Canada's best high-interest savings accounts can earn you significantly more on your deposits than traditional bank savings accounts. The distinction between "high-interest" and standard savings in Canada has grown dramatically as online banks compete aggressively for deposit customers.
In Canada's banking context, a high-interest savings account (HISA) typically earns meaningfully above the Bank of Canada's benchmark rate influence. Big 5 standard savings accounts often pay 0.01%–0.05%. True high-interest accounts pay significantly more, with the best consistently offering among the highest rates in the market.
EQ Bank is widely regarded as Canada's HISA leader. The account functions as a full-featured daily banking account that also earns among Canada's best savings rates on every dollar. No monthly fees, no minimum balance, CDIC insured. EQ Bank also offers TFSA and RRSP versions of the account.
Oaken Financial (owned by Home Trust) consistently offers competitive HISA and GIC rates. Oaken is well-suited for savers who want competitive rates on both accessible savings and locked-in GICs.
Simplii offers a HISA with no monthly fees and competitive rates — particularly strong for promotional periods for new deposits. Backed by CIBC, fully CDIC-insured.
Tangerine runs promotional savings rates for new deposits, which can be excellent for an initial period. Ongoing rates are typically more modest. Good for capitalizing on promotional periods while maintaining a relationship with a major bank subsidiary.
Neo Financial has offered competitive savings rates as part of its broader banking platform. Worth comparing for savers evaluating newer digital bank options.
| Feature | HISA | GIC |
|---|---|---|
| Access to funds | Anytime | Locked (term-dependent) |
| Rate | Variable | Fixed for term |
| Best for | Emergency fund, short-term | Long-term, known-timeline savings |
| CDIC coverage | Yes (at CDIC members) | Yes (at CDIC members) |
Holding a HISA within a TFSA is one of the best risk-free savings strategies for Canadians. Your interest income is completely tax-free, and you can withdraw anytime without losing contribution room (it comes back the following calendar year). EQ Bank's TFSA HISA combines the two advantages.
High-Interest Savings Strategy:
EQ Bank's Personal Account and TFSA HISA are the top picks for Canadian high-interest savings in 2025. The combination of top-tier rates, no fees, full banking functionality, and CDIC insurance makes EQ Bank the clear choice for most Canadian savers looking to maximize returns on their deposits.
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