Updated March 2025 · 7 min read
A high-interest savings account (HISA) is the best place to park your emergency fund, short-term savings, and any cash you need within the next 1–3 years. The gap between big bank rates and online bank rates is enormous — and there's no reason to leave money in a low-rate account.
Rates are approximate as of March 2025 and subject to change. Promotional rates may apply for limited periods.
| Institution | Regular Rate | Monthly Fee | CDIC? | Best Feature |
|---|---|---|---|---|
| EQ Bank | ~3.00% | $0 | Yes | High base rate, no fees, TFSA/RRSP available |
| Simplii Financial | ~0.40% (promo up to 5%) | $0 | Yes (CIBC) | No-fee chequing + savings combo |
| Tangerine | ~0.50% (promo up to 5%) | $0 | Yes (Scotiabank) | No-fee banking, promos for new money |
| Oaken Financial | ~3.40% | $0 | Yes | Often highest base rate |
| Peoples Bank | ~3.00% | $0 | Yes | Competitive base rate |
| Manulife Bank | ~2.75% | $0 | Yes | Bundled with mortgage products |
| KOHO | Up to 3.00% | $0 (free tier) | Yes (via partners) | Cash back + savings in one app |
| TD Bank | ~0.05% | $0–$15 | Yes | Convenience for existing TD customers |
| RBC | ~0.05% | $0–$15 | Yes | Convenience for existing RBC customers |
EQ Bank (owned by Equitable Bank, a Schedule I chartered bank) consistently offers one of the highest non-promotional savings rates in Canada. There are no monthly fees, no minimum balance, and the account includes a free Mastercard debit card. EQ Bank also offers TFSA and RRSP savings accounts at competitive rates, plus high-rate GICs.
Oaken Financial (Home Trust/Home Bank) often posts the highest or second-highest savings rate in Canada. No monthly fees, CDIC insured. Fewer features than EQ Bank (no debit card) but ideal for pure savings parking.
Tangerine (owned by Scotiabank) and Simplii Financial (owned by CIBC) offer no-fee chequing accounts alongside savings accounts. Their promotional rates (often 4–5% for 5 months on new deposits) can be excellent short-term options. After the promo period, rates drop to ~0.50% — transfer to EQ Bank or Oaken at that point.
KOHO is a fintech spending and savings app that pays up to 3% interest on your balance (with premium tiers) and up to 2% cash back on purchases. It's not a traditional HISA but functions as one for everyday money management. Balances are held with partner banks and covered by CDIC through those institutions.
KOHO is particularly useful as a spending account that earns interest on your balance — money works harder than in a big bank chequing account earning nothing.
Stop paying $200-$360/year in bank fees. KOHO's no-fee account frees up money you can redirect into your TFSA or RRSP. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYA| Factor | HISA | GIC |
|---|---|---|
| Rate | 3–3.5% (variable) | 3.8–4.5% (locked in) |
| Access to funds | Anytime | Locked until maturity |
| Rate risk | Rate can drop | Rate guaranteed |
| Best for | Emergency fund, short-term | Money you won't need for 1–5 years |
Interest earned in a HISA held in a non-registered account is fully taxable as ordinary income. For every $1,000 in interest at a 33% marginal rate, you pay ~$330 in tax. Use a TFSA to shelter HISA interest — EQ Bank and Oaken both offer TFSA savings accounts at the same competitive rates.
Yes. EQ Bank, Oaken, Simplii, and Tangerine are all CDIC members. Deposits up to $100,000 per category are insured against institutional failure.
Visit eqbank.ca, complete the online application (takes 10–15 minutes), verify your identity, and link your existing bank account for deposits. No in-person visit required.