With interest rates still elevated in 2026, high-interest savings accounts in Canada are paying much more than they did a few years ago. Parking your emergency fund in the right HISA can earn hundreds of dollars per year.
Quick answer: EQ Bank is the best overall HISA for most Canadians — high rate, no fees, no minimums. Tangerine and Simplii offer great promotional rates for new customers. Hold your HISA inside a TFSA to keep interest tax-free.
Best High-Interest Savings Accounts Compared
| Bank | Interest Rate | Promo Rate | Monthly Fee | Minimum Balance | CDIC Insured |
|---|---|---|---|---|---|
| EQ Bank | 4.00% | N/A | $0 | $0 | Yes |
| Tangerine | 1.00% (base) | Up to 5.00% (6 months) | $0 | $0 | Yes |
| Simplii Financial | 1.00% (base) | Up to 5.25% (5 months) | $0 | $0 | Yes |
| Manulife MOS | 3.75% | N/A | $0 | $0 | Yes |
| Neo Financial | 4.00% | N/A | $0 | $0 | Yes (via Concentra) |
| Wealthsimple Cash | 3.50% (4% Premium) | N/A | $0 | $0 | Yes (CDIC via partners) |
| Oaken Financial | 3.80% | N/A | $0 | $0 | Yes |
| Scotiabank MomentumPLUS | 4.50% (if eligible) | N/A | $0 (with conditions) | $0 | Yes |
| Big 5 Bank (typical) | 0.01–0.50% | Rare | $0–$5 | Often $5,000+ | Yes |
Rates as of early 2026. Check current rates before opening.
How Much Interest You’ll Earn Per Year
The difference between a Big 5 bank savings account and a competitive HISA is staggering. On a $50,000 balance, a typical Big 5 account at 0.05% earns just $25 per year, while the same balance at 4.00% earns $2,000 — nearly 80 times more. Switching takes about ten minutes and every dollar is equally protected by CDIC insurance.
| Savings Balance | At 0.05% (Big Bank) | At 3.50% | At 4.00% | At 5.00% (Promo) |
|---|---|---|---|---|
| $5,000 | $2.50 | $175 | $200 | $250 |
| $10,000 | $5.00 | $350 | $400 | $500 |
| $25,000 | $12.50 | $875 | $1,000 | $1,250 |
| $50,000 | $25.00 | $1,750 | $2,000 | $2,500 |
| $100,000 | $50.00 | $3,500 | $4,000 | $5,000 |
Keeping $50K at a Big 5 bank instead of a HISA costs you ~$2,000/year.
HISA ETFs: Higher Rates Inside a Brokerage
If you already have a brokerage account, HISA ETFs offer an alternative to opening a separate bank account. These ETFs hold deposits at multiple banks and pass the interest to you, often at rates slightly above what retail HISAs offer. They can be held in a TFSA or RRSP alongside your investments.
| ETF | Current Yield | MER | Min Purchase | Best For |
|---|---|---|---|---|
| CASH (CI High Interest Savings) | ~4.50% | 0.13% | 1 unit | Brokerage HISA alternative |
| PSA (Purpose High Interest Savings) | ~4.30% | 0.16% | 1 unit | Brokerage HISA alternative |
| HSAV (Global X High Interest Savings) | ~4.40% | 0.16% | 1 unit | Tax-efficient (no distributions) |
| CSAV (CI First Asset) | ~4.20% | 0.11% | 1 unit | Low MER |
HISA ETFs can be held in a TFSA/RRSP at your brokerage alongside investments.
Best HISA by Use Case
| Use Case | Best Choice | Why |
|---|---|---|
| Emergency fund | EQ Bank + TFSA | Tax-free interest, instant access |
| Short-term savings (1–2 years) | EQ Bank or HISA ETF in TFSA | Stability + good rate |
| Promo rate hunting | Tangerine / Simplii | 5%+ for several months |
| Within brokerage account | CASH or PSA ETF | No separate bank needed |
| Large balance ($100K+) | Split across banks | Stay within CDIC $100K limit per category |
| Quebec residents | EQ Bank or national banks | Some online banks not available in QC |
CDIC Insurance Coverage
All deposits at CDIC member institutions are protected up to $100,000 per deposit category. Because TFSA, RRSP, joint accounts, and personal deposits are each considered separate categories, a single person can have well over $400,000 fully insured at one bank. For larger balances, splitting across multiple banks ensures full coverage.
| Deposit Category | Coverage Limit |
|---|---|
| Savings accounts (per member bank) | $100,000 |
| Joint deposits | $100,000 additional |
| TFSA deposits | $100,000 additional |
| RRSP deposits | $100,000 additional |
| Total per bank (multiple categories) | Up to $400,000+ |
Bottom Line
There’s no reason to keep savings at a Big 5 bank earning 0.05% when you can get 3.5–5% at an online bank or HISA ETF with the same CDIC protection. Move your emergency fund to EQ Bank or a similar HISA — preferably inside a TFSA to keep interest tax-free. It takes 10 minutes and could earn you $1,000+ more per year.
For related guides, see best GIC rates in Canada and EQ Bank vs Tangerine vs Simplii.
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