Updated March 2025 · 7 min read

Best High-Interest Savings Accounts in Canada 2025

Key Finding: Big bank savings accounts pay as little as 0.01–0.05% interest. Online banks and credit unions regularly offer 3–4%+ with no fees and full deposit insurance. Switching takes 15 minutes.

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.

Best High-Interest Savings Accounts in Canada 2025

Rates are approximate as of March 2025 and subject to change. Promotional rates may apply for limited periods.

InstitutionRegular RateMonthly FeeCDIC?Best Feature
EQ Bank~3.00%$0YesHigh base rate, no fees, TFSA/RRSP available
Simplii Financial~0.40% (promo up to 5%)$0Yes (CIBC)No-fee chequing + savings combo
Tangerine~0.50% (promo up to 5%)$0Yes (Scotiabank)No-fee banking, promos for new money
Oaken Financial~3.40%$0YesOften highest base rate
Peoples Bank~3.00%$0YesCompetitive base rate
Manulife Bank~2.75%$0YesBundled with mortgage products
KOHOUp to 3.00%$0 (free tier)Yes (via partners)Cash back + savings in one app
TD Bank~0.05%$0–$15YesConvenience for existing TD customers
RBC~0.05%$0–$15YesConvenience for existing RBC customers

EQ Bank: Best Overall HISA

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: Best Rate for Pure Savings

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 and Simplii: Best for Everyday Banking + Savings

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: Cash Back + Savings

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.

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HISA vs GIC: Which Is Better?

FactorHISAGIC
Rate3–3.5% (variable)3.8–4.5% (locked in)
Access to fundsAnytimeLocked until maturity
Rate riskRate can dropRate guaranteed
Best forEmergency fund, short-termMoney you won't need for 1–5 years
Strategy: Keep 3–6 months of expenses in a HISA (EQ Bank or Oaken) as your emergency fund. For any savings beyond that with a 1+ year horizon, move to a GIC for a higher guaranteed rate.

HISA Tax Treatment

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.

Frequently Asked Questions

Are online bank savings accounts safe?

Yes. EQ Bank, Oaken, Simplii, and Tangerine are all CDIC members. Deposits up to $100,000 per category are insured against institutional failure.

How do I open an EQ Bank account?

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.