Best High-Interest Savings Accounts (2026)

Last updated: 2026-02-17•✓ Verified accurate

Looking for the best place to park your emergency fund or short-term savings? Here are the top high-interest savings accounts in Canada, ranked by rate, fees, and features.

Top Picks (2026)

EQ Bank Savings Plus Account

Best Overall

4.00%

Interest Rate

  • ✅ No fees, no minimum balance
  • ✅ CDIC insured up to $100,000
  • ✅ Unlimited transactions
  • ✅ Interest calculated daily, paid monthly

Tangerine Savings Account

Best for New Customers

5.00%

Promo Rate (5 months)

  • ✅ 5.00% for first 5 months (new customers)
  • ✅ Then drops to 3.00% base rate
  • ✅ No fees, no minimum balance
  • ⚠️ Promo rate only on new deposits

Wealthsimple Save

Best for Investors

4.00%

Interest Rate

  • ✅ Integrated with investing platform
  • ✅ No fees, no minimum balance
  • ✅ CDIC insured
  • ✅ Instant transfers to investment accounts

Simplii Financial High Interest Savings

Best for CIBC Customers

3.50%

Base Rate

  • ✅ No fees, no minimum balance
  • ✅ Free Interac e-Transfers
  • ✅ Access to CIBC ATMs
  • ✅ Frequent promo rate offers

Motive Financial Savvy Savings

Highest Base Rate

4.25%

Interest Rate

  • ✅ Consistently high rates
  • ✅ No fees, no minimum balance
  • ✅ CDIC insured
  • ⚠️ Smaller bank, fewer features

How We Rank Savings Accounts

  • Interest rate: Higher is better, but watch for promo rates that expire
  • Fees: Best accounts have $0 monthly fees
  • Minimum balance: No minimum is ideal
  • CDIC insurance: Must be insured up to $100,000
  • Accessibility: Easy transfers, mobile app, customer service

TFSA vs Non-Registered Savings

Pro tip: Use a TFSA for your savings account

Interest earned in a regular savings account is taxed at your full marginal rate. In a TFSA, it's tax-free.

Example: $10,000 at 4% = $400 interest. In a TFSA, you keep all $400. In a non-registered account, you might pay $120-$200 in tax.

Big Bank Savings Rates (For Comparison)

Traditional big banks offer much lower rates:

  • TD: 0.05% (regular savings)
  • RBC: 0.05% (regular savings)
  • Scotiabank: 0.05% (regular savings)
  • BMO: 0.05% (regular savings)

💡 Bottom line: Online banks pay 80-100x more interest. Switch if you're still using a big bank savings account.

Tips for Maximizing Savings Interest

  • Use a TFSA: Tax-free growth
  • Chase promo rates: Move money to new accounts for bonuses
  • Keep emergency fund separate: Don't mix with daily spending
  • Automate savings: Set up automatic transfers
  • Compare regularly: Rates change—switch if you find better

⚠️ Important Notes

  • Rates accurate as of February 2026 and subject to change
  • Promo rates are temporary—check base rate before opening
  • All accounts listed are CDIC insured (up to $100,000 per institution)
  • This is not financial advice—do your own research