PEI's rising home prices make smart saving essential. Compare the best HISA rates for Prince Edward Island residents in 2025.
Ranked by overall value — rates, fees, features, and Prince Edward Island-specific benefits.
EQ Bank offers Canada's best everyday HISA rate at 3.00% — no fees, no minimums, no catch. CDIC insured up to $100,000. Prince Edward Island residents can open a Personal Account, TFSA Savings Account, or RRSP Savings Account entirely online in minutes. Free Interac e-Transfers included.
KOHO is Canada's smartest everyday spending account — earn up to 5% cashback on purchases, earn interest on your balance, and get a $100 sign-up bonus with code 45ET55JSYA. Ideal for Prince Edward Island residents who want their spending account to earn as much as their savings account.
Tangerine offers 5.00% for the first 6 months on new deposits — the highest short-term promo rate available to Prince Edward Island residents. After 6 months it drops to 0.50%, so use it for lump sums you're parking before a major purchase. No monthly fees, CDIC insured.
Simplii Financial (CIBC's digital bank) offers 0.40% on savings with periodic promotional rates for new money deposits. Seamlessly connects to CIBC ATMs. No monthly fees and CDIC insured — a solid option for Prince Edward Island residents already in the CIBC ecosystem.
Scotiabank's MomentumPLUS account adds bonus interest on balances held for 90+ days without withdrawal. Good for disciplined savers who want in-branch support in Prince Edward Island.
RBC's eSavings account earns 0.01% with periodic promos for new deposits. Best for Prince Edward Island residents who already bank with RBC and want seamless inter-account transfers. Watch for RBC's seasonal savings promotions.
Prince Edward Island has a top provincial income tax rate of 18.75%. PEI residents benefit enormously from TFSA accounts — $95,000 in cumulative room in 2025 shelters all interest from both federal and PEI provincial tax. EQ Bank's TFSA at 3.00% is the best vehicle for PEI savers.
PEI offers the PEI Rental to Ownership Program and Down Payment Assistance Program for qualifying buyers. Federal programs apply too: FHSA ($40K), RRSP HBP ($35K), and the First Home Buyer's Tax Credit. Charlottetown home prices have risen sharply — start saving early.
PEI charges a 1% real property transfer tax on home purchases (reduced to 0% on first $30,000 for primary residences). This is one of Canada's lower rates. Even so, start building your down payment in a TFSA with EQ Bank at 3.00% to reduce the overall amount you need to borrow.
| 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 at Peoples Bank of Canada, CDIC member. Rates subject to change.