Outlook Spotlight

The 11 Best High-Interest Savings Accounts In Canada

Learn about the best high-interest savings accounts in Canada, including EQ Bank, Simplii, Tangerine, and Scotiabank high-interest savings accounts.


Best High-Interest Savings Accounts

Fast-track your savings with a high-interest savings account (HISA) and earn more than a traditional savings account.

With a HISA in Canada, you can earn up to 6.00% or even more, grow your wealth faster and get a better return over time, compared to regular savings.

Keep reading to learn about the best high-interest savings accounts in Canada, including Tangerine, Scotiabank high interest savings account, Simplii and others.

High-Interest Savings Accounts

Best High-Interest Savings Accounts in Canada

Below are our picks for the best high-interest savings accounts offering some of the most competitive rates in Canada.


Simplii Financial High-Interest Savings Account

Simplii Financial, a division of Big Five bank CIBC, provides a range of products and services, including a High Interest Savings Account (earn 6% interest and more).

The Simplii HISA offers great interest rates on every dollar, plus the ability to access your money anytime you need it.

Eligible individuals can open a Simplii HISA with $1 and earn interest without any minimum balance. It features zero-fee transactions so you can make deposits, withdrawals and transfers at no cost.

Depositing funds through direct transfers from your checking account or payroll to your Simplii HISA is also easy with automatic deposits.


A Simplii HISA is backed by CIBC, which safeguards its online banking feature with one of the most secure forms of encryption for Internet browsers.

When you open a Simplii no-fee chequing account at the same time, you can get a $400 welcome bonus.

EQ Bank Savings Plus Account

EQ Bank Savings Plus Account offers high interest rates with zero monthly fees, unlimited transactions, plus the flexibility of chequing.

With this HISA, you get higher-than-average interest rates on everyday banking and when you use direct deposit for your pay or set up recurring pre-authorized debits.

Other benefits it offers are free and unlimited Interac e-Transfers, bill payments and electronic fund transfers. There is no required minimum balance or separate accounts for savings or chequing.

EQ Bank also offers the EQ Bank Card, a prepaid reloadable card that lets you earn interest and cash back when you transfer funds from your Savings Plus Account to the card.

With this card, you can make free withdrawals from any ATM in Canada and earn cash back (paid monthly) on any purchase.

The EQ Bank Savings Plus Account is not available to residents of Quebec. It also has a maximum balance of $200,000 per customer.

Scotiabank MomentumPLUS Savings Account

The MomentumPLUS Savings Account from Scotiabank is another HISA offering one of the best interest rates in Canada.


The Scotiabank high interest savings account has no monthly account fees, no required minimum balance and includes unlimited self-service transfers. Plus, you can save for multiple goals with just this account.

This HISA works like a guaranteed investment certificate (GIC), so the longer you save your money, the higher your interest rate will be.

Along with these benefits, you also enjoy perks like the Scotia mobile app or online banking that lets you transfer funds, view transaction history, etc.

Among the cons of the MomentumPLUS Savings Account is that it is not designed for everyday banking, including purchases, payroll deposits and ABM transactions.


Another disadvantage is the $5 fee it charges for every debit transaction that is not self-service. It also does not provide paper statements.

Neo Money Account

Neo Money is a no-fee hybrid high-interest savings account provided by Concentra Bank. It works like a savings account, chequing account and premium rewards card in one.

It features no monthly or annual fees, no minimum balances, free everyday transactions, and includes a consolidated view of all transactions.

Its auto-saving feature lets you deposit Interac e-Transfer requests to your Neo Money account, while its automated payment feature helps you take care of your bills.


When you spend with a Neo Money card, you get high interest on your savings and earn unlimited cashback.

The Neo Money card is a prepaid Mastercard that you can use like a debit card, allowing you to access cash and spend your money online and in-store without manually loading funds onto your prepaid card.

Neo Money is an online-only service and is not available in Quebec.

KOHO Spending and Savings Account

At KOHO, earning high interest rates is as easy as opening a Spending and Savings Account plan and opting in to earn interest that is higher than what conventional banks in Canada offer.


High-interest savings plans include Essential, Extra and Everything.

All transactions are unlimited and free. There are no minimum balances, no NSF fees and all Interac e-Transfers are free.

