High-interest savings accounts let you earn significantly more on your money while keeping it accessible. Perfect for emergency funds and short-term savings.
Best HISA Rates (2026)
| Bank | Interest Rate | Monthly Fee | Notes |
|---|---|---|---|
| EQ Bank | 3.00% | $0 | Consistent high rates |
| Tangerine | 2.75% (5%+ promo) | $0 | New customers get bonus rates |
| Motive Financial | 3.25% | $0 | High rates, limited features |
| Simplii | 2.50% | $0 | Promotional bonuses available |
| Big Banks (RBC, TD) | 0.05-0.50% | $0-$5 | Very low rates |
HISA vs Regular Savings
Example: $10,000 saved for 1 year
- • Big bank savings (0.25%): Earn $25
- • EQ Bank HISA (3.00%): Earn $300
- • Difference: $275 more per year
HISA vs GICs
| Feature | HISA | GIC |
|---|---|---|
| Interest Rate | 2.5-3.5% | 3.5-5.5% |
| Access to Money | Anytime | Locked in (1-5 years) |
| Best For | Emergency fund | Money you won't need soon |
| Risk | None (CDIC insured) | None (CDIC insured) |
When to Use a HISA
- ✓ Emergency fund – 3-6 months of expenses, need quick access
- ✓ Short-term savings – Down payment, vacation, car (within 1-2 years)
- ✓ Cash buffer – Extra savings beyond emergency fund
- ✓ Parking cash temporarily – Before investing or making a big purchase
How to Open a HISA
- Choose a bank (EQ Bank, Tangerine, Motive)
- Apply online (10 minutes, need ID and SIN)
- Fund your account (e-transfer or link to existing bank)
- Start earning interest immediately
Pro Tip: Keep your emergency fund in a HISA at a different bank than your chequing account. This creates a psychological barrier to spending it.