The Best High Interest Savings Accounts in Canada for 2026
Three no-fee accounts pay 3.5% or more on your everyday balance in 2026. Here is the honest comparison, plus the one that stacks on top of your bank bonuses.
The $2,500 Canadian Bank Stack Playbook
Every current bonus, every code that still works, the exact order to open five accounts.
The short answer
EQ Bank if you want simple and clean. KOHO Extra if you also want cashback on your spending. Wealthsimple Cash if you already invest with Wealthsimple. All three are no-fee. All three are Canadian.
Rates as of July 2026
- EQ Bank Personal Account. 3.5% on the everyday balance. No minimum, no fees, no promo period. Ongoing rate.
- KOHO Extra. 4% on your Earn Interest balance. Requires the $9 monthly Extra tier, but the tier also unlocks 2% cashback so most active users still come out ahead.
- Wealthsimple Cash. Around 3.75% base rate with no fee. Rate scales up if you also hold investments at Wealthsimple.
- Tangerine Savings. Promo tier of 5%+ for the first five months, then it drops to about 1%. Good for a short push, not for parking money long term.
- Simplii High Interest. Similar promo model. Great for the first 150 days.
How to stack HISAs the smart way
The cleanest three-account setup: EQ for your safety-net emergency fund, KOHO for your weekly spending money that still earns interest and cashback, and Wealthsimple Cash for any larger cash cushion you have not committed to investments yet.
What to watch out for
- Promo rates. Tangerine and Simplii pay high rates for the first few months, then drop hard. Move the money when the promo ends.
- Tier requirements. KOHO Extra's 4% is real, but only inside the paid tier. Do the math on your balance.
- CDIC coverage. All three of the main accounts are CDIC-insured up to $100,000. Split larger balances across institutions.
Frequently asked
What is the best HISA in Canada right now?
EQ Bank's Personal Account pays 3.5% on the everyday balance with no minimum, no fees, and no hoops to jump through. It is the closest thing Canada has to a true no-fee high-interest chequing account. KOHO Extra pays 4% on your Earn Interest balance if you subscribe to the Extra tier. Wealthsimple Cash pays around 3.75% with no fee if you have a linked Wealthsimple investment account.
Is a HISA safer than a stock investment?
Yes. HISAs at Canadian banks are deposit accounts insured by the CDIC up to $100,000 per depositor per institution. Your principal is protected. Investments are not insured against market loss. HISAs pay less than stocks over time but carry no volatility risk.
Do you pay tax on HISA interest in Canada?
Yes. Interest earned in a regular HISA is taxable and reported on a T5 slip when the interest earned in a year exceeds $50. You can shelter interest by holding the HISA inside a TFSA or RRSP if the institution offers a registered version. EQ Bank offers TFSA versions of its accounts.
Can I open more than one HISA to stack rates?
Yes. Most Canadians can hold accounts at multiple institutions with no penalty. The strategy is to keep an emergency fund at EQ for the 3.5%, hold spending money at KOHO for cashback plus interest, and use Wealthsimple Cash for larger balances if you also invest there.
Ready to start stacking?
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