Best High-Interest Savings Account Rates in Canada — June 2026

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Best HISA Rates at a Glance — June 2026

Rates as of June 2026. Subject to change. Verify with the institution before applying.

What Is a High-Interest Savings Account (HISA)?

A high-interest savings account (HISA) is a deposit account that pays a significantly higher interest rate than a standard savings account. While a typical big-bank savings account might earn 0.01% annually, the best HISAs available to Canadians in June 2026 pay between 3.00% and 4.00%. On a $20,000 balance, that’s the difference between earning $2 per year and $800.

HISAs are offered by federally regulated banks, credit unions, and digital financial institutions. They work like any savings account: deposit money, earn interest, and withdraw whenever you need it. Unlike a GIC or bond, your money is not locked in — you can access it at any time without penalty.

What makes a HISA worth evaluating carefully:

  • The rate — regular vs. promotional: Many institutions offer an elevated promotional rate to new depositors (typically for 3–6 months), after which the rate drops to the regular rate. Always look at the regular rate when comparing accounts long-term.
  • Monthly fees: Any account with a maintenance fee requires a large balance just to break even. The best HISAs charge $0/month.
  • CDIC insurance: Every account on this page is held at a CDIC-member institution unless otherwise noted, meaning deposits are insured up to $100,000 per insured category. This is a minimum requirement for our rankings.
  • Transfer flexibility: How quickly can you move money in and out? Look for free, unlimited Interac e-Transfers or EFT transfers.
  • Account minimums: The best accounts have no minimum deposit requirement, though some — like Oaken Financial — require $1,000 to open.

How Ratepura researches and ranks HISAs: We review more than 20 Canadian savings accounts quarterly. Rankings are based on the regular posted rate, monthly fees, CDIC status, transfer flexibility, and account accessibility. We do not accept payment to place any institution higher in our rankings. For full methodology, see our methodology page.

All rates below are as of June 2026 and subject to change. Confirm current rates directly with the institution before applying.

Best High-Interest Savings Account Rates in Canada — June 2026

The following five accounts represent our top picks based on rate, fees, CDIC coverage, and overall account quality.

Institution Rate Min. Balance CDIC Insured Monthly Fee Transfers
Wealthsimple Cash 4.00% (promo) $0 Yes (partner banks) $0 Unlimited free Open Account
EQ Bank Savings Plus 3.75% $0 Yes (Equitable Bank) $0 Unlimited free Open Account
Oaken Financial 3.70% $1,000 Yes (Home Trust) $0 2 free/month Open Account
Simplii Financial 3.25% $0 Yes (CIBC) $0 Unlimited free Open Account
Tangerine Savings 3.00% $0 Yes (Tangerine Bank) $0 Unlimited free Open Account

EQ Bank Savings Plus Account — 3.75%

EQ Bank (a division of Equitable Bank, a federally regulated Schedule I bank) consistently offers one of Canada’s highest non-promotional savings rates. The Savings Plus Account earns 3.75% on all balances with no minimum deposit requirement and no monthly fees. EQ Bank also functions as a full digital banking platform — you can use it for bill payments, e-Transfers, and international money transfers, making it a strong option for Canadians who want high interest without sacrificing functionality. Deposits are CDIC insured up to $100,000 per insured category. The main limitation: EQ Bank has no physical branches and no ATM card for the savings account (though the EQ Bank Card is available for their Savings Plus Account).

Best for: Canadians who want a consistently high regular rate with full banking features and no minimums.
Open an EQ Bank Account →

Oaken Financial Savings Account — 3.70%

Oaken Financial, a brand of Home Trust Company (CDIC member), is consistently among the highest-paying savings accounts in Canada. The Oaken Savings Account offers 3.70% with no monthly fee, though it requires a $1,000 minimum deposit. Oaken is particularly popular with Canadians who hold both savings and GIC products, since Oaken’s GIC rates are also among the best available. Account access is entirely online. Note that Oaken processes transfers via EFT rather than Interac e-Transfer, which means same-day transfers are not available — allow 1–2 business days for fund movements.

