COMPARE ACCOUNTS

High Interest Savings

Compare the top-rated accounts for High Interest Savings available right now.

RBC Royal Bank
RBC
Royal
Bank
CDIC Insured

RBC High Interest eSavings

Canada-wide CAD Savings Account
4.60%
Interest Rate
$0.00
Monthly Fee
No Monthly Fees Online and Mobile Banking
Special Welcome Bonus
Special Offer: Earn a promotional interest rate of 4.60% for the first 3 months when you open your first RBC High Interest eSavings account. Offer expires June 9, 2026. Conditions apply.
Special Offer
High interest on every dollar. No minimum deposit. Free 24/7 account transfers.
Get Started

On RBC Royal Bank's secure site

Neo Financial
Neo
Financial
CDIC Insured

Neo Savings Account

Canada-wide CAD Savings Account
3.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Joint Account Option No minimum balance Online and Mobile Banking
Special Offer
Earn up to 3.00% interest when you meet combined balance requirements across your Neo accounts.
Get Started

On Neo Financial's secure site

Simplii Financial
Simplii
Financial
CDIC Insured

Simplii USD Savings Account

Canada-wide USD Savings Account
2.80%
Interest Rate
$0.00
Monthly Fee
International Money Transfers US Dollar Account
Special Offer
Earn a 2.80% standard annual rate. Send USD to the U.S. for free. No minimum balance required.
Get Started

On Simplii Financial's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank 30-Day Notice Savings Account

Canada-wide CAD Savings Account
2.75%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance Telephone Banking
Special Offer
Funds available 30 days after withdrawal request.
Get Started

On EQ Bank's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank US Dollar Account

Canada-wide USD Savings Account
2.50%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance Online and Mobile Banking US Dollar Account
Get Started

On EQ Bank's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank 10-Day Notice Savings Account

Canada-wide CAD Savings Account
2.35%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance Telephone Banking
Special Offer
Funds available 10 days after withdrawal request.
Get Started

On EQ Bank's secure site

Wealthsimple
Wealthsimple
CDIC Insured

Wealthsimple USD Savings

Canada-wide USD Savings Account
Up to
3.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
No Monthly Fees Self-Directed Investment Options No minimum balance Online and Mobile Banking US Dollar Account
Special Offer
Earn 2.25% to 3.25% interest. Unlock a +0.5% boost with CAD direct deposit. No minimums.
Get Started

On Wealthsimple's secure site

CIBC
CIBC
CDIC Insured

CIBC Savings (FHSA)

Canada-wide CAD Savings Account
2.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees
Get Started

On CIBC's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank RRSP Cash Savings Account

Canada-wide CAD Savings Account
1.50%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance
Special Offer
Supports Home Buyers’ Plan (up to $60k) and Lifelong Learning Plan (up to $20k). Not available in Quebec.
Get Started

On EQ Bank's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank FHSA Cash Savings Account

Canada-wide CAD Savings Account
1.50%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance
Get Started

On EQ Bank's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank TFSA Cash Savings Account

Canada-wide CAD Savings Account
1.50%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance
Get Started

On EQ Bank's secure site

Neo Financial
Neo
Financial
CDIC Insured

Neo High-Interest Savings Account

Canada-wide CAD Savings Account
1.25%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance
Special Offer
Earn a steady 1.25% interest rate on every dollar with no monthly fees.
Get Started

On Neo Financial's secure site

Wealthsimple
Wealthsimple
CDIC Insured

Wealthsimple FHSA Savings

Canada-wide CAD Savings Account
Up to
2.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured
Switch Offer
Covers transfer fees for $25k+ moves.
Special Offer
The Unreal Deal: Get up to a 3% match on transfers by March 31.
Get Started

On Wealthsimple's secure site

Wealthsimple
Wealthsimple
CDIC Insured

Wealthsimple RRSP Savings

Canada-wide CAD Savings Account
Up to
2.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured
Switch Offer
Covers transfer fees for $25k+ moves.
Special Offer
The Unreal Deal: Get up to a 3% match on transfers by March 31.
Get Started

On Wealthsimple's secure site

Wealthsimple
Wealthsimple
CDIC Insured

Wealthsimple TFSA Savings

Canada-wide CAD Savings Account
Up to
2.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured No Monthly Fees No minimum balance
Switch Offer
Covers transfer fees for $25k+ moves.
Special Offer
The Unreal Deal: Get up to a 3% match on transfers by March 31.
Get Started

On Wealthsimple's secure site

National Bank of Canada
National
Bank
of
Canada
CDIC Insured

Cash Advantage Solution

Canada-wide CAD Savings Account
Up to
2.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured
Get Started

On National Bank of Canada's secure site

National Bank of Canada
National
Bank
of
Canada
CDIC Insured

National Bank High Interest Savings Account

Canada-wide CAD Savings Account
0.55%
Interest Rate
$0.00
Monthly Fee
CDIC Insured eStatement and eNotifications
Get Started

On National Bank of Canada's secure site

BMO Bank of Montreal
BMO
Bank
of
Montreal
CDIC Insured

BMO Savings Amplifier Account

Canada-wide CAD Savings Account
0.50%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Online and Mobile Banking
Earn a $150 Welcome Bonus
Earn $150 when you open by June 1, 2026, deposit $10,000+ within 30 days, and maintain that balance for 90 days (must also qualify for Chequing offer). Plus, get a 12-month Walmart Delivery Pass when you sign up using your BMO Debit Mastercard.
Welcome Bonus
Earn $150
When you open an account
Get Started

