To the point
If you're looking to maximize the return on your savings, a high-interest savings account is the ideal choice for you. Interest rates are currently around 4%, with attractive welcome offers for new customers.
What is a High-Interest Savings Account?
A high-interest savings account (HISA) is a bank account that offers a higher interest rate than the norm. This product is often chosen by those who are planning medium-term savings and require a higher interest rate to achieve their financial goals.
Of course, the ideal is to let your savings grow for as long as possible in a savings account offering the best interest rate.
Canadian chartered banks, cooperatives and insurance companies offer high-interest savings accounts. You can open a HISA with a financial institution even if you don’t do your day-to-day banking there.
The vast majority of HISA are free, with no monthly fees. However, accounts from the Big Five banks often charge a fee per transaction, which is not the case with digital banks.
The Best High-Interest Savings Accounts in Canada
There are a multitude of high-interest savings accounts offered by almost every Canadian bank, including BMO, National Bank, CIBC, Desjardins, RBC, Scotia, TD and Laurentian Bank.
Meanwhile, digital banks such as Achieva Financial, Alterna, Banque EQ, KOHO, Motusbank, Neo Financial, Oaken Financial, Tangerine and Wealthsimple also offer HISA.
Milesopedia has taken a look at all the offers currently available on the market. Compare the offers in the table below and find all the details in the following sections.
Interest Rates in 2025
| Financial institution | Account name | Annual interest rate |
| RBC | Savings High Interest eSavings Account | Up to 5.10% |
| Scotiabank | MomentumPLUS Savings Account | Up to 5.00% |
| CIBC | Up to 5.00% | |
| BMO | Savings Amplifier Account | Up to 4.75% |
| Tangerine | Savings Account | Up to 4.50% |
| KOHO | Everything Plan | Up to 4.00% |
| EQ Bank | Personal Account (formerly Savings Plus) | Up to 4.00% |
| Simplii | High Interest Savings Account | Up to 3.70% |
| Laurentian Bank | High Interest Savings Account | Up to 3.20% |
| Wealthsimple | Cash Account | Up to 3.00% |
| Neo | High- Interest Savings Account | Up to 3.00% |
High Interest Savings Account - Scotiabank
Scotiabank is currently offering an attractive deal on its MomentumPLUS Savings Account.
Grow your savings with the MomentumPLUS savings account special offer with an interest rate of 5.00%. In addition to the base rate of 0.55%, there are:
- Premium period interest rate :
- 90 days: 0.25%
- Interest rate increase according to banking plan:
- Preferred Package: additional 0.05%
- Ultimate package: additional 0.10%
- Promotional interest rate: 4.10% more for the first three months
The main features of this account:
- No monthly fees
- No minimum balance required
- Regular interest rate of 0.55%
- Automatic Savings Plan
- Unlimited transfers between accounts
- Virtual check deposit
High-Interest Savings Account - Tangerine
The Tangerine savings account is one of the best savings accounts in Canada. First of all, there are no monthly fees and no minimum balance requirements. What’s more, you can open accounts in both Canadian and U.S. dollars.
Until July 31, 2025, you can get an interest rate of 4.50% for 5 months† by opening a Tangerine savings account!
Here are the main features of the Tangerine savings account:
- No service charges or other fees
- No minimum balance required
- Competitive interest rates
- Interest calculated daily and paid monthly
- Manage your savings via the Tangerine mobile app
The promotional rate applies to new deposits, up to a maximum of $1,000,000.
High Interest Savings Account - Bank of Montreal (BMO)
Combine the BMO Savings Amplifier Account with the BMO Performance Chequing Account or BMO Premium Chequing Account for a great welcome bonus.
Key features:
- Savings account with no monthly fees
- No minimum balance required
- Free self-serve transfers to your other BMO accounts
With the BMO Performance Chequing Account, you can earn up to $700 in welcome bonus:
- $450 for opening a Performance or Premium plan and make a deposit before July 2, 2025.
