Best High Interest Saving Accounts Canada

Best High Interest Saving Accounts Canada

Best High Interest Saving Accounts Canada The finest high interest savings accounts for 2023 offer a variety of features, outstanding usability, and high interest rates, and many are provided by the top Canadian online banks.

Table of Contents

Check out our comparison of the best GIC rates in Canada if you won’t need access to your money for at least six months. GICs can lock in your money for up to 5 years, but they can also offer fantastic rates and terrific offers.

As a result, our best high interest savings accounts are the ideal short term investment vehicle for saving for a trip, an auto downpayment, or perhaps the last few months of a home down payment while maintaining access to your money.

For a quick comparison of our 2023 Best High Interest Savings Accounts, see the table below. For more information about HISAs and what they have to offer, continue reading.


4.9 / 5

Monthly Transactions at No Cost


The best online bank in Canada. Excellent platform, great savings rates, and amazing value.

4.4 / 5

Monthly Transactions at No Cost


Need time to see how new, highly promising product holds up; great interest rate.

4.1 / 5

Monthly Transactions at No Cost

However, there is a monthly account cost.

Inflation Rate

1.40 percent, with a promotional rate up to 4.5 percent.

Best among all the large banks.

Star Rating

3.8 / 5

Monthly Transactions at No Cost


former rival of EQ Bank. better rates in the past. good choices for credit cards.

3.7 / 5

Monthly Transactions at No Cost


Inflation Rate

Teaser rate of 5.25% for 5 months

Good all-around product that doesn’t stand out in any one area. For new accounts, the best promotion.

3.6 / 5

Monthly Transactions at No Cost


Excellent interest rates, but no free Interac eTransfer ($1 per transfer), limited two withdrawals each month, and a poor mobile app.

3.6 / 5

Monthly Transactions at No Cost


Excellent checking account, but not the best option for a savings account; GICs in particular offer lower returns overall.

Oaken Financial Logo

Star Rating3.2 / 5

Free Monthly Transactions


For residents of Quebec, a good choice. No TFSAs or RRSPs, just savings accounts and GICs. Currently one of Canada’s finest rates.

Alterna Bank Logo

Star Rating2.9 / 5

Free Monthly Transactions


excellent interest rate. Unlimited electronic transfers and bill payments (no point of sale).

High Interest “Teaser Rate” Vs “Everyday Rate”

There are two types of rates to be aware of when comparing the top saving accounts in Canada:

  1. the ‘teaser rate’ (typically given for a short period of time, such six months or less, to get your money into the door).
  2. The daily rate

Banks provide teaser rates because they think you’ll just click on the page with the highest interest rate and go there. It’s usually a reasonable bet to anticipate that you’ll forget or be too lazy to move banks after six months, even if you intend to.

Therefore, keep in mind that this rate is transient when you see an online bank, like Tangerine, give an outrageous rate that is higher than anything else available.It is perfectly OK to take advantage of that rate, and we believe Tangerine is a very reliable banking option (see our entire Tangerine review). However, you should be aware that the impressive number will eventually go off dramatically.

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The most important thing to take away from this list is that the big Canadian banks do not currently have a competitive high interest savings account option.Instead of offering competitive interest rates, they are relying on the enormous strength of their brands and the accessibility of their retail banking locations to draw Canadians.

#1 EQ Bank – Our Top Canadian High Interest Savings Account

Our ranking of the top high interest savings accounts in Canada is headed by EQ. Our interest is already piqued by its great interest rates and reasonable costs, but EQ Bank has more tricks in its sleeve.

However, you don’t have to believe us.On Forbes’ list of the world’s greatest banks, EQ Bank was recently ranked as the #1 bank in Canada.


  • 2.5% interest rate
  • No monthly fees
  • No minimum balance
  • Fees for Interac E-Transfers: $0
  • Other features include free bank transfers, bill payment, and usage of an EQ Bank Card, which functions like an upgraded Interact card and offers tremendous advantages for international travelers.

With no monthly cost, EQ Bank provides a competitive daily interest rate and limitless transactions. In our EQ Bank Review, we provide even more details about our top-rated HISA choice. It is not only one of our top Canadian online banks options, but also our choice for the best HISA.

#2 Neo Money – The New Runner Up

The founders of SkiptheDishes formed Neo, a Canadian fintech business, with the intention of revolutionizing how Canadians handle their finances.

