Banking
Best High-Interest Savings Accounts in Canada 2026
Updated February 2026 · 6 min read
💡 Quick Summary
The best HISAs in Canada currently offer 3–5% interest with no fees and full CDIC coverage. EQ Bank, Oaken Financial, and Simplii Financial consistently rank at the top. Your big bank's savings account is likely paying you far less than you deserve.
If your savings are sitting in a big bank savings account earning 0.01–0.5% interest, you are leaving real money on the table. High-interest savings accounts (HISAs) at online banks and credit unions offer dramatically better rates — often 10–50x more.
Here is a current comparison of the best options in Canada for 2026.
Top HISAs in Canada — February 2026
⚠️ Rates change frequently. Always verify current rates directly with the institution before opening an account.
| Institution | Rate (approx.) | Monthly Fee | CDIC Insured | Best For |
|---|---|---|---|---|
| EQ Bank | 3.75–4.00% | $0 | Yes | Overall best — no fees, great rate, e-transfers |
| Oaken Financial | 4.00–4.25% | $0 | Yes (Home Trust) | Highest regular rate, simple interface |
| Simplii Financial | 3.50–4.00%* | $0 | Yes (CIBC) | Promos for new clients, CIBC-backed |
| Tangerine | 3.25–3.75%* | $0 | Yes (Scotiabank) | Promos + full banking features |
| Wealthsimple Cash | 3.50–4.00% | $0 | Yes (partner banks) | Already a Wealthsimple user |
| Motusbank | 3.50% | $0 | Yes (Meridian CU) | Credit union option |
| Big 5 Banks | 0.01–1.00% | Varies | Yes | Convenience only — rates are poor |
* Promotional rates for new clients may be higher for 3–6 months. Regular rates apply after the promo period.
What to Look For in a HISA
Interest rate
The headline number. Look for 3%+ in the current environment. Anything under 2% is not competitive.
CDIC or CDIC-equivalent coverage
Deposits should be insured up to $100,000 per category. Credit unions have provincial coverage instead.
No monthly fees
There is no reason to pay a fee for a savings account. Many excellent options are completely free.
E-transfer access
Can you move money quickly when you need it? Most online banks offer free Interac e-Transfers.
No minimum balance
Avoid accounts that require you to keep $5,000+ to earn the advertised rate.
App and online experience
You will be managing this account digitally. Make sure the app is functional and easy to use.
TFSA vs. Regular HISA: Which Should You Use?
Many of the banks above offer both a regular HISA and a TFSA HISA. If you have available TFSA contribution room, always use the TFSA version for your savings. Here is why:
Regular HISA
- • Interest is taxable income
- • At 4% on $20,000 = $800/yr interest
- • At 33% tax rate, you keep ~$536
- • Effective rate: ~2.68%
TFSA HISA ✅
- • Interest is completely tax-free
- • At 4% on $20,000 = $800/yr interest
- • You keep the full $800
- • Effective rate: 4.00%
The TFSA HISA earns you 49% more after tax in this example. Use it whenever you have room.
How Much More Could You Be Earning?
Real numbers: $20,000 saved for 5 years
Big bank savings (0.5%)
$20,506
+$506
Competitive HISA (3.75%)
$24,023
+$4,023
TFSA HISA (3.75%, tax-free)
$24,023
+$4,023 (no tax)
Assumes rates stay constant. For illustration only.
Our Recommendation
For most Canadians, EQ Bank is the best starting point — no fees, consistently competitive rates, free e-transfers, and a clean app. If you want the absolute highest rate and don't mind a simpler interface, check Oaken Financial. Either way, move your savings out of your big bank's 0.5% account today.