On BMO Bank of Montreal's secure site

Scotiabank
Scotiabank
CDIC Insured

MomentumPLUS Savings Account

Canada-wide CAD Savings Account
4.75%
Interest Rate
$0.00
Monthly Fee
No Monthly Fees Welcome Bonus Offer No minimum balance
Special Offer
Includes a 4.05% welcome bonus for the first 3 months, plus up to 0.45% in premium period bonuses and up to 0.10% package boosts.
Get Started

On Scotiabank's secure site

Servus Credit Union
Servus
Credit
Union
CDIC Insured

Servus Tax-Free Premium Savings

Regional CAD Savings Account
0.35%
Interest Rate
$0.00
Monthly Fee
CDIC Insured
Special Offer
Earn tiered interest plus annual Profit Share® Rewards. Unlimited transfers between Servus registered products.
Get Started

On Servus Credit Union's secure site

Savings Accounts Guide Canada-focused, plain-English

Make your idle cash work harder for you

A savings account is where your money grows securely. Whether you're parking an emergency fund, saving for a down payment, or just looking to beat inflation with a High-Interest Savings Account (HISA), this guide helps you navigate rates and hidden fees.

5-minute checklist before you pick

Base vs. Promo Rate
Is the advertised 5.5% rate permanent, or does it drop to 1% after 3 months?
Withdrawal Fees
Savings accounts often charge high fees for debits or e-Transfers out. Check the limits.
Minimum Balances
Do you need to keep $5,000 in the account to earn the top interest tier?
Linkability
Can you easily link this to your primary chequing account at another bank?
Account Type
Are you opening a regular non-registered savings, or housing it inside a TFSA/RRSP?
CDIC Protection
Verify that the institution is a CDIC member (or provincial equivalent) so your cash is insured.
Tip: If you are sorting by "Highest Rate", always click into the details to see if it requires setting up direct deposit or if it's a limited-time welcome bonus.

How to use this page

Use the controls above to filter between High-Interest Savings (HISA), TFSA Savings, and US Dollar accounts.

Best for
Growing idle cash
Compare
Base yields vs Promos
Watch
Withdrawal fees
Always
Check the fine print

Savings account traps (and how to avoid them)

Policies vary by institution
The Trap What it is How to avoid it
The "Promo Cliff" A high teaser rate (e.g., 6%) that plummets to a low base rate (e.g., 0.5%) after a few months. Set a calendar reminder for when the promo ends so you can move your funds to a better base rate.
Transaction Fees Paying $5 just to transfer money out of your savings or to send an Interac e-Transfer. Always transfer from Savings to your connected Chequing account first, then send the e-Transfer.
Tiered Interest The bank advertises 4%, but you only earn that rate on balances over $100,000. Read the rate tiers carefully. Look for "flat rate" HISAs that pay the same yield on every dollar.
Monthly Maintenance Fees A charge just for keeping the account open, which eats up all your earned interest. Stick to online/digital banks and no-fee HISAs—you should never pay a monthly fee for a savings account.
New Money vs. Existing Balance Promos
Banks often run promotions giving bonus interest only on "new deposits". If you already have $10,000 in the bank, that money might earn 1%, while the fresh $5,000 you just transferred in earns 5%. Always read the terms of the bonus offer.
Tax-Free Savings (TFSA)
If you open your HISA inside a TFSA wrapper, you won't pay any tax on the interest you earn. Just make sure you track your contribution room with the CRA to avoid over-contribution penalties.

Pick the right savings strategy

Match the type of account to your specific financial goal.

Emergency Fund
Requires instant access. A standard HISA at your primary bank (or an easily linked digital bank) is best. Do not lock this in a GIC.
House Downpayment
Look into an FHSA (First Home Savings Account) or a high-yield TFSA. You want maximum growth and tax sheltering.
Cross-Border Travel
If you frequently travel to the US or hold US cash, a dedicated USD Savings Account prevents you from losing money to daily exchange rate fluctuations.
Rate Chasing
For those willing to move money every 3-6 months. Keep your core chequing static, but cycle your savings between digital banks offering the highest promos.

Savings accounts FAQ

Short answers, real-world focus

HISA stands for High-Interest Savings Account. It functions like a regular savings account but offers a significantly higher interest rate, usually provided by online-only or digital banks that pass their branch-savings onto you.

Yes. If your savings account is non-registered, the interest you earn is fully taxable at your marginal tax rate. To avoid this, you can open your savings account inside a TFSA (Tax-Free Savings Account).

In most Canadian savings accounts, interest is calculated daily based on your closing balance, and then paid out monthly. Ratebuddy Corp listings display the annualized rate.

Mini glossary (fast definitions)

HISA High-Interest Savings Account.
Yield The income returned on your deposit, expressed as a percentage.
Promo Rate A temporary, elevated interest rate used to attract new customers.
TFSA Tax-Free Savings Account (interest earned inside is not taxed).
CDIC Canada Deposit Insurance Corporation (protects your deposits if the bank fails).
Base Rate The permanent, ongoing interest rate you earn after any promotions expire.