Best High-Interest Savings Accounts in Canada for 2026
If you’re looking for an account that helps your savings grow without needing to lock it away, a high-interest savings account, or HISA, is a smart choice.
The best high-interest savings accounts not only offer competitive interest rates but also minimal transaction fees, low or no service charges and cash-back opportunities. Explore our top picks below and choose your high-interest savings account with confidence.
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Summary of our picks for the best high-interest savings accounts
Best bonus offer with a tiered interest rate on eligible deposit balances: Scotia High Interest Savings Account.
Best for a bonus offer with a tiered interest rate: CIBC eAdvantage Savings Account.
Best for a great bonus offer: BMO Savings Amplifier Account.
Best for a bonus offer: Simplii Financial High Interest Savings Account.
Best for a bonus offer with cash back: Tangerine Savings Account.
Best for regular interest rate with cash back: KOHO Spending and Savings Account.
Best for tiered interest rate: Laurentian Bank High Interest Savings Account.
Best for tiered interest rate: Neo Savings Account.
Why trust NerdWallet
NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each high-interest savings account (HISA).
Over 50 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Nearly 40 currently available non-registered HISAs are examined to determine their eligibility for our roundup.
Grow your savings faster with the Neo Savings Account. Earn up to 3% interest on every dollar—with no monthly fees or minimum balance. Click 'Apply Now' to get started.
The best high-interest savings accounts in Canada
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 4.70% for the first three months when you open your first Scotia High Interest Savings Account. This interest rate includes a 2.50% promotional rate on top a base tiered rate of up to 2.20%. The promotional rate applies to eligible deposits up to $1,000,000. Conditions apply.
- To earn interest, you need a Total Relationship Balance of at least $10,000 across eligible Scotiabank chequing, savings and investment accounts.
- Regular interest is tiered by your Total Relationship Balance: 0.75% for $10,000 to $99,999, 1.75% for $100,000 to $249,999, 2.00% for $250,000 to $499,999, and 2.20% for $500,000 or more.
- Interest is calculated on the end‑of‑day closing balance.
- No monthly fees.
- Unlimited self-service transfers between your Scotiabank accounts.
- Eligible deposits are covered by CDIC.
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.
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.
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.
NerdWallet's take
NerdWallet's take- CIBC’s eAdvantage® Savings Account can earn a healthy regular interest rate of up to 1.00%, which can be boosted to 5.00% through bonus interest and Smart Interest, which rewards you for saving at least $200 per month.
- CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.
Product details
Product details- Regular interest rate: 0.20% to 0.80% earned on all balances.
- Earn up to 4.60%.
- 0.25% Smart Interest when you save at least $200 a month (up to a balance limit of $200,000).
- 3.55% bonus interest rate for the first four months when you open your first account (up to a balance limit of $1,000,000).
- Set up automatic transfers with AutoSave so you can grow your savings without even thinking about it.
- Free online transfers between your accounts.
- No monthly fee.
- $5 fee for transactions, including debit purchases, CIBC withdrawals (including CIBC ATM), Interac e-transfer transactions, cheques, pre-authorized payments, and bill payment.
- Bank when, where and how you want with CIBC Online Banking® and the award-winning CIBC Mobile Banking® App.
- Access to nearly 3,000 ATMs across Canada.
- Use your mobile device to deposit personal or business cheques.
- CIBC Smart Balance Alert™ gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
- Eligible for CDIC deposit insurance.
- To be eligible, you must be a Canadian resident who is the age of majority in your province or territory. If you’re under the age of majority, apply by visiting a CIBC Banking Centre.
NerdWallet's take
NerdWallet's take- RBC High Interest eSavings Account offers a competitive interest rate on your deposit with no minimum requirements with free instant e-transfers to your other RBC accounts at any time.
- Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1864.
Product details
Product details- Earn high interest on every dollar.
- Free electronic self-service transfers 24/7 with no delay, including ATM and unassisted telephone fund transfers, from this account to any other RBC Royal Bank personal deposit account in your name.
- Free access to RBC Online, Mobile, and Telephone Banking.
- No minimum deposit requirements.
- The ability to set up a regular, automatic savings plan by arranging pre-authorized transfers from a bank account to your savings account.
