Canadian business news — there is a decent chance you are sitting on $5,000, $10,000, maybe $30,000 in a savings account at RBC or TD right now earning somewhere between 0.01 and 0.5 per cent interest. Meanwhile, EQ Bank is sitting there paying 3.75 per cent on the exact same type of account. No fees. No minimum balance. CDIC insured. This is money you are leaving on the table every single month. Here is every high interest savings account worth knowing about in Canada right now — ranked honestly, with real numbers.
By Maplestime Business Desk | Canada | May 25, 2026 Sources: Ratehub.ca | MoneySense | WealthNorth | Last verified: May 25, 2026
Key Takeaways
- HISA rates in Canada range from 1.50 per cent to 4.75 per cent in 2026 depending on the institution and whether the rate is promotional
- EQ Bank is consistently ranked the best everyday HISA in Canada — no fees, no minimum balance, CDIC insured, rates around 3.75 per cent
- Oaken Financial consistently leads on GIC rates and offers a unique double CDIC coverage advantage — up to $200,000 protected at one institution
- If you have unused TFSA room, always put your HISA inside your TFSA first — the tax saving on interest beats any rate difference between institutions
- The Big Five banks — RBC, TD, CIBC, BMO, Scotiabank — pay dramatically lower rates than online institutions on regular savings accounts
- A middle-income earner with $20,000 in a Big Five savings account at 0.5 per cent earns $100 per year — the same money at EQ Bank earns $750 per year
- GIC rates in Canada range from 2.25 per cent to 3.85 per cent for 1 to 5 year terms as of April 2026
- Interest earned in a non-registered HISA is taxed as income every year — shelter it in a TFSA whenever possible
The Honest Reality — Your Bank Is Not Your Friend on This One
Let us be direct about something the banks would prefer you never think about too hard.
The Big Five Canadian banks — RBC, TD, CIBC, BMO, Scotiabank — are among the most profitable financial institutions in the world. Part of how they maintain those profits is by paying you the minimum amount possible on your deposits while charging you the maximum they can on loans and credit cards.
Your savings account at a Big Five bank probably earns somewhere between 0.01 and 1 per cent interest right now. If you have $20,000 sitting there — a common emergency fund amount — you are earning $200 to maybe $200 per year on it. That is not nothing but it is not good.
The same $20,000 at EQ Bank earns approximately $750 per year at their current rates. The same $20,000 at Oaken Financial earns approximately $780 per year. The accounts are CDIC insured. The money is just as safe. The only thing that changes is the institution you keep it at — and in some cases whether you have gone online to open a second account.
If you have TFSA contribution room available, a TFSA HISA is almost always the better choice over a non-registered HISA. Interest in a non-registered HISA is taxed as income every year. For a middle-income Ontario earner at approximately 33 per cent marginal rate, a 3.75 per cent non-registered HISA returns approximately 2.5 per cent after tax. The same rate inside a TFSA returns the full 3.75 per cent.
So before we even get to which institution has the best rate — the first question is whether your savings are inside your TFSA. If they are not, that is the first thing to fix.
Related: TFSA vs RRSP Canada 2026 — Which One Should You Use First?
What Is a High Interest Savings Account
A high interest savings account in Canada is a savings account that pays a higher interest rate than a standard savings account while keeping your money fully accessible. Interest rates vary based on market conditions and Bank of Canada decisions, and some institutions may offer temporary promotional rates. Unlike investment products, a HISA does not expose your savings to market risk, making it a practical option for short-term goals or emergency funds.
The key features of a good HISA:
Fully accessible money. Your money is not locked up. You can transfer it out whenever you need it — the next day if necessary. This is what separates a HISA from a GIC, where your money is locked for a fixed term.
Higher interest than a standard account. A genuine HISA pays meaningfully more than the standard 0.01 per cent most chequing accounts earn on deposits. In 2026 anything below 2 per cent is worth questioning.