Best for: Savers who also want access to top GIC rates and don’t mind a $1,000 minimum and slower transfers.
Open an Oaken Account →

Simplii Financial High-Interest Savings — 3.25%

Simplii Financial is CIBC’s no-fee digital banking brand, and its high-interest savings account earns 3.25% with no minimum balance and no monthly fees. As a CIBC subsidiary, Simplii is CDIC insured and deposits are held by Canadian Imperial Bank of Commerce. Simplii offers free Interac e-Transfers, a strong mobile app, and integration with CIBC ATMs — giving you cash access that pure online banks don’t offer. Simplii also offers a no-fee chequing account, making it easy to keep both spending and savings in one ecosystem.

Best for: Canadians who want a high rate with free ATM access and the backing of a major bank.
Open a Simplii Account →

Tangerine Savings Account — 3.00%

Tangerine (a subsidiary of Scotiabank) has been a fixture in the Canadian digital banking space since 1997. Its savings account earns a competitive 3.00% regular rate with no fees and no minimums. Tangerine frequently runs promotional offers of 5%–6% for new deposits (for 5 months), which can be valuable for new money. As a Scotiabank subsidiary, Tangerine deposits are CDIC insured. Tangerine also offers no-fee chequing, credit cards, and GICs, making it a full financial platform for Canadians who prefer to consolidate.

Best for: Canadians who want bundled banking (savings + chequing + card) with reliable rates and strong promotional offers for new deposits.
Open a Tangerine Account →

Wealthsimple Cash — 4.00% (Promotional)

Wealthsimple Cash is a hybrid chequing/savings account that currently offers a promotional rate of 4.00% — the highest on this list. Deposits are held at CDIC-member partner banks (including Purpose Investments’ banking partners), ensuring up to $500,000 in CDIC coverage through multi-institution deposit spreading. The account comes with no fees, unlimited e-Transfers, and a Visa debit card. However, the 4.00% rate is promotional — confirm the current regular rate with Wealthsimple before opening. The app-first experience is excellent, and integration with Wealthsimple’s investing platform makes it appealing for Canadians who invest and save in one place.

Best for: App-native savers who want the highest available rate and an all-in-one financial platform.
Open a Wealthsimple Cash Account →

Full HISA Rate Comparison Table — June 2026

The table below includes all major HISAs available to Canadians, sorted by rate. Accounts marked with a CDIC note are federally insured; credit union accounts are insured by their provincial body.

Institution Account Rate CDIC Insured Min. Balance Monthly Fee Interac e-Transfer
Wealthsimple Cash Wealthsimple Cash Account 4.00% (promo) Yes (partner banks) $0 $0 Unlimited free
EQ Bank Savings Plus Account 3.75% Yes (Equitable Bank) $0 $0 Unlimited free
Oaken Financial Oaken Savings Account 3.70% Yes (Home Trust) $1,000 $0 2 free/month (EFT)
Neo Financial Neo Money Account 3.00% Yes (Concentra Bank) $0 $0 Unlimited free
Simplii Financial High-Interest Savings 3.25% Yes (CIBC) $0 $0 Unlimited free
KOHO KOHO Earn Interest 3.00% (premium) Yes (Peoples Bank) $0 $0–$19/mo Unlimited
Tangerine Savings Account 3.00% Yes (Tangerine Bank) $0 $0 Unlimited free
Manulife Bank Advantage Account 2.90% Yes (Manulife Bank) $1,000 $0 Unlimited free
Scotiabank MomentumPLUS Savings 2.25% Yes (Bank of Nova Scotia) $0 $0 Varies by plan
RBC High-Interest eSavings 2.00% Yes (Royal Bank) $0 $0 Varies by plan
BMO Savings Amplifier Account 2.00% Yes (Bank of Montreal) $0 $0 Varies by plan

Rates as of June 2026. Rates subject to change without notice. Always verify with the institution before opening an account.

How HISA Interest Is Calculated

Understanding how your HISA interest is calculated helps you make better comparisons between accounts and avoid the “promotional rate trap” that catches many Canadians off guard.

Daily Balance Method

Most Canadian HISAs calculate interest on a daily basis using your closing balance, then pay that interest monthly. The formula is straightforward:

Daily interest = (Annual rate / 365) × Daily closing balance

Example: A $15,000 balance at 3.75% earns:
Daily: (3.75% / 365) × $15,000 = $1.54 per day
Monthly (30 days): ~$46.30
Annually: ~$562.50

Some accounts calculate interest monthly rather than daily. If two accounts have identical annual rates but one calculates daily and the other monthly, the daily-calculation account will compound slightly more often and produce a marginally higher effective yield — though the difference on a $15,000 balance is less than $1 per year.