Their Neo Money HISA features no fees, no minimum deposit requirement, and a fantastic daily interest rate. Signing up is fully online, quick, and simple.


  • Interest Rate: 2.25%
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Neo is CDIC insured, offers free bill payments and mobile bank to bank transfers, and has no minimum balance requirement.

Neo Financial (Neo MoneyTM) was chosen by the Financial Post as the Savings Account to Watch in 2023 in addition to providing a fantastic rate. In addition, Neo Financial provides the Neo Mastercard, which has many advantages. Read our review of the Neo Money account to learn more.

#3 Scotiabank – The Best Big Bank High Interest Savings Account

We can see why some people prefer to keep all of their finances in one place because there are seemingly endless options available in the financial world when it comes to where to save and earn money.

If that describes you and you already have a Scotiabank account, you might want to open a Scotiabank Momentum PLUS account to streamline the process and make a few dollars in the process.


  • Interest Rate: 1.5% to 2.65% regular interest (5% promo rate).
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $1
  • Other Benefits: Available are limitless self-service transfers and automatic savings contributions.

Although the HISA from Scotiabank has a promotional rate, the regular interest rate isn’t too awful, especially if you plan to leave your savings alone. Customers of Scotiabank receive bonus interest, up to an additional 1.15% for a total of 2.65%, when they don’t request withdrawals. It’s a very competitive choice when you consider Scotiabank’s HISA offer and the fact that it has one of The Best Canadian Chequing Accounts.

While you’re at it, you can also get some cash back from Scotiabank by adding the Momentum credit card to your savings account. Visit Scotia Momentum Visa Infinite Card Review to read our whole review of the card.

#4 Tangerine – The Former Champ

Tangerine, which was originally owned by ING, was formerly the most popular brand in the HISA industry. It hasn’t always been able to keep up as the level of competition has increased over time.

That doesn’t mean Tangerine isn’t worth a look, though, since there are some real benefits to highlight, such as the current special offer.


  • Interest Rate: 1% (5% promo rate)
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Daily chequing transactions are free, and savings deposits are available automatically.

Even though the normal interest rate isn’t the most alluring on our list, the additional promotions and simplicity for Tangerine members unquestionably boost its appeal. For the next five months, Tangerine will pay new customers a promotional rate of 5% interest on their deposits.

In addition, Tangerine is one of our top picks for the best Canadian checking account. Visit our comprehensive Tangerine Bank Review to learn more about Tangerine and what they have to offer.

#5 Simplii Financial – Best Promo Rate

Simplii Financial, the no-fee digital arm of CIBC, provides lending, investment, and chequing account services.

With an excellent promotional rate of 5.25% for the first 5 months on new accounts, Simplii is a great option. However, this is one of those instances where you need to keep an eye on the calendar since after the promotional period, interest rates on balances under $500,000 decrease to a pitiful 0.4%.

Simplii Financial High Interest Savings Account:

  • Interest Rate: 0.4-2% (5.25% promo rate)
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Chequing accounts are available and CDIC insured.

The Best Joint Bank Accounts in Canada is one of our “best of” lists that Simplii Financial is featured on. Additionally, that discounted rate is amazing. Just be mindful of the expiration date because there are better options than 0.4% daily interest.

#6 Motive Financial High Interest Savings Account

The interest rate at Motive has fluctuated over the years and is currently rising. Its 3.8% interest rate places it among Canada’s most affordable savings rates.

Although its return rate is excellent, we’ve heard complaints about its platform and app, so it would be best to avoid Motive Financial for the time being if you don’t want a side of savings frustration.


  • Interest Rate: 3.9% with a balance up to $5,000,000, and 0.50% for balances over $5,000,000
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $1
  • Other Benefits: 2 free monthly withdrawals 

Chequing, savings, registered investment, and GIC accounts are all available through Motive. One of the (very) few checking accounts that offers interest is theirs (0.25% on your balance, which isn’t much but is better than nothing). We appreciate what Motive has to offer, and we’re eager to start hearing more positive things about their website and app.

Read our whole Motive Financial Review to learn more about the banking services offered by Motive Financial.

#7 Motusbank High Interest Savings Account

Otusbank was introduced in 2019, therefore it is a very recent addition. The good news is that Meridian Credit Union is backing it and that it is fully CDIC insured, giving you a measure of security to counteract that.