- Know what your money is up to with a digital service that can help capture all of your savings and investments in one place.
- Canada Deposit Insurance Corporation (CDIC) provides deposit insurance against the loss of eligible deposits in the event of failure.
NerdWallet's take
NerdWallet's take- BMO Savings Amplifier Account offers a competitive interest rate on your deposit with no minimum requirements with free unlimited e-transfers to your other BMO accounts at any time.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- No minimum investment required.
- Interest is calculated on the daily closing balance and paid monthly on the last business day of the month.
- A fee of $5 applies to each pre-authorized debit, debit card purchase in-store or online, ATM withdrawals, and in-branch or telephone banking transfers made with an associate.
- Eligible for Canada Deposit Insurance Corporation (CDIC) deposit insurance.
NerdWallet's take
NerdWallet's take- Initially known as LBC Digital High Interest Savings Account, this HISA offers a decent regular interest rate with a no minimum balance requirement.
- Laurentian Bank of Canada has served individuals and businesses for over 175 years with offerings like a HISA, chequing accounts and GICs. LBC Digital is the digital banking arm of Laurentian Bank.
Product details
Product details- Earn a competitive annual interest rate.
- No minimum balance.
Make your everyday money work harder. Earn 2.75% interest on every dollar—even for daily spending. Enjoy no fees, no minimum balance, free ATM withdrawals across Canada, and CDIC-eligible protection. Get the flexibility of a chequing account with an interest rate up to 6× higher than the average savings account when you direct deposit your pay.* Click “Apply now” to start saving!
Top HISA rates in Canada
These HISAs also offer higher-than-average rates as of April 1, 2026. But unlike the accounts featured in our picks for best HISA, some of these HISAs are limited to residents of a single province. (Scroll horizontally to see more details about each HISA.)
Savings Account sorted ascending | Interest Rate | Monthly Fee | Insurance |
|---|---|---|---|
Achieva Financial Daily Interest Savings Account | 1.80% | $0 | Deposit Guarantee Corporation of Manitoba |
Alterna Bank High Interest eSavings | 1.15% | $0 | CDIC |
ATB Financial High Interest Savings Account (Alberta residents only) | 1.80% | $0 | Guaranteed under the ATB Financial Act |
BMO Savings Amplifier Account | up to 4.50%* | $0 | CDIC |
Bridgewater Bank Smart eSavings™ Account | 2.70% | $0 | CDIC |
Canadian Tire High Interest Savings® Account | 2.40% | $0 | CDIC |
CI Direct Investing High Interest Savings Account | 1.25% | $0 | Canadian Investor Protection Fund |
CIBC eAdvantage® Savings Account | up to 4.60%* | $0 | CDIC |
2.75%* | $0 | CDIC | |
FirstOntario Credit Union High Interest eSavings Account (Ontario only) | up to 0.80% | $0 | Financial Services Regulatory Authority of Ontario |
Home Trust High Interest Savings Account (HISA) | 2.80% | $0 | CDIC |
Hubert Financial Happy High-Interest Savings Account | 2.30% | $0 | Deposit Guarantee Corporation of Manitoba |
ICICI Bank HiSAVE® Savings Account | 1.25% | $0 | CDIC |
Island Savings High Interest Savings Account (British Columbia only) | 0.64% | $0 | CDIC |
Kindred Credit Union High Interest Savings (Ontario only) | 0.90% | $0 | Financial Services Regulatory Authority of Ontario |
up to 3.50% | $0-$19 | CDIC | |
Laurentian Bank High Interest Savings Account | up to 3.20% | $0 | CDIC |
Manulife Bank Advantage Account | 1.50% | $0 | CDIC |
MAXA Financial High Interest Savings Account | 1.75% | $0 | Deposit Guarantee Corporation of Manitoba |
Meridian Credit Union High interest savings account | 0.85% | $0 | Financial Services Regulatory Authority of Ontario |
National Bank of Canada High Interest Savings Account | 0.55% | $0 | CDIC |
Neo savings account | up to 3.00% | $0 | CDIC |
Oaken Financial Savings Account | 2.80% | $0 | CDIC |
Outlook Financial High Interest Savings | 1.75% | $0 | Deposit Guarantee Corporation of Manitoba |
PC Money Account | up to 2.20%* | $0 | CDIC |
Peoples Bank e-Savings Account | 1.20% | $0 | CDIC |
4.60%* | $0 | CDIC | |
Saven Financial High-Interest Savings Account | 2.85% | $0 | Financial Services Regulatory Authority of Ontario |
Scotia High Interest Savings Account | up to 4.70%* | $10,000 | CDIC |
up to 4.50%* | $0 | CDIC | |
Steinbach Credit Union High Interest Savings Account | up to 2.25% | $0 | Deposit Guarantee Corporation of Manitoba |
Tangerine Savings Account | up to 4.50%* | $0 | CDIC |
WealthONE Bank of Canada High Interest Savings Account | 2.60% | $0 | CDIC |
(Not available to Quebec residents.)
