Earn interest on your everyday chequing balance — compare the best high-interest accounts in Canada
Traditional bank chequing accounts earn 0.01% interest — essentially nothing. But in 2025, several Canadian financial institutions offer chequing or hybrid accounts that pay meaningful interest rates on your everyday balance. Here's how they compare.
KOHO Extra is a paid tier ($19/month or $84/year) that unlocks up to 6% interest on savings balances and enhanced cashback. For Canadians with larger balances, the interest earned far exceeds the plan fee.
KOHO Free (base plan) is still permanently free with $0 monthly fee and earns a base interest rate. Code 45ET55JSYA gets you $100 free on any KOHO plan.
Wealthsimple Cash is a hybrid cash account that earns a competitive interest rate on all balances with no monthly fee. It integrates seamlessly with Wealthsimple's investment platform.
EQ Bank's Personal Account earns 2.50%+ on all balances with no monthly fee and no minimum. One of the most reliable high-interest accounts in Canada, backed by Equitable Bank (CDIC member).
| Account | Interest Rate | Monthly Fee | Min Balance | Cashback |
|---|---|---|---|---|
| KOHO Extra | Up to 6% | $7–$19/month (or annual) | $0 | Up to 2% |
| KOHO Free | Base rate | $0 | $0 | Up to 1% |
| Wealthsimple Cash | 4%+ | $0 | $0 | No |
| EQ Bank | 2.50%+ | $0 | $0 | No |
| Neo Financial | 2.25%+ | $0 | $0 | Up to 5% |
| TD, RBC, Scotiabank | 0.01% | $10.95–$30 | $3,000–$6,000 | No |
Open KOHO with code 45ET55JSYA for $100 free and start earning interest immediately. No monthly fees required.
Open KOHO — Code: 45ET55JSYAMost Big Five bank chequing accounts pay negligible interest (0.01% or less — effectively zero). However, several digital banks and fintechs offer high-interest hybrid accounts: KOHO Extra (up to 6%), Wealthsimple Cash (4%+), EQ Bank (2.50%+), and Neo Financial (2.25%+) all pay meaningful interest on everyday balances with no monthly fees.
As of 2025, KOHO Extra offers the highest published rate at up to 6% on qualifying balances. Wealthsimple Cash is close at 4%+. These rates can change — always verify current rates directly with the provider. Big Five banks offer essentially 0% on chequing.
If your high-interest chequing account earns the same rate as a savings account (as KOHO and Wealthsimple do), there's no practical difference. However, traditional savings accounts at Big Five banks pay slightly more than their chequing accounts. For maximum interest, use a dedicated high-rate account like EQ Bank or Wealthsimple for your emergency fund and savings.
Yes. Interest income from any Canadian bank or fintech account is taxable as income. Your bank will issue a T5 slip for interest earned if it exceeds $50 in the year. Interest earned inside a TFSA is tax-free — consider holding your high-interest account inside a TFSA if available.
Yes. KOHO's interest rates are variable and can change based on the Bank of Canada's overnight rate and KOHO's product decisions. Rates are disclosed in KOHO's app and on their website. The current rate at time of account opening may be different from future rates.