- $200 for opening a Savings Amplifier Account with a deposit of $10,000 or more before July 2, 2025, and maintaining this balance for 90 days.
- $50 to invite a family member to open a chequing account before July 2, 2025.
Also enjoy a promotional interest rate of 4.75% with a BMO Savings Amplifier Account.
Other Benefits:
- Unlimited banking transactions
- Up to $40 off annual fees on eligible BMO credit cards
- Free money transfers to 50 countries
All for $17.95 a month, or free if you maintain a minimum balance of $4,000.
High-Interest Savings Account - KOHO
KOHO is another digital bank offering a high-interest savings account. Rates range from 2.5% to 4%, depending on the package chosen.
The main features of the KOHO savings account are :
- No monthly fee;
- No fees for Interac transactions and transfers;
- Free unlimited ATM withdrawals ;
- 1% cash back on groceries and transportation.
High-Interest Savings Account - Wealthsimple
Wealthsimple’s chequing account also acts as a high-interest savings account.
The interest rate offered on the Wealthsimple Cash account varies between 2% and 3% annually. All customers receive a minimum of 2% interest, and may qualify for higher rates depending on their assets under management in all their Wealthsimple accounts.
In addition, the interest rate is increased by 0.5% (up to a total rate of 3%) if you choose Wealthsimple Cash as your direct deposit account.
The main features of the account :
- No monthly fees or transaction charges;
- No minimum balance required ;
- Send Interac transfers and pay bills ;
- 1% cash back on all purchases.
High-Interest Savings Account - Neo
Neo is a digital alternative to the big Canadian banks. It offers no-fee credit cards and a high-interest savings account.
The savings account offers an interest rate of 3% on the entire balance, with no minimum deposit and no monthly fees. To open an account, you must be at least 13 years old (14 in Quebec).
The main features of the account are as follows:
High-Interest Savings Account - EQ Bank
The EQ Bank High-Interest Savings account works differently from traditional savings accounts. The Personal Account (formerly the Savings Plus account) operates like a chequing account, but earns interest like a savings account.
The EQ Bank Personal Account (formerly known as the Savings Plus Account) is a no-fee account that offers a generous interest rate of up to 4.00%* to all customers on everyday banking services:
- 1.25% interest on current banking services ;
- Plus 2.75% bonus interest when you set up direct deposit from your paycheck of $2,000 or more per month.
This account also offers several free features, such as:
- Interac transfers;
- Daily operations;
- Bill payments;
- Deposits and withdrawals.
Finally, there is no minimum balance required for this type of account.
High-Interest Savings Account - Simplii Financial
Whatever your savings goal, Simplii makes it easy with the Simplii Financial High Interest Savings Account. Save easily without tying up your money for an extended period. Enjoy an account with no monthly fees, no minimum balance and set up automatic deposits.
For a limited time, earn 3.70% interest† on eligible deposits for the first 7 months. Limits apply. Offer ends on June 30, 2025.
High Interest Savings Account - Laurentian Bank
Laurentian Bank currently offers attractive (non-promotional) rates on its High Interest Savings Account (HISA).
Laurentian Bank’s High Interest Savings Account (HISA ) allows you to earn higher interest on your balance, while your money is always at your disposal.
Right now, through this welcome offer, you can earn up to 3.20% interest on your savings:
- Receive 2.20% interest on any amount under $100,000
- Receive 3.20% interest on any amount between $100,000 and $5,000,000
- Earn 1.00% interest on any amount over $5,000,000
Plus, there’s no minimum balance – you earn interest on every dollar. The High Interest Savings Account (HISA) is covered by CDIC deposit insurance.
The Benefits of Owning a High Interest Savings Account
The high-interest savings account offers a higher return on your balance, as the name suggests. However, additional benefits often come from the bank’s promotional offers, such as high interest rates for a limited period or under certain conditions, such as a minimum balance requirement.
