The 20 Best High Interest Savings Accounts in Canada

high interest savings account

When depositing your money into a savings account, why not make your money work for you at a higher rate? For example, you could get up to 6% by opening a savings account with Simplii, a digital-only bank operated by CIBC. From no minimum or maximum deposit to no additional account fees, we have gathered the best high-interest savings accounts in Canada. You can also compare savings accounts for yourself and select your province or territory to help you choose your next high-interest savings account!

Best Online and All-in-One High Interest Savings Accounts in Canada

Let’s begin our journey by innovative financial companies and online banks. Being online helps them reduce costs. That is why you will generally find savings accounts with higher rates in this category. Plus, with KOHO, EQ Bank and the like, all your money lives in one account and gets linked to your card. This way, all your deposits automatically start earning interest. So, you can then spend the way you want, without having to transfer it to a chequing account.

Simplii Financial High Interest Savings Account: 0.40% (6.00% promotional offer)

Simplii logo

Simplii Financial is an online digital bank brought to you by CIBC. The Simplii Financial High Interest Savings Account offers no monthly or transaction fees, or minimum balance requirements. The starting interest rate on this account is 0.40%, which is calculated daily on your closing account balance and then paid out to your account monthly. Moreover, there is currently a special offer for new clients, where you can earn 6% interest on a new Simplii Financial High Interest Savings Account for 5 months, no matter how much you have.

The Simplii Financial High Interest Savings account cannot be accessed through an ATM. You have to transfer funds from your savings account to your chequing account first, then you can use an ATM to withdraw the money from your chequing account. You can access your money for free through any CIBC ATM in Canada. Simplii is not available in Quebec.

EQ Bank Savings Account: up to 4.00%

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One of the best high interest savings accounts on the market belongs to a digital player. It’s the EQ Bank Personal account. You get a 2.50% interest rate on every dollar and pay no monthly fees, plus 1.50% bonus interest when you direct deposit your pay or set up recurring pre-authorized debits. This EQ account offers a variety of other benefits, such as no fees for daily banking services and Interac transfers, as well as free bill payments, electronic transfers and transfers between EQ accounts. There is no minimum balance requirement and the maximum balance per client is capped at $200,000. For any international money transfer, EQ is partnering with Wise to help you pay less on any money transfer sent abroad.

NEO High Interest Savings Account: 4.00%

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A major player among digital startups is making its mark by offering 4.00% interest on every dollar in your account. The no-fee Neo HISA account is the latest offer from Neo Financial. You will be able to make free instant transfers between your Neo accounts. To better organize your spending, you can open up to 10 customizable accounts to organize your money and track your goals. There is no minimum balance and the app makes it easy to track your savings. The Neo High-Interest Savings account is provided by Peoples Bank of Canada.

High Interest Savings Account from LBC: up to 4.00%

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Smaller than the big banks like BMO, CIBC or RBC, Laurentian Bank knows how to surprise its customers with some interesting products. LBC Digital is operated by the Laurentian Bank and offers one of the best high interest savings accounts in the country. The High Interest Savings Account from Laurentian Bank of Canada will accommodate all your needs. It offers an attractive annual interest rate of 3%, which is calculated on your daily minimum balance and paid monthly. There is no minimum balance nor monthly fees. If you’ve saved a large sum, you’ll receive 4.00% interest on any amount between $100,000 and $5,000,000.

KOHO Savings Account: 5.00%

Koho logo

KOHO is a fintech that offers a prepaid credit card and savings account all in one. This way, you get discounts on your purchases while your balance grows too. The interest you earn depends on your subscription. Here’s how it works: the Essential Plan ($4/month), the Extra Plan ($9/month) and the Everything Plan ($19/month) all earn 5.00% on your entire balance.

Wealthsimple Cash Account: up to 5.00%

Wealthsimple logo

When you open an account with Wealthsimple Cash, your interest rate sits at 4%. If you become a premium client, you get 4.50%. And if you are a Generation client, your rate goes up to 5%. You also get instant 1% back in stocks, cryptocurrency or cash on every dollar you spend with your Wealthsimple card. With Wealthsimple Cash, you have a real card or a digital card for contactless payments.

Tangerine Savings Account: 0.70% (6.00% promotional offer)

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The Tangerine Savings account has no minimum balance, no service charges, and no extra fees. It helps you earn high interest on every dollar. This savings account normally has an interest rate of up to 0.70%. A special offer is currently available, where you can get a 6.00% rate on your savings for the first 5 months. Some of its key features include advantageous rates, no service or extra fees, no minimum balances, and a personalized saving goals.

High-Interest Savings Account from Equitable Bank: 4.80%

Equitable Bank logo

The High-Interest Savings Account from Equitable Bank offers two types of products; Series A and Series F. The interest rate of Series A is 4.65%, and for Series F is 4.80%. This is one of the best saving accounts in Canada. It has a minimum balance of $500 and a maximum of $500,000. All interest fees are calculated daily on the closing balance and paid monthly as reinvested distributions. You’ll get an unlimited amount of deposits or withdrawals transactions without any fees. You get easy access to your funds at all times.