CDIC insurance. Canada Deposit Insurance Corporation protects deposits up to $100,000 per depositor per category at member institutions. Every account on this list is CDIC insured.
No market risk. Unlike stocks, ETFs, or mutual funds, a HISA cannot go down in value. The principal is protected. You earn interest on the full amount every day regardless of what markets are doing.
The Best High Interest Savings Accounts in Canada Right Now
1. EQ Bank Personal Account — The Best Overall
Rate: 3.75 per cent (higher with direct deposit or pre-authorized payments set up) Monthly fee: None Minimum balance: None CDIC insured: Yes — through Equitable Bank Maximum deposit: $200,000
The best high interest savings account in Canada for 2026 is the EQ Bank Personal Account, which has consistently offered one of the most competitive everyday interest rates on the market. In addition to its strong rate, the account includes no monthly fees, no minimum balance requirements, free transfers, and CDIC insurance protection.
EQ Bank is not a new player trying to buy market share with a flashy promotional rate. EQ Bank is owned by Equitable Bank, a Canadian institution in business since 1970. This is an established bank that has simply built a better product than the Big Five for everyday savings.
What makes EQ Bank work for most Canadians is the combination of a genuinely competitive everyday rate — not a promotional rate that drops after three months — with zero fees and the ability to use it as your primary or secondary bank account. You can receive direct deposit, send Interac e-Transfers, pay bills, and earn high interest on every dollar simultaneously.
EQ Bank recently became the first Canadian institution to offer a notice savings account to all Canadians — a product that earns even higher rates in exchange for giving 10 or 30 days notice before withdrawals.
Who EQ Bank is best for: Anyone who wants to earn the best everyday rate on accessible savings with zero fees. Works well as a primary bank for people comfortable with digital-only banking, or as a companion account alongside a Big Five bank for holding savings and emergency funds.
Open at: eqbank.ca
2. Oaken Financial — The GIC Champion With Double CDIC Protection
Rate: Approximately 3.40 per cent on savings Monthly fee: None Minimum balance: None CDIC insured: Yes — through two separate institutions giving unique coverage No chequing, no debit card
Oaken’s HISA slightly trails EQ Bank’s everyday savings rate, but Oaken leads most institutions on GIC rates and has a unique CDIC advantage — deposits spread across both Oaken brands — HomeEquity Bank and Haventree Bank — receive separate CDIC coverage. This effectively gives a single individual $200,000 in non-registered eligible deposit coverage at one institution.
That double CDIC coverage is genuinely unusual and valuable for Canadians with larger savings balances. Standard CDIC protection covers $100,000 per depositor per member institution. Oaken’s dual-brand structure means you can hold $100,000 under one brand and $100,000 under the other — $200,000 total — all fully protected at what is effectively the same institution.
Oaken Financial consistently offers rates near the top of the market — typically 3.90 per cent on savings — alongside some of the best GIC rates in Canada. It is federally regulated and CDIC insured. Oaken is best used as a savings and GIC institution rather than a day-to-day banking account. It does not offer a chequing account, debit card, or payment features.
Think of Oaken as the place where your savings go to earn interest — not the account you use for daily banking. Transfer money in, leave it there, let it grow. When you need it, transfer it back to your main bank.
Who Oaken is best for: Canadians with larger savings balances who want competitive rates, best-in-class GIC rates, and the unique benefit of double CDIC coverage. Not ideal as a primary bank — it is a savings-focused institution.
Open at: oaken.com
3. Wealthsimple Save — Best for Investors Who Already Use Wealthsimple
Rate: Competitive — check current rates at wealthsimple.com Monthly fee: None CDIC insured: Yes Best feature:Seamlessly connected to Wealthsimple Invest and Wealthsimple Trade
If you already use Wealthsimple for investing or stock trading, their savings account is the most frictionless way to hold cash alongside your investments. Moving money between your savings and your investment portfolio is instant and free.
Wealthsimple offers TFSA savings accounts at the same rate as their regular account. If you have unused TFSA room, using it to shelter savings interest should be the first step before worrying about which institution offers marginally different rates.