That’s why it’s essential to select an account based on your usual savings and banking habits, rather than simply opting for the account offering the highest interest rate.
For people with flawless financial management and an excellent credit rating, it’s possible to take advantage of high interest rates and credit card cash advances to generate passive income. Learn more in this guide:
How to Open a Savings Account
Once you’ve chosen the high-interest savings account that’s right for you, be sure to check the minimum income and deposit requirements carefully.
The account can usually be opened in a few minutes via online banking or a mobile application, depending on the bank chosen.
To open a HISA, you’ll need a Social Insurance Number (SIN), as tax slips are issued every year.
Then you can transfer funds easily from your online account or the mobile application.
If necessary, you can also make an appointment with a bank advisor to open the account in person.
How to Calculate Interest on a Savings Account
Financial institutions calculate interest rates differently according to their own criteria. It is therefore important to look at this detail. Some will pay interest into the savings account, considering :
- Daily balance
- New deposits to the account from a specific date
- Part of the balance, above a certain amount or below a maximum amount
Finally, interest can be compounded. You’ll earn more interest with an interest rate compounded daily than monthly.
Bottom Line
In short, a high-interest savings account lets you save for short- and medium-term projects. What’s more, the high-interest savings account is an ideal type of account for holding your emergency fund, also known as a contingency fund. With the high rate since 2023, you can get interest rates of around 5% with most financial institutions in Canada.
To help you in your search for a bank account and savings account that meet your needs and savings goals, you can use our bank account comparator.
Finally, discover our strategies for managing personal finances in Canada.
High Interest Savings Account - Frequently Asked Questions
How can I compare savings accounts with Milesopedia?
To compare savings accounts on Milesopedia, you can use the bank account comparator, read the summary of the best offers or visit the Personal Finance section of the site.
What's the difference between a savings account and a high-interest savings account?
As the name suggests, a high-interest savings account is a type of savings account that offers a higher interest rate than a standard savings account. Not all financial institutions offer their customers a high-interest savings account. You can open a high-interest savings account with a chartered bank or credit union even if you have a chequing account with another financial institution. Finally, note that there are many high-interest savings accounts with no monthly fees or transaction charges, such as the Tangerine savings account.
Which banks offer high-interest savings accounts in Canada?
Most Canadian chartered banks offer high-interest savings accounts. Other types of financial institutions also do this, such as credit unions, insurance companies and trusts.
Which bank offers the best interest rate?
Some Canadian banks focus on high non-promotional interest rates, while others regularly offer promotional interest rates. For example, EQ Bank is currently offering an interest rate of 4% on everyday banking services. Tangerine Bank, meanwhile, is currently offering a promotional interest rate of 6.00% on its savings account for the first 5 months.
Is there a risk of losing my money deposited in a savings account?
No. Eligible deposits, such as chequing and savings accounts, are covered by CDIC up to a maximum of $100,000 per category of deposit insurance: individual, joint, TFSA, RRSP, RESP, etc., and up to a maximum of $100, 000 per category of deposit insurance, FHSA, RRSP, RESP, etc. To find out more, visit the SADC website.
High-interest savings account or TFSA: which one to choose?
Although a Tax-Free Savings Account (TFSA) includes the word “savings account”, it is generally more advantageous for long-term investing. In particular, in company shares or exchange-traded funds. That said, if you have unused contribution room in your TFSA, you can use this type of account for savings, such as an emergency fund. In this way, interest income received in the savings account is not taxed. To learn more, read the following guide: The Tax-Free Savings Account (TFSA).
Which savings account pays the highest interest?
As a rule, high-interest savings accounts earn more than standard savings accounts. Also, some banks offer promotional interest rate offers, such as Tangerine Bank with an interest rate offer of 6.00% for 5 months on its savings account and Scotiabank with an interest rate offer of 5.70% on its Momentum Plus savings account for 3 months.
Which savings account to open in 2024?
Consult our bank account comparator and the table at the top of the article to find the best current offers.