Best Major Banks High Interest Savings Accounts in Canada

With competition from these new players, are te Big 5 still in the game? Yes, they are! The Big 5 and other large banks offer some of the best high interest savings accounts in Canada. Big banks offer a wide variety of services, extensive online and phone support and basically make their customers feel secure. If you feel more comfortable doing business with a large bank, pick one of these high interest savings accounts.

CIBC eAdvantage Savings Account: 1.90%

CIBC logo

The CIBC eAdvantage Saving Account lets you maximize your savings by earning interest on every dollar you save. This saving account has an interest rate of up to 1.90% with no monthly fee. To get it, you need a balance of $500,000 or more. Under $10,000, the rate is just 0.65%. Under $25,000 (but starting at $10,000), your balance will earn 0.85%, with rates rising to 1.90% on balances of $500,000 or more. Plus, you can get 0.50% every month you save at least $200, up to a balance of $200,000. There’s also a special offer to earn a bonus rate for the first months. In total, you can earn up to 5.60% interest.

Each transaction has a fee of $5 which includes debit purchases, withdrawals, Interac eTransfers, CIBC personal cheques, automatic pre-authorized withdrawals, and bill payments. Any transfers of money between your CIBC personal bank accounts using online banking are free. Some of the features included with this saving account are a recurring transfer option to help you achieve your saving faster, some expert guidance to steer your finances in the right direction, and the possibility to deposit cheques with your phone using the CIBC eDeposit.

Savings Amplifier Account at BMO: 1.90%

BMO logo

With no monthly fee and no minimum deposit, the Savings Amplifier Account BMO rewards you with a 1.90% interest rate, helping you reach your financial goals faster. You can also take advantage of a promotional interest rate of 5.50% for up to 120 days when you open both a Performance chequing account and a savings amplifier account. All self-serve transfers to your other BMO accounts are free. A $5 fee applies to all pre-authorized debits, cash withdrawals and transfers made in-branch or by phone.

High-Interest Savings Account National Bank: 1.70%

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The High-Interest savings account from the National Bank has an interest rate of 1.70% with no minimum balance or monthly fees. You will receive one free debit transaction per month, for any additional transactions made a fee of $5 will be charged. All Interac eTransfers will have a fee of $1.25 per transaction. You have access to free and unlimited funds transfers between your National Bank accounts. Some additional benefits with this High-Interest Savings Account include easy access to your funds at any time and the systematic saving plan which is deposited automatically into your savings account.

RBC High Interest eSavings: 1.70%

RBC logo

The RBC High Interest eSavings account also offers a 1.70% interest rate on all amounts deposited. This savings account comes with no fixed monthly fee. Currently, there is a special offer that gives you a total rate of 5.50% for a three-month period.

You can deposit the amount you want into your account as there is no minimum deposit required. You will receive one free debit transaction per month, for any additional transactions a fee of $5 will be charged. All Interac eTransfers have a fee of $1 per transaction. Get one free RBC ATM cash withdrawal per month, for any additional debit transactions a fee of $5 will be charged. All Interac eTransfers and cross-border debits will have a fee of $1 per transaction. For all ATM withdrawals made abroad, the fee will be of $5, and all ATM withdrawals made in the US will be a fee of $3.

Momentum PLUS Saving Account from Scotiabank: 1.30%

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The Momentum PLUS savings account from Scotiabank lets you save for multiple goals in one account. You can easily choose the timeline for your savings goals and track it as you earn. The regular interest rate on this account is 1.30%, but you can earn up to 5.60% with promotional offers. If no debit transactions have been made after 90 days the premium period interest will be 0.85%, after 180 days the rate will be 0.90%, after 270 days the rate will be 1.00%, and finally, after 360 days, the rate will be 1.25%. Ask for the Ultimate package and get an additional 0.10% annually added to any Momentum PLUS saving account which is calculated daily and paid monthly. And finally, the current offer gives you a bonus 3.40% rate on deposits for the first 5 months following the opening of your account.

Some of the additional features offered with this saving account are no monthly account fees or minimum balance required, unlimited self-service transfers, automatic savings plans, mobile and online banking, and finally mobile cheque deposits. Each debit transaction that is not a self-service transfer will be charged $5.

Best Credit Unions High Interest Savings Accounts in Canada

While your deposits to most banks in Canada are protected by the Canada Deposit Insurance Corporation (CIDC) up to $100,000, credit unions protect your money in a different way. The majority of credit unions are governed by their respective provincial governments, which means your deposits are covered through provincial insurance plans.