The 0.50% interest rate on chequing account balances that motusbank gives is an additional incentive that neither big banks nor online banks frequently offer.


  • Interest Rate: 1.85%
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Unlimited electronic transfers, automatic savings function.

Motusbank is a desirable option for your savings, chequing, TFSA, and RRSP accounts because it also provides excellent rates on registered accounts. To learn more about Motusbank’s services, read our whole review.

#8 Oaken Financial High Interest Savings Account

Since Oaken Financial, like the majority of its rivals, focuses on online banking, it will be difficult to locate one of their physical branches should you ever require one. Because of this, online banks maintain high interest rates and cheap fees.

We still think Oaken Financial is a smart choice due of its high interest rate and cheap fees. Additionally, if you’re interested, it provides Guaranteed Investment Certificates (GICs), which let you earn a higher rate in exchange for giving up access to your money for a set length of time.


  • Interest Rate: 3.4%
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Free transactions forever, automatic donations

The fact that Oaken provides a reasonable interest rate and relatively minimal overall fees makes it a good pick in this situation.

However, one of Oaken’s shortcomings is that it doesn’t provide customers with a complete array of banking options. Oaken provides registered investment accounts, GICs, and savings accounts. This isn’t the full-featured bank you’re searching for if you want to open a chequing account.

#9 Alterna Bank Savings Account

Alterna Bank, an online division of Alterna Savings in Ontario, provides a comprehensive range of financial services, such as bank accounts, mortgages, investing, and more. They provide commercial bank accounts, in contrast to many of the digital banks on our list.

The HISA from Alterna Bank offers limitless bill payments, transfers, and debits with no monthly fees. The CDIC insures accounts and there is no minimum balance requirement.


  • Interest Rate: 2.5%
  • Monthly Fees: $0
  • Minimum Balance: None
  • Interac E-Transfer Fees: $0
  • Other Benefits: Business services, investment guidance, and chequing accounts.

While Alterna Bank has been active online since 2017, they weren’t at first a significant player. This, however, seems to be altering. Alterna is a viable option because it has no fees and a great average interest rate.


Similar to a regular savings account, an HISA offers a greater interest rate. It’s a low-risk strategy for growing your money while maintaining access to it at all times.

Compared to regular savings accounts, money in an HISA earns more. Depending on the bank you choose and whether they are offering special rates, the sum can vary significantly. While the majority of the accounts on our list earn more than 2.5% in interest, the typical HISA offered by a big bank only pays out a tiny fraction of that amount.

HISAs are great for storing savings for major purchases like a house or car or emergency finances. HISAs are the best option if you don’t know when you’ll need the money or if you know you’ll need it within the next year or two.

How Does It Work?

HISAs are safe accounts where you can grow your money. The bank pays interest on the balance of the account when you deposit money into it. In contrast to an investment portfolio, HISAs typically include CDIC insurance and are risk-free (the trade-off is that an HISA’s returns are typically smaller).

How Are HISAs Taxed?

Your HISA balance interest is considered income and is taxed similarly to other types of income. It differs from a registered investment account, which provides options for postponing or avoiding tax penalties. Your bank will send you a T5 form slip each year to show how much money you made on your HISA balance.


The safe, low-risk investments that will build your savings are GICs and HISAs. HISAs function like regular bank accounts and let you withdraw funds as needed. GICs, on the other hand, tie up your money for a predetermined period of time (often 6 months to 5 years).

With a GIC, you essentially make a fixed-term loan to the bank and receive recurring interest payments in exchange. The drawback is that until the GIC matures, you cannot withdraw your funds. Although your money will be locked away, they will pay you higher interest rates than HISAs.

The best option truly depends on your own financial situation, however both HISAs and GICs have their uses. A GIC can give you a financial advantage if you know roughly when you’ll need the money and if it’s a year or more away.For more information, see our post on the best GIC rates in Canada.

An HISA, however, is a better option if you don’t know when you’ll need access to your money and want the flexibility to use it anytime you need.


These are HISAs’ benefits and drawbacks.


  • gives a secure means of earning interest.
  • Interest accrues daily as opposed to yearly.
  • You’ll have quick access to your money.


  • There is no method to create long-term wealth using the interest rates.
  • When you take money out of your HISA, you can be charged a lot of costs.
  • Interest rates could decrease suddenly.
  • Like any other source of income, interest income is subject to taxation.