Promotional vs. Regular Rates

This is the most important distinction when comparing HISAs. A promotional rate is a higher introductory rate offered to attract new deposits, typically valid for 3 to 6 months. After the promotional period ends, the rate drops to the regular posted rate.

A common scenario:

  • Institution A offers 5.50% promotional for 5 months, then 2.50% regular
  • Institution B offers 3.75% regular, no promotion

Over 12 months on $20,000:

  • Institution A: (5.50% × 5/12 × $20,000) + (2.50% × 7/12 × $20,000) = $458 + $292 = $750
  • Institution B: 3.75% × 12/12 × $20,000 = $750

In this example, they’re equal over 12 months — but if you hold past 12 months, Institution B pulls ahead. And if you don’t remember to move your money when the promo ends at Institution A, the lower regular rate quietly erodes your earnings.

The Promotional Rate Trap

Many Canadians open a HISA for the promotional rate and forget to reassess when it expires. To avoid this:

  • Set a calendar reminder for when the promotional period ends
  • Know the regular rate before opening the account
  • Compare total earnings over your expected holding period, not just the headline rate
  • Ratepura ranks by regular rate — promotional rates are noted separately

HISA vs. TFSA vs. RRSP: Which Should You Use?

A high-interest savings account, a Tax-Free Savings Account, and a Registered Retirement Savings Plan are not mutually exclusive — they serve different purposes and can be used together strategically.

High-Interest Savings Account (HISA)

  • Tax treatment: Interest is fully taxable as income in the year earned
  • Flexibility: Unlimited deposits and withdrawals, no contribution limits
  • Best for: Emergency fund, short-term savings goals (vacation, down payment, renovation), parking cash between investments
  • Drawback: Tax drag reduces your net return — at a 33% marginal tax rate, a 3.75% HISA returns ~2.51% after tax

Tax-Free Savings Account (TFSA)

  • Tax treatment: Contributions made with after-tax dollars; all growth and withdrawals are tax-free
  • Flexibility: Contributions limited by annual room ($7,000 in 2026, with lifetime room accumulating since 2009); withdrawals add back to room the following year
  • Best for: Medium-to-long-term savings that you want to shelter from tax — including holding a HISA inside a TFSA
  • Key insight: You can open a HISA inside a TFSA. EQ Bank’s TFSA Savings Account, for example, earns 3.75% tax-free

RRSP

  • Tax treatment: Contributions are tax-deductible; growth is tax-sheltered; withdrawals are taxed as income
  • Best for: Long-term retirement savings, especially when you expect to be in a lower tax bracket in retirement
  • Limitation: Withdrawals don’t restore contribution room (unlike TFSA), and withdrawals trigger immediate withholding tax

Practical rule of thumb: Keep 3–6 months of expenses in a regular or TFSA-sheltered HISA as your emergency fund. Then max out TFSA contributions (ideally in a HISA or GIC), then RRSP contributions if you have additional savings capacity. For a deeper comparison, see our guide to best GIC rates and current mortgage rates if you’re also considering whether to pay down a mortgage.

CDIC Deposit Insurance: What Canadian Savers Need to Know

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects eligible deposits at CDIC-member institutions. Understanding CDIC coverage is essential for any Canadian with more than $100,000 in savings.

How Much Is Covered?

CDIC insures up to $100,000 per depositor, per insured category. As of the most recent CDIC update, there are seven insured categories:

  1. Deposits in one name (individual accounts)
  2. Deposits in more than one name (joint accounts)
  3. RRSP deposits
  4. RRIF deposits
  5. TFSA deposits
  6. RESP deposits (beneficiary-based)
  7. Deposits held in trust for others

This means a single depositor at one CDIC-member institution could have up to $700,000 fully insured ($100,000 × 7 categories). A couple with joint accounts could potentially insure even more.

