With the Bank of Canada cutting rates through 2024 and into 2025, high-interest savings account rates have declined from their 2023 peaks — but they still far exceed what major banks pay on standard savings. Here are the best options in Canada right now.
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Get KOHO Free — Use Code 45ET55JSYA| Institution | Account | Rate (approx.) | Notes |
|---|---|---|---|
| EQ Bank | Savings Plus Account | ~4.00%+ | Consistent, no promo needed |
| KOHO | Everything Plan | ~5.00% | Requires paid plan ($19/mo) |
| KOHO | Extra Plan | ~5.00% | Requires $9/mo plan |
| KOHO | Easy (Free) | ~3.00% | No monthly fee |
| Tangerine | Savings Account | Promotional (varies) | High intro rate, drops after |
| Simplii Financial | High-Interest Savings | Promotional (varies) | Promo for new deposits |
| Oaken Financial | Savings Account | ~3.40% | Home Bank subsidiary |
| Wealthsimple | Cash Account | ~3.00%+ | Good for existing Wealthsimple users |
| Big 5 Banks | Savings Account | 0.01–1.00% | Far below digital banks |
A high-interest savings account is a deposit account that pays meaningfully more interest than a standard bank savings account. In Canada, major bank savings accounts typically pay 0.01–0.10%. Digital banks and online lenders like EQ Bank consistently offer 3–5%, representing a dramatic difference in earnings on the same deposit.
| Balance | At 0.05% (Big Bank) | At 4% (EQ Bank) | Annual Difference |
|---|---|---|---|
| $5,000 | $2.50/year | $200/year | +$197.50 |
| $100 | $5/year | $400/year | +$395 |
| $25,000 | $12.50/year | $1,000/year | +$987.50 |
| $50,000 | $25/year | $2,000/year | +$1,975 |
Moving $25,000 from a big bank savings account to EQ Bank earns approximately $1,000 more per year — with zero additional risk since both are CDIC insured. This is one of the simplest and highest-impact financial moves available to Canadians.
Where possible, keep your HISA savings inside a TFSA. Interest earned in a TFSA is tax-free; interest earned in a non-registered HISA is taxable income. EQ Bank, KOHO, and most major online banks offer TFSA savings account options at the same rates as non-registered accounts.
Several institutions (notably Tangerine and Simplii) advertise high savings rates that apply only to new deposits for a limited period (typically 5–6 months), then drop to a much lower ongoing rate. These promotional rates are real but temporary. EQ Bank's rate, by contrast, applies to all balances consistently — no promotional period, no fine print.
Yes — provided the institution is CDIC insured (or provincially insured). EQ Bank deposits are CDIC insured up to $100,000 per depositor per category. KOHO deposits are held at Peoples Bank of Canada, also CDIC insured. These institutions are as safe as any chartered bank for deposits within insurance limits.
EQ Bank is Canada's best consistent high-interest savings account for 2025. KOHO's paid plans offer competitive rates on an everyday spending account. The big five banks remain dramatically uncompetitive on savings rates. If you have any meaningful savings sitting at a major bank, moving to EQ Bank or KOHO is one of the easiest financial improvements you can make this year.