Best High-Interest Savings Accounts 2026

Compare the top savings account rates in Canada. All accounts are no-fee, CDIC-insured, and perfect for emergency funds.

Why a High-Interest Savings Account?

A high-interest savings account (HISA) is the best place to park your emergency fund, short-term savings, or money you need quick access to. Unlike GICs, your money isn't locked in—you can withdraw anytime.

Best for: Emergency funds (3-6 months of expenses), saving for a down payment, vacation fund, or any goal within the next 1-2 years.

EQ Bank

Best overall rate

4.00%

  • ✓No fees
  • ✓No minimum balance
  • ✓CDIC insured
  • ✓Free e-Transfers

Tangerine Savings Account

Great for newcomers

3.85%

  • ✓Promotional rate for new customers
  • ✓No fees
  • ✓Scotiabank backed
  • ✓Easy mobile app

Simplii Financial

Best for everyday banking

3.75%

  • ✓No fees
  • ✓CIBC subsidiary
  • ✓Free chequing included
  • ✓24/7 support

Motive Financial

Consistent high rates

3.70%

  • ✓No fees
  • ✓CDIC insured
  • ✓Savvy Savings Account
  • ✓Competitive GIC rates too

Achieva Financial

Credit union option

3.65%

  • ✓Credit union
  • ✓No fees
  • ✓Deposit insurance
  • ✓Great customer service

Alterna Bank

Values-driven choice

3.60%

  • ✓No fees
  • ✓No minimum balance
  • ✓eTransfers included
  • ✓Ethical banking focus

How to Choose the Best Savings Account

  • ✓Compare rates regularly: Online banks often offer higher rates than traditional banks. Rates change frequently.
  • ✓Watch for promotional rates: Some banks offer high intro rates for 3-6 months, then drop to lower rates.
  • ✓Check for fees: All accounts listed here are no-fee, but always confirm before opening.
  • ✓Confirm CDIC insurance: Your deposits are protected up to $100,000 per institution.
  • ✓Consider accessibility: Make sure you can easily transfer money in and out when needed.

HISA vs. GIC: Which is Right for You?

High-Interest Savings Account

  • ✓Access your money anytime
  • ✓Rates can change (up or down)
  • ✓Best for emergency funds
  • ✓No penalties for withdrawals

GIC (Guaranteed Investment Certificate)

  • ✓Money locked in for term (1-5 years)
  • ✓Rate guaranteed for entire term
  • ✓Best for long-term savings
  • ✓Higher rates than savings accounts

Pro tip: Use a HISA for your emergency fund (you need quick access), and GICs for money you won't need for 1+ years (higher guaranteed returns).

Compare GIC Rates

See the best guaranteed rates for 1-5 year terms

View GIC rates →

All Comparisons

Credit cards, ETFs, insurance, and more

Browse all →