The Wealthsimple ecosystem is also increasingly the platform of choice for younger Canadians — the app is genuinely well designed, customer service is responsive, and the combination of savings, investing, and tax filing in one place reduces the financial complexity of managing multiple accounts.
Who Wealthsimple is best for: Anyone already invested in the Wealthsimple ecosystem who wants to keep their financial life in one place. Also great for first-time investors who want to start both saving and investing on a single platform.
Open at: wealthsimple.com
4. Simplii Financial — Best for CIBC Customers Who Want Better Rates
Rate: Lower than EQ Bank and Oaken — check current rates at simplii.com Monthly fee: None CDIC insured: Yes — through CIBC
Simplii is CIBC’s direct banking brand. It offers a free chequing account and a savings account, both with no fees. The HISA rate is lower than EQ Bank and Oaken but still substantially better than CIBC’s own savings rate. The main appeal is simplicity — if you are already CIBC-adjacent and want fee-free banking, Simplii consolidates that cleanly.
Simplii is not going to win any best-rate competitions. But if the idea of managing a separate account at a completely different institution feels like too much friction — and you are already a CIBC customer — Simplii gives you materially better rates than CIBC’s standard savings account without requiring you to change banks entirely.
Who Simplii is best for: Existing CIBC customers who want a better rate without the friction of opening accounts at an unfamiliar institution.
Open at: simplii.com
5. Tangerine — Best for People Who Want a Full Online Bank
Rate: Competitive promotional rates for new customers — check tangerine.ca for current offers Monthly fee: None for standard accounts CDIC insured: Yes — through Scotiabank
Tangerine is Scotiabank’s online banking arm and one of the most established digital banks in Canada. They regularly run promotional rates for new savings deposits — sometimes significantly above their standard rate — that can make Tangerine the best short-term option if you time it right.
The full suite of banking services — chequing, savings, mortgages, credit cards — means Tangerine can genuinely function as your primary bank. The mobile app is well-regarded. Customer service is accessible.
The caveat: their standard everyday savings rate tends to be lower than EQ Bank after promotional periods end. Watch for promotions, take advantage of them, and then reassess.
Who Tangerine is best for: Canadians who want a complete digital banking experience at one institution — not just a savings account — with competitive promotional rates.
Open at: tangerine.ca
The HISA vs GIC Decision — When to Lock Your Money In
A HISA keeps your money accessible at all times. A GIC — Guaranteed Investment Certificate — locks your money for a fixed term in exchange for a guaranteed rate that is usually higher than a HISA.
Currently, the best GIC rates in Canada range from 2.25 to 3.85 per cent for 1 to 5 year terms, while HISA rates range from 1.50 to 4.75 per cent depending on promotional offers.
HISA rates and GIC rates move differently. When Bank of Canada rates fall, GIC rates often fall faster as institutions lock in deposits before rates decline further. For money you will not need for 12 months or longer, compare GIC rates at the time of purchase — Oaken and EQ Bank typically lead.
The practical rule: keep your emergency fund — three to six months of expenses — in a HISA where it is always accessible. Put money you will not need for a year or more into a GIC to lock in a guaranteed return.
As of April 2026 approximate 1-year GIC rates:
| Institution | Approximate Rate |
|---|---|
| Oaken Financial | 3.85% |
| EQ Bank | 3.70% |
| Motive Financial | 3.65% |
| Tangerine | 3.50% |
| Big Five banks | 2.50-3.00% |
The Tax Question — Always Put Savings Inside Your TFSA First
This is the most important decision in this entire article and it has nothing to do with which institution has the best rate.
If you have unused TFSA contribution room, a TFSA HISA is almost always the better choice over a non-registered HISA. Interest in a non-registered HISA is taxed as income every year. For a middle-income Ontario earner at approximately 33 per cent marginal rate, a 3.75 per cent non-registered HISA returns approximately 2.5 per cent after tax. The same rate inside a TFSA returns the full 3.75 per cent.