*Promotional rates offered by the bank. Conditions apply.
Methodology
BACK TO TOPNerdWallet Canada selects the best high-interest savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience and more. Only high-interest savings accounts available in more than one province are considered for this list.
Bank of Canada rate update: What it means for you
More Nerdy Perspective
The Bank of Canada’s decision to hold its overnight lending rate at 2.25% on March 18 means at least another six weeks of the status quo for Canadian savers. The Bank isn’t expected to raise the overnight rate for most of 2026, so GIC and HISA rates might be as good as they’re going to get for the foreseeable future.
🤓 Nerdy takeaway: Promotional savings rates are still over 4.50% (see table above), with minimal day-to-day movement in base rates. If you want easy access to cash, a savings account may be a better fit than a higher-rate GIC.
Guide to choosing a high-interest savings account
High-interest savings accounts are a great fit for shorter-term savings goals or securely holding extra cash. These accounts typically come with deposit insurance, which means your money is safe.
Understanding how the account features could benefit or harm your financial goals will help you pick the right HISA for your needs.
Benefits to look for in a high-interest savings account
NerdWallet evaluates and selects HISAs based on their overall value. We prefer accounts with:
Better interest rates. The best high-interest savings accounts offer more attractive interest rates than other bank accounts. In Canada, standard rates range from 1% to 2.50%, though some financial institutions may offer promotional rates above 4%.
Easy access to funds. Generally, you can withdraw your money at any time, although transfers from your HISA to another account might take a few hours or even days.
No minimum deposits. Most accounts featured in our top picks don’t require a minimum deposit to open a new account. Keep in mind that rules vary by institution.
Downsides to be aware of with a high-interest savings account
While high-interest savings accounts are reliable solutions for steadily compounding your savings, watch out for accounts that have:
Limited transactions. Banks often limit monthly withdrawals and may charge higher fees if you exceed these limits, as they’d prefer to keep funds available for lending.
High minimum balances. Some HISAs require you to deposit or maintain a certain amount to qualify for free transactions or higher interest rates.
Temporary promotional rates. Attractive bonus rates may only last for a limited period, after which interest rates can drop significantly.
How to find the best high-interest savings account for you
Every bank or credit union has different terms and conditions for their high-interest savings accounts. Here are a few factors to consider when deciding where to put your money:
Your financial goals: 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? Choose an account that provides accessibility and a return on investment that will help you achieve your goal.
The ongoing interest rate: Look for a competitive interest rate, often shown as an annual percentage yield (APY). Be mindful of “promo” rates — these may start high but usually only last a short time (sometimes five or six months), after which they drop significantly. If you’re making a large initial deposit or saving short term, these promotional rates could help maximize your savings.
The minimum deposit: Some high-interest savings accounts require a minimum deposit. This amount can be as low as $25 or much higher. Check your account terms carefully or ask a customer service representative before opening an account.
Service fee charges: Most HISAs don’t charge a monthly fee, but some may charge for withdrawals or transfers. Many accounts include a set number of free transactions each month or waive fees if you hold a minimum account balance.
Reputation and security: Pick a reputable bank or credit union with positive customer reviews. Check if it provides a federal or provincial deposit insurance like the Canada Deposit Insurance Corporation (CDIC), to ensure your money stays safe.
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, financial institutions typically require account holders 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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Siddhi Bagwe
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