Earn up to 5% Interest With These High-Interest Savings Accounts
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| Account | NerdWallet rating | Interest rate | Minimum deposit | Monthly fee | Apply Now |
|---|---|---|---|---|---|
| Simplii Financial™ High Interest Savings Account | APPLY NOW on Simplii Financial™'s website | ||||
 APPLY NOW on Simplii Financial™'s website | 4.5/5 | 4.60%* Promotional rate | N/A | $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 | N/A | $0 | |
| Scotia High Interest Savings Account | APPLY NOW on Scotiabank's website | ||||
 APPLY NOW on Scotiabank's website | 4.0/5 | Up to 5.00%* Promotional rate | $10,000 | $0 | |
| KOHO High Interest Savings Account | APPLY NOW on KOHO's website | ||||
 APPLY NOW on KOHO's website | 5.0/5 | Up to 3.50% No minimum balance required | N/A | $0-$14.75 | |
| Neo Savings Account | APPLY NOW on Neo Financial's website | ||||
 APPLY NOW on Neo Financial's website | 4.7/5 | Up to 3.00% $0 – $4,999.99: 2.25%; $5,000 – $19,999.99: 2.50%; $20,000 +: 3.00% | N/A | $0 | |
| EQ Bank Personal Account | APPLY NOW on EQ Bank's website | ||||
 APPLY NOW on EQ Bank's website | 4.4/5 | 2.75%* Promotional rate | N/A | $0 | |
📈 Grow your savings faster with these high-interest, low-fee accounts
Great intro offer
Simplii Financial™ High Interest Savings Account
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 4.60% interest rate on eligible deposits for 5 months. Terms apply. Offer ends July 31, 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.
Unlimited transactions
Tangerine Savings Account
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.
Tiered rates
Scotia High Interest Savings Account
NerdWallet's take
NerdWallet's take- The Scotia High Interest Savings Account offers tiered interest rates, so the more you hold in eligible Scotiabank accounts and investments, the higher the interest you can earn on your savings.
- 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 up to 5.00%* for the first 3 months when you open your first Scotia High Interest Savings Account.
- Regular interest rate Up to 2.2%.
- $10,000 minimum Total Relationship Balance required to earn interest.
- Promo interest rate: earn an extra 2.8%.
- Get the promo rate for 3 months, on top of our regular tiered interest rates.
Earn cash back
KOHO High Interest Savings Account
NerdWallet's take
NerdWallet's take- This hybrid chequing-savings account earns up to 3.50% interest on savings and up to 5.00% cash back on purchases depending on the subscription plan selected.
- KOHO is a virtual bank that also offers cash back prepaid Mastercards cards
Product details
Product details- Get instant approval for your virtual card and add it to your wallet for secure, convenient payments.
- Earn up to 5% instant cash back on purchases with the KOHO prepaid Mastercard, based on your selected subscription plan.
- Interest rates: Essential Plan at 2%, Extra Plan at 2.5%, Everything Plan at 3.5%.
- Monthly fees: Essential Plan starting at $4, Extra Plan for $12, Everything Plan for $14.75.
- Access financial tools like spending pattern analysis, budgeting, automated savings, and the RoundUp feature to save on every purchase.
- Build your credit by paying rent through KOHO’s Rent Reporting. Subscribe to any paid plan or Credit Building, and pay rent via e-transfer, pre-authorized debit, or your KOHO card.
- Protect your savings with up to $100,000 in CDIC deposit insurance.
Digital-first banking
Neo Savings Account
NerdWallet's take
NerdWallet's take- Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
- Comes with a prepaid Neo Money™ Card that links to your account and earns instant, unlimited cashback at over 10,000 partners.
Product details
Product details- Earn one of Canada's highest interest rates.
- Get 3%* interest on your savings when you maintain at least $20,000 balance in your account.
- Stay in control with instant access to your money at anytime and no minimum time commitment required—just clear and simple saving.
- Earn up to $519¹ more each year than at traditional banks.
- Personalize your savings goals, track your progress easily, and watch your money grow in real-time.
- Open a joint Neo Savings account to combine balances and reach higher interest rates faster.
- Eligible for youth (13 years old, or 14 years old in Quebec).
- Safe and secure with eligibility for CDIC deposit protection.
Hybrid account
EQ Bank Personal Account
NerdWallet's take
NerdWallet's take- EQ Bank’s Personal 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. Read our review of EQ Bank for more information.
Product details
Product details- Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 2.75% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.
- 1.00% 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.
- The Personal Account is available in Quebec. However, some features, such as EQ-to-EQ transfers, are not available in the province.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.