See exactly how much interest you'll earn — and how much you're losing at your bank's low rate.
💰 Calculate Your Savings Interest
$0
Final Balance
$0
Total Interest Earned
$0
Total Contributions
$0
Avg Monthly Interest
At a big bank's 0.01% rate, you'd only earn:
$0 in interest
You're earning $0 more by choosing a high-interest account!
📊 Interest Earned by Rate (Year 5)
📅 Year-by-Year Growth
Year
Balance
Interest Earned This Year
Total Interest
🏦 Current Canadian HISA Rates 2026
Institution
Savings Rate
Type
Insured By
EQ BankBEST RATE
3.75%
HISA (no fee)
CDIC
Simplii Financial
0.40%
HISA (no fee)
CDIC (CIBC)
Tangerine
2.50% (promo)
HISA (promo rate)
CDIC (Scotiabank)
Wealthsimple Cash
3.50–4.50%
HISA (tiered)
CDIC
Neo Financial
2.25%
HISA
CDIC (ATB)
Oaken Financial
3.40%
HISA
CDIC
RBC / TD / Scotia
0.01–0.05%
Standard savings
CDIC
Coast Capital CU
2.00%
HISA
CUDGC-BC
Rates current as of March 2026. Verify directly with institution before opening account.
💡 The $100K Rule: Why Your Bank Is Costing You Thousands
On a $20,000 savings balance over 5 years:
At RBC/TD/Scotia (0.01%): $10 in interest
At EQ Bank (3.75%): $4,198 in interest
The difference: $4,188 — left on the table by staying with a big bank savings account.
How Canadian Savings Accounts Work
What Is a HISA?
A High-Interest Savings Account (HISA) works just like a regular savings account but pays significantly more interest. The key difference is the institution — digital banks like EQ Bank have lower overhead costs and pass those savings on as higher interest rates.
HISAs in Canada are CDIC-insured (or credit union insured), meaning your money is just as safe as at any big bank. The only real difference is the rate — and that difference adds up to thousands of dollars over time.
Compound Interest vs Simple Interest
Most Canadian savings accounts compound interest monthly. This means you earn interest on your interest — slightly more than simple annual interest. On a $100 balance at 3.75%, monthly compounding earns $382 vs $375 from simple annual calculation.
The difference becomes more significant at higher balances and over longer time horizons. Our calculator uses monthly compounding to give you the most accurate estimate.
TFSA vs RRSP vs Regular Savings
Where you hold your HISA matters for taxes:
TFSA: Interest grows tax-free. Best option for most Canadians. 2026 contribution room: $7,000 new + any unused prior room.
RRSP: Interest grows tax-sheltered until withdrawal. Best for high earners who expect lower tax rates in retirement.
Non-registered: Interest is fully taxable as income each year. Only use after maxing TFSA/RRSP.
EQ Bank offers both regular HISA, TFSA HISA, and RRSP HISA — all at the same 3.75% rate.
Best HISA rate in Canada
EQ Bank 3.75%
No monthly fees · CDIC insured · TFSA & RRSP accounts available · Instant transfers
What is the best savings account rate in Canada right now? +
As of March 2026, EQ Bank offers the best regular HISA rate at 3.75% — no fees, CDIC-insured, available as TFSA and RRSP. Wealthsimple Cash offers up to 4.5% for Premium/Generation members. For guaranteed rates, EQ Bank GICs offer 4.50% for 1-year terms.
Is a TFSA or regular HISA better for savings? +
A TFSA HISA is almost always better than a regular HISA. In a TFSA, interest earned is completely tax-free — you won't owe any income tax on the interest, ever. In a regular HISA, interest is taxable as income each year. Always max your TFSA before using a non-registered savings account.
How does compound interest work in savings accounts? +
Most Canadian savings accounts compound interest monthly. This means each month, your interest is added to your principal balance, and the next month's interest is calculated on the higher balance. Over time, this creates exponential growth. At 3.75% compounded monthly on $100, you'll earn $382 in year one vs $375 with simple annual interest — a small but growing difference.
Is my money safe in a digital bank like EQ Bank? +
Yes. EQ Bank is a federally chartered Schedule I bank in Canada, regulated by OSFI. Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor category. This is identical protection to RBC, TD, or Scotiabank — the rate is higher simply because EQ Bank has lower overhead costs as a digital-first bank.
How much should I keep in a savings account vs invest? +
A common guideline: keep 3–6 months of expenses in a HISA as an emergency fund. Beyond that, money you won't need for 5+ years is generally better invested in stocks or ETFs (which historically return 7–10% annually) than sitting in a savings account. For medium-term goals (1–4 years), GICs at 4.50% or a HISA at 3.75% may be appropriate.
Stack Your Savings Strategy
EQ Bank for savings (3.75%) + KOHO for spending (1–2% cashback + $100 bonus) = maximum value.