Best High-Interest Savings Accounts in Canada for 2026
| Account | NerdWallet rating | Interest rate | Monthly fee | Apply Now |
|---|---|---|---|---|
| Scotiabank MomentumPLUS Savings Account | ||||
 | 4.3/5 | Up to 4.75%* Promotional Rate | $0 | |
| Simplii Financial™ High Interest Savings Account | APPLY NOW on Simplii Financial™'s website | |||
 APPLY NOW on Simplii Financial™'s website | 4.5/5 | 4.50%* Promotional rate | $0 | |
| Tangerine Savings Account | APPLY NOW on Tangerine's website | |||
 APPLY NOW on Tangerine's website | 4.5/5 | Up to 4.50%* Promotional rate | $0 | |
Earn up to 3% interest on every dollar—with no monthly fees or minimum balance. Click 'Apply Now' to get started.
Learn more about our top picks
NerdWallet's take
NerdWallet's take- The MomentumPLUS Savings Account offers a higher interest rate on long-term savings for multiple goals in one account.
- Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product details
Product details- Earn an interest rate of 4.75%* when you pair a Scotiabank Ultimate Package with a MomentumPLUS Savings Account. *For 3 months with a 90 day premium period. Rates subject to change. Conditions apply.¹
- Save for multiple goals in one account.
- No monthly account fees or minimum balance required.
- Earn even more interest¹ when you open and fund a Premium Period(s).²
- The longer you save, the higher your interest rate.
- Rates, fees and other information are effective as of October 31, 2025. Subject to change.
- Terms and Conditions Apply. Click 'Apply Now' for complete details.
Why we like it: Boost your earnings with "Premium Periods"
💡 The Scotiabank HISA is built for people who can leave savings alone for a while. The longer you let your money sit without making a withdrawal, the higher your interest rate. It’s also easy to keep this account on the side since there are no monthly fees and no minimum balance.
✅ If you already bank with Scotiabank (or are considering it), there’s also a whopping 4.75%* rate available for 3 months when you pair it with a Scotiabank Ultimate Package and a 90-day Premium Period (rates subject to change; conditions apply).
✅ Unlimited self-service transfers also mean easy access to your money, but remember this is a savings account — if you’re looking for an account to use for everyday transactions, a chequing account might be better.
NerdWallet's take
NerdWallet's take- Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.
Product details
Product details- Earn a special 4.50% interest rate on eligible deposits for 5 months. Terms apply. Offer ends April 30, 2026.
- 0.30% to 1.00% interest rate depending on account balance.
- 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.
Why we like it: Keep things simple and flexible
💡 Simplii's online HISA has no monthly fee, no minimum balance, and no transaction or service fees, so you can use it as a true “parking spot” for cash you might need soon. You can also set up automatic deposits, and moving money out is straightforward (withdrawals, Interac e-Transfer, transfers to linked accounts, etc.).
✅ The current promo offer is a nice sweetener — earn 4.50% for 5 months on eligible deposits (offer ends April 30, 2026; terms apply) — then it drops to the ongoing 0.30% to 1%, depending on your balance.
✅ Wondering how you get money into your new Simplii HISA? You’ll need to arrange an EFT or wire transfer from your current bank, or deposit a cheque via Simplii’s mobile banking app.
NerdWallet's take
NerdWallet's take- Tangerine’s promotional 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.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products.
Product details
Product details- 0.30% 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.
Why we like it: A great promo rate with no fees
💡 Tangerine is a strong pick if you want an easy, no-fee savings account — especially if you like keeping everything digital. It shines when you take advantage of its 5-month 4.50% promotional rate, and you can pair it with Tangerine’s other products (like no-fee chequing, registered accounts, or a GIC) to round out your setup. When the promo rate ends, the interest you earn will depend on the size of your account balance.
✅ Day to day, the Tangerine Savings Account is low-maintenance: no monthly fee, no minimum balance, an automated savings program, and unlimited free self-serve transactions.
✅ To deposit money into your new Tangerine account, you can link an external bank account, use their Cheque-In feature of mobile banking app to deposit a cheque, or enable Interac e-Transfer.
How to open a HISA
With plenty of banks providing digital banking, opening a HISA can often be done in as little as five minutes.
To open a bank account, you'll need to be the age of majority in your province or territory and a Canadian resident with a permanent address.
If you meet the age and residence requirements of the bank, opening an account usually involves:
Providing your personal information, including your full name, mailing address and date of birth.
Proving your identity and providing your social insurance number (SIN) for tax purposes.
Giving 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 financial institution that has physical branches. You can also usually get help from a customer service representative via phone or online chat.
Alternatives to high-interest savings accounts
If you have long-term savings goals or other needs that a high-interest savings account doesn’t meet, consider the following options:
Online bank accounts: Hybrid bank accounts provide chequing features with low or monthly fees and higher interest rates compared to traditional bank accounts.
Tax-free savings accounts (TFSAs): Like HISAs, TFSAs allow you to save money and earn interest, but the main advantage is that all investment earnings within a TFSA are tax-free.
Registered retirement savings plans (RRSPs): Unlike HISA deposits, the RRSP contributions reduce your taxable income and significantly decrease your tax bill. However, withdrawals are taxable at your annual marginal tax rate in the year you make them.
Guaranteed investment certificates (GICs): With a GIC, you deposit money for a predetermined length of time in exchange for a guaranteed rate of interest for the entire term. The length of GIC terms vary. If you retrieve your money before the term ends, penalties may apply.
U.S. dollar HISAs: Ideal for frequent travelers and dual citizens, these accounts can save and earn interest in U.S. dollars and help avoid exchange fees.
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