When you sign up at KOHO, you will also receive a Mastercard prepaid debit card, which can earn cashback rewards on eligible purchases (up to 5% cash back on purchases). It works for both online and in-person purchases and is accepted at millions of locations worldwide.

KOHO also comes with a free budgeting app you can use to improve your finances.

As KOHO is a digital bank, the service is only available online.


HSBC High Rate Savings Account

The HSBC High Rate Savings Account from HSBC offers maximum savings, competitive interest rates on every dollar in your account and control over your finances.

This account is ideal for you if you are saving for the short- or long-term, want your savings to work harder and if you are making only a few debit transactions.

It requires no minimum balance to start earning interest, charges no monthly account fees and offers free fund transfers between your HISA and other HSBC accounts. It also includes three free debit and withdrawal transactions.

One disadvantage to the HSBC HISA is that its top interest rate can be significantly lower than some of the competitors listed above.


Tangerine Savings Account

Tangerine Bank, a wholly-owned subsidiary of The Bank of Nova Scotia, offers the Tangerine Savings Account, which features a high savings rate and cash back for new clients.

The Tangerine high interest savings account offers various benefits, including no minimum balance, no monthly fees and no service charges. It also includes unlimited free self-serve transactions every month.

By using promo code EARNMORE when opening an eligible Tangerine savings account, you earn a special savings rate for five months. The regular interest rate applies thereafter.

To be eligible for the high savings rate and a welcome bonus, you must open your first savings account within 30 days of becoming a Client. To start earning your bonus, activate your Client Card and use it for online purchases and bill payments.


While the interest rate Tangerine Bank offers is higher than the rates at major Canadian banks, it is considerably lower compared with the interest rates at other digital banks.

Motive Savvy Savings Account

Motive Savvy Savings Account is a high interest savings account offering a competitive interest rate. It is provided by Motive Financial, an online bank and division of Canadian Western Bank.

The HISA comes with no monthly fees, free deposits, unlimited transfers between accounts and two free withdrawals per month.

Motive defines withdrawals as online bill payments, Interac e-Transfers, automatic payments, electronic funds transfers to other financial institutions, and ATM withdrawals.


The service is not offered in Quebec. Also, a fee of $5 per transaction will apply for additional withdrawal transactions. There is likewise a $5 fee for each Interac e-Transfer transaction. A $1.50 fee also applies for non-EXCHANGE Network ATM withdrawal fees.

Saven Financial High-Interest Savings Account

The High Interest Savings Account from Saven Financial, an online platform and a division of FirstOntario Credit Union, offers one of the best interest rates in Canada.

An initial investment of $25 will make you a Saven Financial member. Savings account holders enjoy free transfers, no minimum balance, no monthly and no account fees.


To open a Saven Financial HISA, you are required to purchase $25 in membership shares of FirstOntario and keep the deposit as long as you are a member.

Saven Financial does not charge monthly fees, but will apply NSF fees of $50 per item, NSF handling fees of $10 and an overdraft charge of 21%.

The online-only service is not available to residents outside of Ontario.

CIBC eAdvantage Savings Account

The eAdvantage Savings Account from CIBC lets you earn interest on every dollar with its competitive rate and free online transfers between your accounts.

The CIBC high interest savings account includes eDeposits, transfers, incoming Interac e-Transfer service and paperless account statements.


You enjoy no monthly fees and free money transfers between your CIBC personal bank accounts anywhere you bank with CIBC. You can also AutoSave to automate your savings and set up automatic transfers.

When you save $200 or more in any month, you can get Smart interest on top of your regular interest.

The CIBC high interest savings account has several disadvantages compared to some of its competitors. Its interest rate is much lower than those offered by digital banks.

It also does not offer free transactions. From debit purchases to bill payments, cheques, pre-authorized payments and branch transfers, every transaction will cost you $5 each.


RBC High-Interest eSavings Account

The RBC High-Interest eSavings Account features high interest on every dollar, with no minimum deposit requirements and monthly fee.

First-time clients who open an RBC High-Interest eSavings Account by 3 PM EST on December 22, 2023, will get a high interest rate for three months (on balances up to $1,000,000).

It offers easy access to your money, allowing you to transfer money instantly online at no cost to your RBC High-Interest eSavings Account. You also get free access to RBC online, mobile and telephone banking.