Basic savings accounts have their usefulness for short-term goals like saving for a car or vacation, even though we strongly advise against using them as a long-term substitute for HISAs. Instead, we strongly suggest dividend investing or Canadian ETFs.


When it comes to simplicity of use, customer service, high interest savings account rates, and the best GIC rates, EQ is by and away the best option available. However, those aren’t the only factors to consider when selecting a high interest bank account.

The good news is that each and every one of the aforementioned choices is “safe” in the sense that a bank account may be safe. They all use top-notch security measures and have strong insurance support.The major online banking alternatives (including EQ Bank) are backed by the Canadian Deposit Insurance Corporation, in contrast to the Manitoba-based credit union options, which are supported by the Deposit Guarantee Corporation of Manitoba (DGCM).

Because of these insurance contracts, your money would still be returned to you even if the banks declared bankruptcy. There is no account limit for the DGCM, but there is one of $100,000 per account for the CDIC. Some people like to get around this rule by keeping high-interest accounts for themselves and their significant other, as well as separate TFSA and GIC accounts for each. The CDIC regards each of these as a separate account.

Long story short: They’re All Really Safe!

Even though moving money back and forth using internet banking is quick and simple, some people prefer to retain the majority of their banking in one location, so they will choose a bank that provides debit cards, loans, and/or mortgages.

Fees for services like eTransfers, foreign exchange currency transfers, overdraft fees, and costs for automated bill payments are additional comparison points.

The combination of EQ Bank’s cheap costs and high interest rates makes them our most highly recommended option. The EQ Bank Card, which allows point-of-sale purchases while charging the same high interest rate on balances and offers cash back on purchases, has also been added.

For all the information, read our comprehensive EQ Bank review.


High income savings accounts in Canada are comparatively simple to open, and the finest online banks in particular have made it simpler to open accounts rapidly from the comfort of your home in 10 minutes or less.

You’ll typically need the following (and it’s simpler to gather all of this before you sit down to fill out your application for a high return savings account):

1) The postal address. It may be necessary to provide evidence of this, such as a utility bill or tax bill.

2) Identity documentation from the government.Passport, Citizenship Card, or a birth certificate and license together.

Your Social Security Number (SIN).

4) For online banking, the email address you want to use for correspondence.

Of course, if you prefer to open a high interest savings account in person, you can do so at one of Canada’s major banks. However, the interest rate you receive won’t be as good as the options we have noted above.

Notably, if you are not a resident of Canada, it is considerably more challenging to open a Canadian high return savings account.


The ability to hold a high return savings account within a TFSA or an RRSP seems to be highly valued by a lot of people.

Most of the time, this doesn’t make a whole lot of sense. Building a bonds/stocks portfolio to shelter in your RRSP or TFSA is a good idea if you’re trying to invest for the long term. In fact, I’ve been arguing for years that the government made a huge branding error by referring to the entertaining financial instrument as a Tax Free Savings Account. The correct name for it would have been a Tax Free Investment Account. The mere name change alone has encouraged widespread abuse of the tax benefits, especially when coupled with Canada’s general financial ignorance.

About the only exceptions to this rule that come to mind right away are if you are still in the early stages of saving and are setting aside money for a down payment on a home or a car. It makes sense to use your tax shelter to cover the comparatively meager returns produced by a high interest savings account in that early saving scenario if you have no long-term investments and are certain that you will need the money within the next five years.

High Interest Savings Accounts Vs RRSP

In general, Canada’s high interest savings accounts are intended for usage in support of rather short-term financial objectives. Maybe you’re planning to buy a car or put money down on a property shortly.That would be a great use for a short-term GIC or high return savings account.

On the other hand, a Registered Retirement Savings Plan (RRSP) is created with the long-term objective of retirement in mind. As a result, since your investing horizon is much longer, greater risk can be accepted inside an RRSP.

When it comes to investment, risk and long-term return are always correlated. Our best high interest savings accounts offer respectable interest rates (which are increasing each month as we approach 2023), but they still fall well short of what one might expect from, say, a decades-long investment in Canada’s top dividend stocks.


Chequing accounts, also known as current accounts, and high interest savings accounts (HISAs), on the other hand, typically offered consumers interest rates that were much greater.The disadvantage was that you couldn’t use your high interest savings account to issue checks, obtain debit cards, or settle credit card debt.