The math is simple and significant. At $20,000 in savings earning 3.75 per cent:
- Non-registered HISA: $750 in interest — approximately $248 goes to tax — you keep $502
- TFSA HISA: $750 in interest — $0 goes to tax — you keep the full $750
That is $248 per year in free money for the exact same account, same institution, same rate. The only difference is the tax wrapper.
The 2026 TFSA cumulative contribution limit is $95,000 for someone who has been eligible since the program launched in 2009. The annual addition in 2026 is $7,000. If you have unused TFSA room, using it to shelter savings interest should be the first step — before worrying about which institution offers 3.90 versus 4.00 per cent.
Every major HISA provider — EQ Bank, Wealthsimple, Oaken Financial, Tangerine — offers TFSA versions of their savings accounts at the same rate as their regular accounts. Open the TFSA version first. Only put money into a non-registered HISA after your TFSA is maxed.
Related: TFSA vs RRSP Canada 2026 — Which One You Should Use First
How to Choose — Three Questions to Ask Yourself
The right savings account depends on what you are optimizing for. Most people should answer three questions before picking.
Question 1 — Do I have unused TFSA contribution room? If yes — open a TFSA savings account at EQ Bank or Wealthsimple. The tax saving on interest beats any rate difference between institutions. If no — a non-registered account at the same institutions works fine.
Question 2 — Will I need this money within the next year? If yes — keep it in a HISA for full accessibility. If no — compare GIC rates at Oaken Financial and EQ Bank and consider locking it in for a better guaranteed rate.
Question 3 — Do I want this to be my primary bank or a savings-only account? If primary bank — EQ Bank or Wealthsimple work as full digital banks. If savings only alongside your existing bank — Oaken Financial gives you the best rates without needing to change your banking relationship.
What to Do Right Now — The Practical Steps
If you have savings sitting in a Big Five bank earning less than 2 per cent, here is exactly what to do:
Step 1 — Check your TFSA contribution room in CRA My Account. You likely have room you have not used.
Step 2 — Open an EQ Bank account online at eqbank.ca. It takes about 10 minutes. You need your SIN and a photo ID.
Step 3 — Open the TFSA savings account specifically — not just the regular Personal Account. Same rate, zero tax on interest.
Step 4 — Transfer your savings from your Big Five bank to EQ Bank up to your TFSA contribution room. The remaining savings stay in your Big Five account or you open a second non-registered EQ Bank account for the overflow.
Step 5 — Set up direct deposit at EQ Bank if you are comfortable making it your primary account, or set up a recurring monthly transfer from your Big Five bank if you want to keep your existing banking relationship.
The whole process takes one afternoon. The rate difference versus a Big Five savings account pays for that afternoon many times over within the first year.
Official Resources — High Interest Savings Canada 2026
| Resource | Link |
|---|---|
| EQ Bank | eqbank.ca |
| Oaken Financial | oaken.com |
| Wealthsimple Save | wealthsimple.com |
| Tangerine | tangerine.ca |
| Simplii Financial | simplii.com |
| Ratehub HISA comparison | ratehub.ca/savings |
| CDIC deposit insurance info | cdic.ca |
| Check your TFSA room | CRA My Account |
Sources: Ratehub.ca — Best HISA Canada 2026 | MoneySense — Best High Interest Savings Accounts 2026 | WealthNorth — Best Savings Accounts Canada | WealthNorth — Best HISA Canada | Million Dollar Journey | Rates are approximate as of May 2026 and change regularly — always verify current rates directly with each institution before opening an account.
This article is for informational purposes only and does not constitute financial advice.
Have a correction or a rate update? Email corrections@maplestime.com
Where are you keeping your savings right now — Big Five bank or an online institution? Have you made the switch to EQ Bank or Oaken yet? Tell us what rate you are getting in the comments — and share this with any Canadian who has no idea how much interest they are missing out on.