Daily Interest Saving Account from Achieva Financial: 3.60%

Achieva logo

The Daily Interest savings sccount from Achieva Financial allows you to earn high interest on your savings while keeping them fully accessible. This savings account has one of the highest rates in Canada. Its consistent interest rate is 3.60%. The interest is calculated on the daily closing balance and paid on the last day of each month. There is no minimum balance and account fee. This account has free deposits, plus one free cheque, direct transfer or pre-authorized payment every month. One dollar per month is paid to you when you choose to receive your documents electronically.

High-Interest Savings Account from Meridian Credit Union: 2.25%

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This high interest savings account from Meridian Credit Union lets you earn 2.25% on every dollar you deposit. This rate is calculated daily and paid monthly. This saving account has no monthly fee and offers unlimited free debit transactions. You can withdraw your funds without surcharge fees at over 43,000 ATMs with THE EXCHANGE Network in Canada and the Allpoint Network in the US.

For any external ATM withdrawals, a fee of $2 will be charged and for any international ATMs withdrawals, such as the US, a fee of $3 will be charged. With your high-interest savings account, you’ll get your Meridian debit card with Interac Flash to make payments through Interac Debit in Canada and ACCEL in the US. All Interac eTransfers have a fee of $1.50 for each transaction. This account is available in Ontario only.

High-Interest Savings Account Desjardins: 1.70%

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The high-interest savings account from Desjardins offers a rate of 1.70%. New deposits receive a 3.30% bonus interest, for a total of 5.00%. This offer ends on March 7, 2024. There is no service or monthly fees associated with this savings account. Inter-institution transfers between this account and your other Desjardins accounts are allowed and free at all times. This savings account is eligible for member cash back that Desjardins pays annually. This means you could get a few extra dollars. Finally, the number of authorized debit transactions is unlimited. Fees of $1.25 to $1.50 apply for most other types of transaction.

Coast Capital High Interest Savings Account: 1.60%

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Available accross Canada (except in Quebec), Coast Capital Savings offers a 1.60% high interest savings account. Subject to no monthly fee, this account also lets you make 2 free monthly transactions. You will pay $5 per additional transaction and $1.50 to send an e-Transfer. Coast Capital is a member-owned cooperative. In addition to Coast Capital ATMs, members get ding-free use at any ATM on The EXCHANGE Network across Canada.

Can You Open a High Interest Savings Account in a Non Bank?

Financial services offered by non banks is a growing sector. Yes, you can open some of the best high interest savings account in Canada with a non bank. KOHO, Wealthsimple and Neo are non banks, but they are not the only ones. CI Direct Investing and ATB also offer interesting savings accounts. These two non banks offer high limits of protection for your deposits.

ATB High-Interest Savings Account: up to 4.65%

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The ATB High-Interest Savings Account offers you liquidity, security, and high-earning potential for your money. You can access your funds at any time you want with no terms or maturity dates. The current rates for this savings account are:

  • 4.55% for the Personal Series A and SA
  • 4.65% for the Personal Series F and SF

All those rates are for Canadian Dollar accounts. The minimum investment for a Series A and F is $1,000, and for the Series SA and SF, it’s $25,000. There is, however, no maximum amount you can invest. You can earn annual interest in either a registered or unregistered investment plan.

You can open an account only if you live in Alberta since ATB Financial operates as a provincial corporation. Therefore, your money gets guaranteed by Alberta government. This level of protection is impossible to beat!

High-Interest Savings Account from CI Direct Investing: 4.00%

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The high-interest saving account from CI Direct Investing lets you put your savings to work with its 4.00% interest rate. This interest rate is calculated daily and paid monthly. This savings account offers no additional fees. There are no monthly fees, account fees, low balance fees, or withdrawal fees. There is also no minimum balance required for this savings account. CI stocks your deposits with custodians subject to applicable securities laws and members of the Canadian Investor Protection Fund (CIPF) which provides protection for up to $1 million per account type.

E-Savings from Peoples Trust Company: 3.40%

Trust Company Online logo

Peoples Group is a financial services company and its division Peoples Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC). Their E-Savings account offers no monthly fees and because it is a non-register account there are no deposit limitations. With an interest rate of 3.40%, this is one of the highest interest rates on the market. You’ll pay $1.50 for an Interac eTransfer, $1 to pay a bill online, $0.90 per deposit and various other small fees that add up quickly.

Maude Gauthier is a journalist for Hardbacon. Since completing her Ph.D. in communications at University of Montreal, she has been writing about finance, insurance and credit cards for companies like Fonds FMOQ and Code F. As a responsible user of credit cards, she can spend hours reading the fine print to fully understand their benefits. Because of their simplicity, she developed a preference for cash back cards. After suffering steep increases with her former insurer, she can now proudly say that she saved hundreds of dollars by shopping around for her auto and home insurance. In her free time, she reads novels and enjoys streaming popular shows (and possibly less popular shows, like animal documentaries).