Canadian money news — your savings might be sitting in an account paying almost nothing while the bank lends it out at 7 per cent. Here’s where Canadians can park their cash and actually earn.
By Maplestime Business Desk | Winnipeg, Manitoba | September 19, 2026
Sources: Financial Post, Canada Deposit Insurance Corporation | Last updated: September 19, 2026
Key Takeaways
- A high interest savings account (HISA) pays a much higher rate than a traditional savings account — with the same easy access to your money.
- EQ Bank Savings Plus Account leads the pack at a 2.50% interest rate, with no monthly fees and unlimited transactions.
- Wealthsimple (2.20%) and Tangerine (2.10%) round out the top three, both with no monthly fees and no minimum balance.
- Eligible deposits are insured by the Canada Deposit Insurance Corporation (CDIC) or provincial deposit insurers — your money is safe.
- When comparing, look at interest rate, fees, minimum balance requirements and how easy it is to move your money.
The Best High Interest Savings Accounts In Canada Right Now
A high interest savings account is exactly what it sounds like: a savings account that pays a higher interest rate than a traditional one. Same liquidity, same safety — just a rate that doesn’t insult your intelligence.
Here are the accounts worth your attention:
EQ Bank Savings Plus Account — 2.50% (Top Rate, No Fees)
The EQ Bank Savings Plus Account offers a 2.50% interest rate — the highest of the top three — with no monthly fees and unlimited transactions. EQ Bank is a digital-first bank, which is exactly why it can afford to pay more: no branches, no marble lobbies, no legacy overhead passed on to you.
Wealthsimple Savings Account — 2.20% (No Minimum Balance)
Wealthsimple’s savings account pays 2.20%, with no monthly fees and no minimum balance requirement. If you’re already investing or trading through Wealthsimple, keeping your cash in the same ecosystem makes managing your money genuinely simple.
Tangerine Savings Account — 2.10% (No Monthly Fees)
Tangerine, the Scotiabank-owned digital bank, offers 2.10% with no monthly fees and no minimum balance requirement. It’s been the gateway HISA for a generation of Canadians, and the rate still beats anything the Big Five will offer you on a standard savings account.
What To Look For In A High Interest Savings Account
Don’t chase the headline rate blindly. Here’s what actually matters when choosing where to park your savings:
- Interest rate: Look for accounts with high rates to maximize your earnings — but check whether it’s a promotional rate that drops after a few months. The rates above are the accounts’ standard offers.
- Fees: Monthly fees quietly eat your interest. Every account on this list charges none.
- Minimum balance requirement: Some accounts demand thousands sitting idle before they’ll pay the advertised rate. These three don’t.
- Accessibility: Easy online and mobile access matters. If moving money in and out is a chore, the account won’t get used.
Your Deposits Are Protected — CDIC And Provincial Insurance
This is the part people overthink. High interest savings accounts from reputable Canadian banks and financial institutions are insured by the Canada Deposit Insurance Corporation (CDIC) — or by provincial deposit insurance corporations, in the case of credit unions and provincially regulated institutions.
That means your deposits are protected up to the coverage limits even if the institution fails. A higher rate does not mean higher risk. It usually just means lower overhead.
How To Open A High Interest Savings Account In Canada
Opening one is straightforward. You can typically apply online in under 15 minutes or walk into a branch. You’ll need identification and proof of address to verify your identity. Some banks may ask for a minimum initial deposit to open the account — check the fine print before you apply.
According to the Financial Post, high interest savings accounts are one of the best options for Canadians looking to grow their savings — with the emphasis on comparing interest rates and fees before you commit.
Quick Reference — Top HISAs In Canada
| Account | Interest Rate | Monthly Fees | Minimum Balance |
|---|---|---|---|
| EQ Bank Savings Plus Account | 2.50% | None | None |
| Wealthsimple Savings Account | 2.20% | None | None |
| Tangerine Savings Account | 2.10% | None | None |
High interest savings accounts are a great way for Canadians to earn more on money they’d be keeping in cash anyway. Compare the rate, the fees and the fine print — then put your money somewhere it actually works.
Maplestime will provide updates on Canadian savings rates as announcements are made in 2026.
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Do you think Canada’s Big Five banks will ever stop paying savers pennies while pocketing the spread — or are digital banks the only honest game in town now? Tell us in the comments. And share this with every Canadian still earning next to nothing on their savings.
