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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.
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.
Additionally, digital banks such as Achieva Financial, Alterna, EQ Bank, KOHO, Motusbank, Neo Financial, Oaken Financial, Tangerine and Wealthsimple also offer HISAs.
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.
Scotiabank is currently offering an attractive deal on its MomentumPLUS savings account.
Combine the BMO Savings Amplifier Account with the BMO Performance Chequing Account or BMO Premium Chequing Account for a great welcome bonus.
Key features:
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.
KOHO est une banque numérique canadienne dont les comptes versent un intérêt sur la totalité du solde. Les taux varient de 2 % à 3,50 % selon le forfait, et depuis le 25 août 2026 un quatrième compte s’ajoute à la gamme : KOHO Clé, gratuit sans condition.
Les quatre forfaits partagent les mêmes bases :
Les forfaits Extra et Complet ajoutent la suppression des frais de conversion de devises, ainsi qu’un rabais de 30 % et de 50 % sur le renforcement de crédit sécurisé.
Des modalités s’appliquent à chaque forfait. Pour souscrire à un forfait payant de KOHO, cliquez ici. Pour ouvrir un compte KOHO Clé gratuit, cliquez ici.
The high-interest savings account from EQ Bank operates 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.
Laurentian Bank currently offers attractive (non-promotional) rates on its High Interest Savings Account (HISA).
Wealthsimple’s chequing account also acts as a high-interest savings account.
Le taux d’intérêt offert dans le compte Wealthsimple Chèques varie entre 1,25 % et 2,25 % annuellement. Le taux de base est de 1,25 % sous 100 000 $ d’actifs sous gestion, de 1,75 % au-delà, et de 2,25 % pour les clients Génération.
De plus, le taux d’intérêt est augmenté de 0,5 % (jusqu’à concurrence d’un taux total de 2,25 %) si vous choisissez Wealthsimple Chèques comme compte pour vos dépôts directs.
The main features of the 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:
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.
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 :
Finally, interest can be compounded. You’ll earn more interest with an interest rate compounded daily than monthly.
In short, a high-interest savings account lets you save for short- and medium-term projects. In addition, a high-interest savings account is an ideal type of account to hold your emergency fund, also known as a contingency fund.
To assist you in your search for a bank account and a savings account that meet your needs and savings goals, you can use our comparators:
Finally, discover our strategies for managing personal finances in Canada.
Combiné à un compte-chèques bien choisi, ce rendement peut faire partie d’une stratégie plus large : voyez comment bien choisir et maximiser les primes de comptes bancaires sur une année complète.
To go further, subscribe to our newsletter and compare the best credit cards to make your money grow every day.
Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
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