High-interest savings accounts in Canada | September 2026

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.

Additionally, digital banks such as Achieva Financial, Alterna, EQ Bank, KOHO, Motusbank, Neo Financial, Oaken Financial, Tangerine and Wealthsimple also offer HISAs.

Here are the high-interest savings accounts available in Canada, compared by rate, conditions and fees. The table below sums them up, and each section that follows covers one offer in detail.

Interest rates in 2026

Annual interest rates of high-interest savings accounts in Canada, with the promotional rate, the rate after the promotion and the offer end date
Financial institution	Account name	Annual interest rate
BMO	Savings Amplifier	5.00% for 120 days with an eligible chequing account, for an account opened online by September 30, 2026, then 0.45%
CIBC	eAdvantage Savings	4.60% for 90 days on a first account, no end date announced, then 0.30% to 0.60% depending on the balance
RBC	High Interest eSavings	4.60% for 3 months on a first account opened by October 27, 2026, then 0.55%
Tangerine	Savings	4.50% for 5 months, for a client number obtained by November 30, 2026, then 0.30%
KOHO	Everything Plan ($14.75 a month)	3.50%
Laurentian Bank	High-Interest Savings	2.20% up to $100,000, 3.20% above $100,000 and up to $5,000,000
EQ Bank	Personal Account (formerly Savings Plus)	2.75% with a pay direct deposit of at least $2,000 a month, otherwise 1.00%
Neo	Neo Savings	Up to 2.75%, depending on the combined balance of your Neo accounts
Wealthsimple	Savings	2.50%
Wealthsimple	Chequing	1.25% to 2.25% depending on assets held and direct deposit
KOHO	KOHO Core (free)	2.00%

High Interest Savings Account – Scotiabank

Scotiabank is currently offering an attractive deal on its MomentumPLUS savings account.

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

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.

High-Interest Savings Account – KOHO

KOHO is a Canadian digital bank whose accounts pay interest on the entire balance. Rates range from 2% to 3.50% depending on the plan, and a fourth account has joined the lineup: KOHO Core, free with no conditions.

KOHO plans compared
Plan	Monthly fee	Interest rate	Cash back
KOHO Core	$0, no conditions	2%	1%
Essential	$0 with direct deposit or $1,000 added per month	2%	1%
Extra	$12	2.5%	1.5%
Everything	$14.75	3.5%	2%

Compare

KOHO Prepaid Mastercard Extra Plan

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Annual fee: $144
Welcome offer: No current welcome offer

Special offer:

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Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back

The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:

1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants

Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.

For your travels, take advantage of zero FX fees on foreign purchases.

Choose between two payment options for the Extra Plan:

$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)

Legal

Only users who have successfully opened a new KOHO account are eligible for the offer. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.

Annual fee

Primary card$144

Additional card$0

Annual income required

Individual$0

Household$0

Conversion fees

Earning rate

1.5xGroceries
1.5xTransit
1.5xGas & EV
0.25xAll spending

Value

1st Year Value$101

2nd Year Value$81

All four plans share the same basics:

Interest calculated daily and paid monthly;
Free, real-time outgoing Interac e-Transfers;
Free Equifax credit score check;
Virtual card available as soon as the account is opened.

The Extra and Everything plans also remove foreign transaction fees, and take 30% and 50% off Secured Credit Building.

Terms apply to each plan. Compare the paid plans: KOHO Essential, KOHO Extra and KOHO Everything. For the free account, read our KOHO Core review.

High-Interest Savings Account – EQ Bank

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.

High Interest Savings Account – Laurentian Bank

Laurentian Bank currently offers attractive (non-promotional) rates on its High Interest Savings Account (HISA).

High-Interest Savings Account – Neo

High-Interest Savings Account – Wealthsimple

Wealthsimple offers a savings account separate from its chequing account. It pays 2.5% annual interest to every client from day one, with no asset tiers and no monthly fees. The rate is not promotional: it does not drop after a few months.

Chequing, on the other hand, uses asset tiers. The interest rate on Wealthsimple Chequing ranges from 1.25% to 2.25% a year: 1.25% under $100,000 in assets, 1.75% from $100,000, and 2.25% for Generation clients ($500,000 or more).

Plus, the rate goes up by 0.5% (to a maximum of 2.25%) when you set up direct deposits of at least $2,000 within 30 days to Wealthsimple Chequing.

The main features of the account :

No monthly fees or transaction charges;
No minimum balance required;
Send Interac e-Transfers and pay bills.

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.

Couple reviewing their household budget at home with a calculator and a laptop

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.

Conclusion

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.

Paired with the right chequing account, this return can be part of a broader plan: see how to choose and maximize bank account bonuses over a full year.

To go further, subscribe to our newsletter and compare the best credit cards to make your money grow every day.

Frequently Asked Questions

How can I compare savings accounts with Milesopedia?

To compare savings accounts on Milesopedia, you can use the savings account comparator, read the summary of the best offers, or consult 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 other banks regularly offer promotional interest rates. For example, EQ Bank currently offers an interest rate of up to 2.75% on everyday banking services. Meanwhile, Tangerine Bank currently offers a promotional interest rate of 4.50% 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 protected by CDIC up to $100,000 per deposit insurance category: individual account, joint account, TFSA, FHSA, RRSP, RESP, etc. To find out more, visit the CDIC 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 to open in 2026?

Consult our savings account comparator and the table at the top of the article to find the best current offers.

Terms and conditions apply. For the most up-to-date product details, please visit the Wealthsimple website.

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