Some disadvantages of the high interest savings account from RBC include the Interac e-Transfer fees of $1-$2. There are also PLUS System ATM network access fees of $3 within Canada and $5 outside Canada.


Top HISA Rates in Canada

Financial Services Provider

Name of HISA Account

Interest Rate

EQ Bank

Savings Plus Account


Simplii Financial

High-Interest Savings Account

Introductory rate of 6.00% for new clients for 5 months




MomentumPLUS Savings Account

Earn a mix of regular interest, a premium period interest, and welcome bonus interest



Money Account



High Interest Savings Accounts

Up to 4.5% interest rate


High Rate Savings Account

Tiered interest based on balance

Tangerine Bank

Tangerine Savings Account

Regular interest rate - 1.00%

Motive Financial

Motive Savvy Savings Account

Tiered interest based on balance


Saven Financial

Saven Financial High-Interest Savings Account

Check website


eAdvantage Savings Account

Tiered interest based on balance


RBC High-Interest eSavings Account

Check website

How to Open a High-Interest Savings Account in Canada

Once you have chosen a high-interest savings account that fits your needs, opening a HISA will be easy and take a few minutes to complete.

Before you can open an account, you will typically need to be a Canadian with a permanent address and above the age of majority in your province or territory. Depending on where you will apply for a HISA, you will usually need to provide the following:


  • Personal information (full name, complete mailing address, date of birth, phone number)
  • Valid email address
  • Social insurance number (SIN)
  • Government-issued identification
  • Employment information
  • Annual income

Here are the steps you will need to follow when applying for a HISA at an online bank:

  1. Go to the website of the bank or digital bank you want to open an account with.
  2. Find and click the button indicating where to open an online account.
  3. Read the HISA description carefully, including the interest rate, account details, fees and the fine print.
  4. If you are satisfied with what you have read, finish the loan application form and submit it
  5. Depending on the provider, you may need to wait for an email that will notify you how to activate your account.


What is the Difference Between a Regular and High-Interest Savings Account?

A regular savings account offers very little interest, while a high-interest savings account, as its name suggests, has a significantly higher interest rate.

A traditional savings account is an excellent place to keep surplus money you do not need for daily transactions.

Alternatively, a HISA is ideal if you want to save money geared toward a specific purpose, such as home renovation or college tuition.

HISAs grow your money quicker but may be subject to minimum balance requirements, withdrawal or transfer limits or transaction fees.

How Does a High-Interest Savings Account Work?


A high-interest savings account works similarly to any other savings account. When you deposit your money in a HISA, the bank will typically access it and lend it to other clients. In return, the bank pays you interest.

While HISA interest is often presented as an annual percentage yield, banks calculate it daily and pay it back into your account monthly. This enables you to earn compound interest (or interest on the interest) in your account. Some banks, however, only pay a higher interest rate if you keep a minimum balance.

How to Choose the Best High-Interest Savings Account in Canada


Finding the best high-interest savings account involves factors you must consider before you open a HISA.

Interest rate. This is the most crucial factor to look out for when selecting a HISA. Choosing a higher interest rate enables you to maximize your savings faster. Look for an interest rate that outpaces the rate of inflation. Avoid HISA interest rates that have not kept up with the inflation rate.

Compounding frequency. The interest you earn on a HISA can compound on a daily, weekly, monthly, quarterly or annual basis. As your interest compounds, your savings earn interest on your interest. Thus, the more frequently your interest compounds, the more interest you earn in the long run.


Account fees. Banks often charge monthly service fees or other fees, including account fees. These may wipe out the interest you earn on your HISA. Check for account fees on the fee schedule. Some providers waive the fees, provided you maintain a minimum balance in your account.

Transfer fees. When you transfer money into and out of your HISA, your bank may charge you a fee, depending on the type of transfer. Larger banks usually charge higher than digital banks, so it is best to review the fine print before you decide.


A high-interest savings account (HISA) is a financial product that lets you grow your savings much faster than a regular savings account.


Some of the top providers of HISAs offering the most competitive interest rates include Tangerine Bank, Scotiabank, EQ Bank, Simplii Financial, KOHO, CIBC and RBC.

Choosing the best HISA involves looking at factors like interest rates, compounding frequency, account fees and transfer fees.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.