Stop letting your savings earn next to nothing. We ranked the top HISAs so your money works harder every day.
| Bank | Savings Rate | Monthly Fee | Key Perk | Best For |
|---|---|---|---|---|
| KOHO Top Pick | Up to 5.00% | $0 | Cash back + credit building | All-in-one savings |
| EQ Bank | 3.00% | $0 | No fees, unlimited transactions | Pure savings |
| Oaken Financial | 3.40% | $0 | High non-promo rate | Rate chasers |
| Tangerine | 2.50% (promo) | $0 | Big promo bonuses | Promo seekers |
| Simplii Financial | 2.25% | $0 | CIBC ATM access | Big bank users |
| Wealthsimple Cash | 3.00% | $0 | Stock round-ups | Investors |
| RBC eHISA | 1.50% | $0 | Big bank safety | Risk-averse savers |
Rates as of March 2026. Promotional rates change frequently. Always verify directly with the institution before opening an account.
A high-interest savings account (HISA) is a deposit account that pays a significantly higher annual interest rate than a standard savings account. While big-bank standard savings accounts often pay 0.01–0.10% APY, the best HISAs in Canada pay 2.5–5.0% or more.
Your money stays liquid — you can deposit and withdraw at any time — and deposits up to $100,000 are protected by the Canada Deposit Insurance Corporation (CDIC) or provincial credit union deposit insurers. This makes HISAs one of the safest and most accessible ways to grow an emergency fund, save for a vacation, or park short-term cash between investments.
GICs (Guaranteed Investment Certificates) often offer slightly higher rates than HISAs but lock your money for a fixed term — typically 30 days to 5 years. HISAs offer flexibility: no lock-in, no penalty for withdrawals. If you need access to your money within the next 12 months, a HISA is usually the smarter choice. If you can commit for a year or more, a GIC may earn slightly more. See our best GIC rates in Canada comparison for more.
The advertised rate is the most obvious factor. Be sure to check whether it's a promotional rate (limited time) or an ongoing rate. Promotional rates can be 4–6% for 3–6 months, then drop significantly.
The best HISAs charge zero monthly fees. Avoid accounts with transaction fees or minimum balance requirements that erode your interest earnings.
Ensure the institution is federally regulated (CDIC insured) or a provincial credit union (DICO or equivalent). This protects your deposits up to $100,000 per category.
Look for unlimited free e-transfers, no ATM fees (or ATM rebates), and a strong mobile app. A high rate means nothing if you can't access your money easily.
Some accounts like KOHO combine a HISA with a Visa prepaid card, cash back rewards, and credit building tools — giving you more value beyond just the interest rate.
Consider how quickly you can move money in and out. Most online banks process Interac e-transfers same day or next business day.
KOHO stands out not just for its competitive interest rate (up to 5%) but because it combines savings, spending, and credit-building in a single account with zero monthly fees on the base plan.
Here's what a $100 balance earns annually at different rates:
| Balance | Rate | Annual Interest | Monthly Interest |
|---|---|---|---|
| $100 | 1.00% | $100 | $8.33 |
| $100 | 2.50% | $250 | $20.83 |
| $100 | 3.00% | $300 | $25.00 |
| $100 | 4.00% | $400 | $33.33 |
| $100 | 5.00% | $500 | $41.67 |
| $25,000 | 5.00% | $1,250 | $104.17 |
| $50,000 | 5.00% | $2,500 | $208.33 |
Use our compound interest calculator to project your savings growth over multiple years.