Discover the Top 10 High Interest Savings Accounts in Canada for 2025

Discover the top options for enhancing your saving strategy with high interest savings accounts in Canada. Explore how these accounts can boost your finances with competitive rates and unique benefits. From flexibility to security, find the perfect high interest savings account that fits your needs.

Sydney Blunt

• 4 min read
Discover the Top 10 High Interest Savings Accounts in Canada for 2025

Understanding High Interest Savings Accounts in Canada

High Interest Savings Accounts (HISAs) have become a popular choice for Canadians looking to maximize their savings. These accounts offer better interest rates compared to regular savings accounts, allowing your money to grow faster while maintaining liquidity. But with so many options available, choosing the right account can be overwhelming. In this article, we'll explore the Top 10 High Interest Savings Accounts in Canada for 2026, providing you with the information you need to make an informed decision.

What Are High Interest Savings Accounts?

High Interest Savings Accounts are deposit accounts offered by banks and financial institutions that provide a higher interest rate on deposits compared to traditional savings accounts. These accounts are ideal for those who want to earn more on their idle cash without locking it into fixed-term investments like GICs (Guaranteed Investment Certificates).

Why Consider a High Interest Savings Account?

Investing in a high interest savings account can be beneficial for several reasons:

  • Higher Returns: Unlike regular savings accounts, HISAs offer favorable interest rates, which means your savings can grow more quickly.
  • Liquidity: The funds in a HISA are easily accessible, allowing you to withdraw money when needed without penalty.
  • Safety: Deposits in these accounts are typically insured by groups like the Canada Deposit Insurance Corporation (CDIC) up to a certain amount, securing your savings.

For example, if the average interest rate on a regular savings account is 0.5%, a HISA might offer rates around 2% or higher.

Top 10 High Interest Savings Accounts in Canada for 2026

Here’s our list of the top 10 high interest savings accounts in Canada, based on rates, features, and customer reviews:

1. EQ Bank Savings Plus Account

EQ Bank offers a straightforward yet competitive savings account with an interest rate of 2.75% for 2026, with no monthly fees or minimum balance requirements. Additionally, it provides free Interac e-Transfers.

2. Tangerine Savings Account

Tangerine offers a promotional rate of 3.00% for the first five months for new customers, returning to their standard rate of 1.60% thereafter. The bank is known for its user-friendly online banking experience.

3. Simplii Financial High-Interest Savings Account

A division of CIBC, Simplii offers an attractive rate of 1.50% with no fees or minimums. The account also includes features like automatic savings programs to help manage your finances.

4. RBC High Interest eSavings

With an interest rate of 1.25%, RBC's High Interest eSavings account provides convenient online and mobile access to your funds, with no monthly fees if you maintain a $1,000 minimum balance.

5. Scotiabank Momentum Plus Savings Account

This account offers up to 1.75% interest, depending on how long you leave the funds untouched, rewarding customers for maintaining a consistent balance.

6. Accelerate Financial Savings Account

Offering an interest rate of 3.10%, Accelerate Financial provides a competitive return with no fees or minimum balance requirements, although it operates exclusively online.

7. CIBC eAdvantage® Savings Account

Earn 1.40% when you maintain a balance of $5,000 or more. CIBC also offers integrations with other financial products, which can be advantageous if you're already using other services from CIBC.

8. TD Canada Trust High-Interest Savings Account

With a rate of 1.20%, this savings account from TD Canada Trust requires a minimum balance for full features, but includes perks such as transfers between TD accounts without fees.

9. National Bank High Interest Savings Account

National Bank provides interest rates of around 1.35%, with additional features like systematic transfers to help grow your savings automatically.

10. Motive Financial Savvy Savings Account

This account offers an impressive rate of 3.05%, with no monthly fees or minimum balance needed, making it an attractive option for serious savers.

Factors to Consider When Choosing a HISA

When selecting a high interest savings account, consider the following:

  • Interest Rate: Higher rates mean better returns.
  • Fees: Watch for any hidden costs or service fees that could offset the interest earned.
  • Insurance: Ensure that the financial institution is covered by CDIC or an equivalent to protect your deposits.
  • Accessibility: Consider how easy it is to access your funds when needed.

You can find updated interest rates and reviews on trusted financial comparison websites like RateHub or LowestRates.ca.

Conclusion

Selecting the best high interest savings account depends on individual financial goals and preferences. By understanding the features and offerings of various accounts, you can make an informed choice that aligns with your needs. Remember to regularly review your account to ensure it still meets your expectations and market conditions.

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