Best High-Interest Savings Accounts in Canada (2026)

Quick Picks (At a Glance)

\ Rates are subject to change. Always verify on the provider's website. Last checked: May 2026.*

Comparison Table

\ Rates accurate as of May 2026. Check provider websites for current rates. EQ Bank Personal Account rate includes 1.00% base + 2.75% bonus interest (conditions apply).*

* Wealthsimple Cash is held in trust with regulated Canadian financial institutions. CIPF coverage applies to investment accounts, not cash holdings. CDIC coverage may apply through underlying bank partners.

* Promotional rates are typically for new customers or new deposits and last 3–6 months. Standard rate applies after the promo period.*

Best By Use Case

Best Overall: EQ Bank Personal Account

Rate: ~3.75%* | Fee: $0 | Minimum: $0

Why it's our top pick:

EQ Bank consistently offers competitive rates without promotional gimmicks. The rate you see is the rate you get — no introductory periods, no "new money only" restrictions. CDIC-insured up to $100,000. Also offers a TFSA version (currently at ~1.50%*).

Best for: Emergency funds, general savings, anyone who wants a set-it-and-forget-it account.

Caveats: Online-only — no physical branches. No debit card (transfers only).

→ Visit EQ Bank

Best Rate (Currently): Wealthsimple Cash

Rate: ~4.00%* | Fee: $0 | Minimum: $0

Why it's notable:

Wealthsimple Cash currently offers the highest published rate among widely available Canadian accounts. It functions as a hybrid spending/savings account — you get a prepaid card and can pay bills from it, unlike most HISAs.

Best for: People comfortable with fintech platforms who want maximum yield and don't mind the spending/savings hybrid.

Caveats: Not CDIC-insured for the cash portion (funds are held in trust with regulated institutions; CIPF doesn't cover cash). If CDIC insurance is non-negotiable for you, this isn't the right choice. Some users report that Wealthsimple adjusts rates more frequently than traditional banks.

→ Visit Wealthsimple

Best for TFSA Emergency Fund: EQ Bank TFSA Savings

Rate: ~1.50%* | Fee: $0 | Minimum: $0

Why it's our top TFSA pick:

EQ Bank's TFSA Cash Savings Account lets you earn tax-free interest on your emergency fund. However, note that the TFSA rate of 1.50% is now significantly lower than the regular Personal Account rate of 3.75%. If maximizing returns matters more than tax savings, consider keeping your emergency fund in EQ Bank's Personal Account instead — especially if you're in a lower tax bracket.

Best for: Canadians with unused TFSA room who want tax-free emergency fund growth.

Caveats: Withdrawals from a TFSA don't permanently lose room (it's added back January 1 of the following year), but you can't re-contribute until then. Plan your withdrawals accordingly.

→ Visit EQ Bank

Best for Newcomers to Canada: Scotiabank StartRight

Rate: ~2.50% (promotional) | Fee: $0 (first year) | Minimum: $0

Why it wins for newcomers:

Scotiabank's StartRight program is designed specifically for newcomers. It offers a promotional savings rate, no monthly fees for the first year, and access to a major bank's branch network — which matters when you're building your financial life in a new country and may need in-person support.

Best for: Newcomers who want a trusted big-bank relationship while building their emergency fund.

→ Visit Scotiabank StartRight

Best for Promotional Rate Hunters: Tangerine Savings

Standard rate: ~0.70% | Promo rate: Up to ~5.00%* (typically 5 months for new customers)

Why it's worth considering:

Tangerine regularly offers promotional rates of 4.00–5.50% for new customers (3–6 months). If you're willing to move your money when the promo ends — or negotiate an extension — Tangerine can be a high-yield home for your emergency fund.

Best for: People who don't mind monitoring rates and moving funds when promos expire.

Caveats: The standard rate is among the lowest on this list (0.70%). If you set it and forget it, you'll earn very little. Promo rates apply to "new money" only — existing balances may not qualify.

→ Visit Tangerine

How We Picked These Accounts

We evaluated accounts using the following criteria:

Accounts we excluded: Those with tiered rates that require high minimums (e.g., $5,000+ for top tier), accounts locked to specific provinces, or accounts from institutions with consistently poor user ratings.

CDIC Insurance: What You Need to Know

The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits up to $100,000 per insured category, per member institution.

Categories include:

• Deposits in one name
• Joint deposits
• TFSA deposits
• RRSP deposits
• FHSA deposits

This means: You could have $100,000 in a regular savings account, $100,000 in a TFSA savings account, and $100,000 in a joint account — all at the same institution — and all $300,000 would be covered.

Credit unions are typically insured by provincial deposit insurers (e.g., DICO in Ontario, CUDIC in BC), not CDIC. Coverage terms vary by province.

Frequently Asked Questions

What's a "good" HISA rate in Canada in 2026?

As of Q2 2026, anything above 3.00% is competitive. The Bank of Canada policy rate sits at 2.25% (as of April 2026), so HISA rates typically track 0.25–1.50% above that, depending on the institution.

Should I chase the highest rate?

If the difference is less than 0.50%, the convenience of staying with a bank you already use probably outweighs the extra interest. On a $10,000 balance, 0.50% is $50/year. If the difference is 1.00%+, switching may be worth the effort.

Are online-only banks safe?

Yes. Online-only banks in Canada (EQ Bank, Tangerine, Simplii, Motive, Oaken) are either CDIC-insured banks or subsidiaries of CDIC-insured institutions. Your deposits are protected up to the same $100,000 limit as at major banks.

Can I open multiple HISAs?

Yes. There's no limit on how many savings accounts you can hold. Some people open accounts at multiple institutions to maximise CDIC coverage or take advantage of promotional rates.

Next Steps

How to Build an Emergency Fund in Canada (Full Guide) →

Once you've chosen an account, here's the step-by-step plan to actually fill it.

Start an Emergency Fund →

Should you hold your emergency fund in a TFSA HISA or a standard taxable account? We break down the trade-offs.

Canadian Money Guide is a research-driven publication, not a financial advisor. Rates are accurate as of the date shown and are subject to change. Always verify current rates, terms, and CDIC coverage directly with the provider before opening an account. This page contains links to financial institutions — we may earn a commission from some of these links at no cost to you. See How We Research and our Affiliate Disclosure.