that, the interest rate drops, often quite significantly. An account with a high promotional rate isn’t always the best option, but if you can make a significant initial deposit or are only saving for the short term, it could still be the right choice to maximize earnings.

Service fees

Few things in life are free, even when it comes to saving your own money.

Having a high-interest savings account isn’t likely to cost you a regular monthly fee, but you might still have to pay for certain withdrawals or transfers. Some accounts offer a few free transactions every month, others allow you to avoid paying bank fees so long as your account holds a minimum monthly balance.

How to open a HISA

With plenty of online-only banks to choose from, opening a HISA is quite easy and can often be done in as little as five minutes.

To open a bank account, most financial institutions require account holders to be the age of majority in your province or territory and a resident of Canada with a permanent address.

Some financial institutions, like credit unions, may only offer HISAs to residents of certain provinces. For example, Quebec residents may not be eligible for all HISA offers.

If you meet the age and residence requirements of the bank you hope to open an account with, all you should need to do is:

  1. Provide your personal information, including your full name, mailing address and date of birth.
  2. Prove your identity and supply your social insurance number (SIN) for tax purposes.
  3. Provide a personal email address, particularly if you’re opening an account with an online-only bank.

If you need assistance or would rather open a HISA in person, be sure to choose a bank or financial institution that has physical branches. You can also usually get help from a customer service representative via phone or online chat.

Other types of savings accounts to consider

If you have long-term savings goals, you might also consider other investment options like:

Back to Top

  • FAQs

    • Do I need a high-interest savings account?

      A high-interest savings account isn’t a necessity but can help you make the most of your savings. HISAs have plenty of great uses, they’re often insured, and there’s no chance of losing money. This makes them a great fit for shorter-term savings goals or holding any extra money you have on hand.

    • Are HISAs taxed?

      Yes, gains generated by a high-interest savings account will be taxed annually. Every year, your bank will send you a T5 slip that shows your interest earnings. You must submit this form along with your other income when you file your taxes. To avoid paying taxes on your savings, look into opening a TFSA.

DIVE EVEN DEEPER

How a Credit Union Compares to a Traditional Bank

What is the benefit of a credit union over a bank? They are not-for-profit financial cooperatives that put their members first.

5 Advantages to Setting Up Multiple Bank Accounts

Setting up multiple bank accounts can help you budget, maximize savings and optimize taxes. Having more than one savings account can support financial goals.

Canada’s 12 Best High-Interest TFSAs of 2022

The best high-interest tax-free savings accounts (TFSAs) have minimal fees and earn high rates of interest

How to Hold a GIC in a TFSA

A tax-free savings account can hold a guaranteed investment certificate. You'll avoid paying taxes on the GIC, but must follow TFSA contribution rules.