Compare the top HISA rates for Ontario residents. Earn more on every dollar — no fees, no minimums, CDIC insured.
Ranked by overall value — rates, fees, features, and Ontario-specific benefits.
EQ Bank offers one of the highest no-catch HISA rates in Canada at 3.00% — no minimum balance, no monthly fees, and no promotional gimmicks. Fully CDIC insured up to $100,000. Ontario residents love EQ Bank for its simplicity and consistently competitive rates. Open a TFSA or RRSP savings account for even more tax-sheltered growth.
KOHO is more than just a savings account — it's a full financial account with cashback on everyday purchases, up to 5% back at select merchants. Plus earn interest on your balance and get a $100 cash bonus with code 45ET55JSYA. Perfect for Ontario residents who want their everyday spending account to work harder.
Tangerine offers a 5.00% promotional interest rate for the first 6 months on new savings — one of the highest short-term rates available in Ontario. After the promo period, the rate drops to 0.50% (still above most big banks). Great for parking a lump sum like a home down payment or emergency fund.
Simplii Financial (CIBC's online bank) offers 0.40% on regular savings with periodic promotional rates for new money. Convenient if you already bank with CIBC. No monthly fees and CDIC insured. Not the highest rate but solid for everyday use with promos that can reach 4-5%.
Scotiabank's MomentumPLUS Savings Account adds bonus interest periods when you don't withdraw for 90 days. The base rate is 0.01% but bonus periods can push total returns higher. Best for disciplined savers at a major Canadian bank who want in-branch support across Ontario.
RBC's High Interest eSavings offers 0.01% base with occasional promotional rates. Primarily useful if you already have RBC accounts and want easy inter-account transfers. Promos can be attractive for new deposits but the regular rate is below dedicated online savings accounts.
The 2025 TFSA contribution limit is $7,000. If you've been eligible since 2009, your cumulative room is $95,000. Ontario residents benefit from holding HISA accounts inside a TFSA — your interest earnings are completely tax-free. EQ Bank's TFSA Savings Account at 3.00% is particularly compelling for Ontario savers.
Ontario first-time homebuyers can withdraw up to $35,000 tax-free from their RRSP under the Home Buyers' Plan. Consider using EQ Bank's RRSP savings account to grow your down payment at 3.00% before buying. You have 15 years to repay withdrawn amounts back into your RRSP.
Ontario first-time buyers can open an FHSA and contribute up to $8,000/year ($40,000 lifetime) with contributions being fully tax-deductible. Withdrawals for a qualifying home purchase are also tax-free. Open an FHSA at EQ Bank or your institution of choice today.
| Bank | Rate | Monthly Fee | CDIC | TFSA | Bonus |
|---|---|---|---|---|---|
| EQ Bank | 3.00% | $0 | Yes | Yes | — |
| KOHO | Up to 5% cashback | $0–$19 | Yes* | No | $100 |
| Tangerine | 5.00% promo / 0.50% | $0 | Yes | Yes | Varies |
| Simplii Financial | 0.40% / promos | $0 | Yes | No | Varies |
| Scotiabank MomentumPLUS | 0.01% + bonus | $0 | Yes | Yes | — |
| RBC eSavings | 0.01% + promos | $0 | Yes | Yes | — |
*KOHO deposits held through Peoples Bank of Canada, CDIC member.