A high-interest savings account (HISA) is the simplest way to earn meaningful interest on money you're not actively spending. In Canada, the gap between Big 5 bank savings rates (often 0.01–0.05%) and online bank rates (3–4%+) is enormous. Choosing the right HISA can mean hundreds or thousands of extra dollars per year with zero additional risk.
EQ Bank consistently holds the top position for ongoing savings rates among Canadian Schedule I banks. The Savings Plus Account typically earns 3–4%+ with no monthly fee, no minimum balance, and unlimited free transactions. This is a standard rate — not a limited-time promotion. CDIC insured through Equitable Bank. For anyone with $5,000+ in savings sitting at a Big 5 bank, moving to EQ Bank is a clear, immediate win.
Tangerine periodically offers promotional savings rates of 4–6% for new clients for 90–180 days. If you're opening a new account, Tangerine's promotional rate can beat EQ Bank's standard rate in the short term. After the promotion ends, move the funds to EQ Bank for the ongoing higher standard rate. CDIC insured (separate member from Scotiabank).
Simplii offers similar promotional rates to Tangerine for new clients. The same strategy applies: take advantage of the promo, then move funds to EQ Bank. CDIC covered as a CIBC division.
KOHO earns interest on your full account balance — not just a designated savings portion. It's not the highest savings rate available, but the convenience of earning interest on money you're actively spending from is valuable. Use KOHO for your spending float and EQ Bank for dedicated savings. CDIC insured via Peoples Bank of Canada. Open with code 45ET55JSYA for a signup bonus.
Wealthsimple Cash earns a competitive savings rate on your full balance. Best for Wealthsimple investing customers who want seamless transfers between spending and investment accounts.
Motusbank offers a competitive savings rate with unlimited DICO deposit insurance for Ontario residents. A strong option for credit union-minded Canadians.
Consider a $20,000 savings balance held for one year:
Over 5 years with compounding, the gap between 0.01% and 3.5% on $20,000 is approximately $3,800. There is no investment risk involved — both are CDIC-insured savings accounts.
If your TFSA contribution room is available, holding your HISA inside a TFSA is better — interest earned is completely tax-free. EQ Bank, Tangerine, Simplii, and Motusbank all offer TFSA savings accounts. Prioritize maxing your TFSA before holding large amounts in a non-registered HISA.
HISA rates in Canada follow the Bank of Canada policy rate. When the BoC raises rates, HISA rates increase. When the BoC cuts rates, HISAs follow downward — though often with a lag. EQ Bank and other online banks tend to pass rate changes through more quickly than Big 5 banks. The current rate environment in 2025 remains favorable for HISA holders relative to the near-zero rates seen in 2020–2021.
Both are safe, CDIC-insured options. The key difference is liquidity:
For an emergency fund, use a HISA (accessible anytime). For money you won't need for 1–5 years, a GIC at EQ Bank may earn slightly more with a fixed, predictable rate.
KOHO earns interest on your full balance with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — Use Code 45ET55JSYAEQ Bank is the top HISA choice for ongoing savings rates in Canada for 2025. Use Tangerine or Simplii for promotional rates when opening new accounts, then migrate to EQ Bank for the long term. Hold your HISA inside a TFSA whenever possible. And use KOHO as your everyday spending account to earn interest on your spending balance simultaneously.