What CDIC Covers

  • Savings deposits
  • Chequing account deposits
  • Term deposits (GICs) with original terms of five years or less
  • Foreign currency deposits

What CDIC Does Not Cover

  • Mutual funds or stocks held at a bank
  • ETFs or investment funds
  • GICs with terms longer than five years
  • Cryptocurrency

Credit Unions and Provincial Deposit Insurance

Credit unions are not CDIC members — they’re regulated provincially and covered by provincial deposit insurance plans. Coverage levels vary significantly:

  • Ontario (FSRA): Unlimited coverage for deposits at FSRA-regulated credit unions
  • Manitoba (DGCM): Unlimited coverage at Manitoba credit unions
  • British Columbia (CUDIC): Unlimited coverage
  • Alberta (ABCU): $250,000 per depositor category

In our comparison tables, we flag credit union accounts with their applicable provincial body (FSRA, DGCM, etc.) rather than CDIC. For authoritative coverage details, visit cdic.ca.

Frequently Asked Questions About HISAs

What is the best HISA rate in Canada right now?

As of June 2026, the highest available rate is Wealthsimple Cash at 4.00% (promotional). The best regular (non-promotional) rate is EQ Bank’s Savings Plus Account at 3.75%. If you’re comparing long-term accounts, focus on the regular rate rather than the promotional rate, since promo rates typically last 3–6 months before reverting to a lower figure. Our full comparison table above is updated quarterly.

Is my money safe in a HISA?

Yes, provided your account is at a CDIC-member institution and your balance stays within CDIC coverage limits ($100,000 per insured category). All five of our top picks are at CDIC-member institutions. If you have more than $100,000 to save, you can spread deposits across multiple CDIC members (each with their own $100,000 limit) or use different insured categories at a single institution (e.g., regular deposits + TFSA deposits at the same bank). Canada has never had a CDIC member fail without depositors being made whole.

What is the difference between a HISA and a TFSA?

A HISA is an account type (a savings account that earns high interest). A TFSA is a registered account type (a tax shelter). These two things can overlap: you can hold a HISA inside a TFSA, earning high interest tax-free. EQ Bank, Oaken Financial, and other institutions offer TFSA Savings Accounts with the same high rates. The distinction matters because a HISA outside a TFSA generates taxable interest income, while the same account inside a TFSA generates tax-free interest. If you have TFSA room available, using it for your HISA is almost always the right move.

Can I have multiple HISAs?

Yes. There is no limit on the number of HISAs a Canadian can hold. Many savers maintain accounts at multiple institutions simultaneously — taking advantage of different promotional offers, staying within CDIC limits at each institution, or keeping specific savings pools separate (emergency fund at one bank, vacation fund at another). The only administrative consideration is ensuring each institution reports interest income to the CRA accurately, which they do automatically via T5 slips.

Do I pay tax on HISA interest?

Yes, unless the HISA is held inside a TFSA or RRSP. Interest income from a regular (non-registered) HISA is fully taxable as ordinary income in Canada — it is added to your total income for the year and taxed at your marginal rate. At a 40% marginal tax rate, a 3.75% HISA earns a net after-tax return of about 2.25%. This is one of the primary reasons financial advisors recommend using TFSA contribution room first for savings: the same 3.75% rate inside a TFSA returns a full 3.75% after tax.

What happens if my bank fails?

If a CDIC-member institution fails, the CDIC steps in immediately. Eligible deposits (up to $100,000 per insured category) are reimbursed quickly — typically within days. Canada has not had a CDIC member fail since the early 1990s, and in every historical failure, insured depositors were made whole. If a credit union fails, the applicable provincial deposit protection fund steps in; coverage levels and timelines vary by province. For peace of mind with large balances, spreading deposits across multiple CDIC members and using different insured categories provides robust protection.

Our Methodology

Ratepura reviews savings accounts at more than 20 Canadian financial institutions on a quarterly basis. Accounts are eligible for inclusion if they are offered by a CDIC-member institution (or a credit union with clear provincial deposit protection), charge no monthly maintenance fees, and have no unreasonable balance requirements. Rankings weight the regular posted rate most heavily, followed by transfer flexibility, mobile app quality, and overall account accessibility. Promotional rates are noted but do not factor into our primary ranking. No institution pays to appear on this page or to rank higher. For full details, see our Methodology page. For our affiliate relationship, see our Affiliate Disclosure.

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