{"id":247124,"date":"2026-01-09T03:22:00","date_gmt":"2026-01-09T08:22:00","guid":{"rendered":"https:\/\/milesopedia.com\/?p=247124"},"modified":"2026-01-31T03:43:16","modified_gmt":"2026-01-31T08:43:16","slug":"high-interest-savings-accounts-canada","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/offers\/bank-accounts\/high-interest-savings-accounts-canada\/","title":{"rendered":"The best high-interest savings accounts in Canada"},"content":{"rendered":"

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Use our bank account comparator<\/a> for a quick overview of the best savings accounts in Canada!<\/p>\n

[\/vc_message][vc_custom_heading text=”What is a High-Interest Savings Account?” css=”” el_id=”what_is_a_high-interest_savings_account_”][vc_column_text]<\/p>\n

A high-interest savings account <\/strong>(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.<\/p>\n

Of course, the ideal is to let your savings grow for as long as possible in a savings account offering the best interest rate.<\/p>\n

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Canadian chartered banks, cooperatives and insurance companies offer high-interest savings accounts<\/strong>. You can open a HISA with a financial institution even if you don’t do your day-to-day banking there.<\/p>\n

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.<\/p>\n

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Interest earned in a high-interest savings account is taxable<\/strong>. You’ll receive tax slips at the end of the year, and you’ll need to report your winnings on your income tax return.<\/p>\n

[\/vc_message][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”The Best High-Interest Savings Accounts in Canada” css=”” el_id=”the_best_high-interest_savings_accounts_in_canada”][vc_column_text css=”” el_class=”checkmarks”]<\/p>\n

There are a multitude of high-interest savings accounts<\/strong> offered by almost every Canadian bank, including BMO<\/a>, National Bank, CIBC, Desjardins, RBC, Scotia<\/a>, TD and Laurentian Bank<\/a>.<\/p>\n

Meanwhile, digital banks such as Achieva Financial, Alterna, EQ Bank<\/a>, KOHO<\/a>, Motusbank, Neo Financial<\/a>, Oaken Financial, Tangerine<\/a> and Wealthsimple<\/a> also offer HISA.<\/p>\n

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.<\/p>\n

[\/vc_column_text][vc_custom_heading text=”Interest Rates in 2025″ font_container=”tag:h3|text_align:left” css=”” el_id=”interest_rates_in_2025″][vc_column_text css=””]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial institution<\/td>\nAccount name<\/td>\nAnnual interest rate<\/td>\n<\/tr>\n<\/thead>\n
Scotiabank<\/td>\nMomentumPLUS Savings Account<\/a><\/td>\nUp to 4.75%<\/td>\n<\/tr>\n
CIBC<\/td>\neAdvantage Savings Account<\/a><\/td>\nUp to 4.75%<\/td>\n<\/tr>\n
RBC<\/td>\nSavings High Interest eSavings Account<\/a><\/td>\nUp to 4.70%<\/td>\n<\/tr>\n
BMO<\/td>\nSavings Amplifier Account<\/a><\/td>\nUp to 4.60%<\/td>\n<\/tr>\n
Tangerine<\/td>\nSavings Account<\/a><\/td>\nUp to 4.50%<\/td>\n<\/tr>\n
Simplii<\/td>\nHigh Interest Savings Account<\/a><\/td>\nUp to 4.50%<\/td>\n<\/tr>\n
KOHO<\/td>\nEverything Plan<\/a><\/td>\nUp to 3.50%<\/td>\n<\/tr>\n
Laurentian Bank<\/td>\nHigh Interest Savings Account<\/a><\/td>\nUp to 3.20%<\/td>\n<\/tr>\n
EQ Bank<\/td>\nPersonal Account (formerly Savings Plus)<\/a><\/td>\nUp to 3.00%<\/td>\n<\/tr>\n
Neo<\/td>\nSavings Account (formerly Cash Account)<\/a><\/td>\nUp to 2.90%<\/td>\n<\/tr>\n
Wealthsimple<\/td>\nChequing<\/a><\/td>\nUp to 2.50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Scotiabank is currently offering an attractive deal on its MomentumPLUS Savings Account<\/a>.<\/p>\n

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The special offer<\/strong> on the MomentumPLUS Savings Account<\/strong> allows you to grow your money with an interest rate of up to 4<\/strong>.75% <\/strong>for 3 months.<\/p>\n

The main features of this account:<\/p>\n