These conventional distinctions are now so muddled thanks to internet banks like EQ and Simplii that it is impossible to tell the difference between a chequing account and a high return savings account. With EQ’s new EQ Bank card, you can do practically everything that you can with a chequing account from their high return savings account.

I’ve been a huge proponent of paying off my credit cards using my EQ bank account for years because it allowed me to both benefit from EQ’s high interest rate and receive the full amount of credit card points on all purchases. Even if EQ’s debit card provides an easy alternative, it’s still a great method. 


Depending on the organization you choose to open an account with, the terms of your particular high interest savings account will vary.For instance, a major Canadian bank would frequently require you to maintain both a standard chequing account (which pays virtually no interest) and a high rate savings account. A more recent online bank, like EQ or Neo, will let you use a high interest “all-in-one” account, which is considerably simpler to manage in the long run.

High interest savings accounts used to generally prohibit consumers from making direct withdrawals to pay payments.Due to the all-in-one design of accounts that I just explained, those regulations are now essentially obsolete.

The regulations are rather simple aside from that.All you need to do to qualify is to be a resident of Canada, above the age of majority, or to be accompanied by a parent.


EQ Bank clearly outperforms its rivals when it comes to routinely rewarding customers with the best daily high interest savings account rate in Canada. Since they pass on their cost savings to Canadians, their cheap fees are unbeatable.

You might be able to slightly increase your daily EQ savings rate by playing the teaser rate shifting game, but since I only have so much hours in the day, I don’t have the need to continuously open new bank accounts and move money about.

Check out what EQ Bank had to say about their offerings and upcoming endeavors during Kyle Prevost of MDJ’s chat with them at the Canadian Financial Summit.


What’s in a High Interest Savings Account?

A high interest savings account (HISA) is essentially a location to keep money that you want to have quick access to while still earning interest. HISAs have the added benefit of paying daily interest, so your deposits are immediately repaid.

Which bank has the best interest rate?

The daily interest rates at EQ Bank, Motive Bank, CI Direct, and Oaken Financial are all high.

How to choose the right High Interest Savings Account?

You want to pick the choice with the best interest rate and the fewest costs, just as with any investment. Long-term, this offers you the most income potential.

Are High Interest Savings Accounts taxed?

You will be taxed on any interest you receive from an HISA, yes.

Where can I put my money to get the most interest?

Holding cash in these accounts is a wonderful option because EQ Bank, Motive Bank, and Oaken Financial will all provide you excellent long-term interest returns on your savings account. Though they can be riskier, alternative investments like stocks, bonds, and ETFs have the potential to yield higher returns.

Will I get taxed on my Canadian high interest savings account?

Yes, unless the interest is held in an RRSP or TFSA, you must pay taxes on the interest generated in your high interest savings account.Earned interest does not have any advantageous tax rates available, in contrast to dividends and capital gains.The money will be taxed as though you had worked for the money.


Since we all place different values on various characteristics of our savings accounts, it is hard to determine which high interest savings account is appropriate for any one Canadian.

The interest rate is my top priority individually.A high interest savings account, after all, had better offer a high interest rate!

But the overall level of convenience is right behind the high interest rate.If switching money between my checking and savings accounts takes days, or if the website or app is difficult to use, I’m out.

In 2023, there are simply too many excellent Canadian high interest account options; I’m not going to settle for anything that gives me a headache. Similarly, there is no reason to pay fees within your high interest savings account; our top-rated savings accounts are completely free to use. Don’t pay to access your own money. Then, a little lower on the priority list, I have things like:

  • Customer service is crucial when you require it, but let’s face it, you shouldn’t require it frequently.
  • the option to spend abroad without being charged a conversion fee (this feature is exclusive to EQ Bank and is designed with frequent travelers in mind).
  • Access to a bank branch (for me, this is not at all important, but I know some who still find great comfort in being able to speak with someone in person).

Since they all rely on the greatest cyber security practices available and are all guaranteed by the CDIC, all of our top Canadian high interest savings account suggestions are similarly secure. In fact, the majority of them are included in our list of Canada’s Best Online Banks.

It came down to removing accounts with low interest rates and those that charged monthly fees or penalties for simple transactions for me to select the finest Canadian high return savings account.

From there, choosing the choice that is the simplest for me to utilize on both my laptop and mobile device is all that’s left to do.In light of above factors, EQ’s high return savings account will clearly outperform the competition in 2023.