Best High-Interest Savings Accounts in Canada (2026)

## Your savings account is robbing you slowly Meet Sarah. She’s 28, lives in Calgary, and has $20,000 sitting in her TD EveryDay Savings Account. She opened it at 18 because her parents told her to save, and she hasn’t touched the account type since. TD pays her 0.01% on that balance. In a year, she earns $2.00 in interest. Literally two dollars. Meanwhile, her coworker Marcus moved his emergency fund to EQ Bank last February and is sitting on the same $20,000 at 4.00%. He’ll earn $800 this year on the exact same pile of money, in an account with the same government deposit insurance, the same ability to transfer funds, and a sign-up process that took him eleven minutes on his phone during a lunch break. The math doesn’t lie. Sarah left $798 on the table in a single year — not because she made a bad investment decision, but because she never moved her money out of an account designed to be forgettable. Multiplied over three or four years while she saves for a house, that gap compounds into thousands of dollars. This article is going to fix that. By the end, you’ll know which account to open, why, and how to have it running before dinner. ## What actually makes a high-interest savings account worth using Not every account that calls itself “high interest” deserves the label. Here are the four things that actually matter when you’re comparing options. **The rate.** This is the obvious one — but pay attention to whether it’s a promotional rate or an everyday rate. A bank that offers 5.5% for the first 90 days and then drops to 0.5% isn’t actually a good deal unless you’re constantly account-hopping. The accounts on this list are ranked on their standard ongoing rates, not teaser offers. **CDIC coverage.** The Canada Deposit Insurance Corporation protects eligible deposits up to $100,000 per insured category at CDIC member institutions. If the bank fails, your money comes back. All five accounts on this list are either CDIC members or their deposits are held at CDIC-member banks. This is non-negotiable — don’t park cash somewhere without it. **No monthly fees.** There’s no reason to pay a monthly fee on a savings account in 2026. Every account on this list charges zero. If your current bank charges you to save money, that’s worth being annoyed about. **Easy transfers in and out.** A savings account that traps your money isn’t actually useful. Good HISAs allow free Interac e-Transfers or linked account transfers with no withdrawal penalties and no minimum balances. Your money should be accessible within one to three business days. ## The 5 best high-interest savings accounts in Canada (2026) ### 1. EQ Bank — The everyday winner EQ Bank is a subsidiary of Equitable Bank, a Schedule I Canadian bank that’s been around since 1970. It’s not a fintech startup — it’s a real bank that operates digitally, which means it has almost zero overhead and passes the savings on to you as interest. **Rate:** 3.50% everyday rate on the EQ Bank Savings Plus Account (rates as of May 2026 — [check current rate]https://truenorthmoney.ca/go/eq-bank) **CDIC status:** Full CDIC member. Your deposits are insured up to $100,000 per insured category. **Best for:** Anyone who wants a reliable, high rate with zero maintenance. This is the account for your emergency fund, your short-term savings, and cash you’re holding before deploying it into investments. It also works inside a TFSA — the EQ Bank TFSA earns the same competitive rate with zero management fees, which makes it a natural pairing with your [registered accounts strategy](/tfsa-vs-rrsp/). **One honest downside:** No physical branches or ATMs. If you need to deposit cash, you’ll need to do it through another bank and transfer over. For 99% of people who pay for everything digitally, this never matters — but worth knowing upfront. ### 2. Neo Financial — The spending + saving combo Neo Financial started as a rewards credit card company and has expanded into a solid savings product. The Neo Money account is a hybrid: it functions like a savings account but with a prepaid card attached, which lets you earn interest on money you’re actively spending. **Rate:** 4.00% on balances held in the Neo Money account (rates as of May 2026 — [check current rate]https://truenorthmoney.ca/go/neo) **CDIC status:** Deposits held at Concentra Bank, a CDIC member institution. **Best for:** People who want to earn interest on their day-to-day cash, not just money they’ve specifically “set aside.” If you keep $3,000–$5,000 flowing through for monthly expenses, earning 4% on the float is real money — around $120–$200 per year that previously went to zero. **One honest downside:** Neo is newer than EQ Bank, and its CDIC coverage is indirect (through Concentra) rather than as a direct member. That doesn’t mean your money is at risk — CDIC protection is CDIC protection — but some people prefer the directness of banking with a longer-established institution. ### 3. Koho — The budgeting-first pick Koho positions itself as a full financial wellness app with spending analysis, round-ups, credit building, and a premium subscription tier. The savings component is solid, but Koho’s real value is as an all-in-one account for people who want help tracking where their money goes. **Rate:** Up to 3.50% on savings balances (rates as of May 2026, varies by plan tier — [check current rate]https://truenorthmoney.ca/go/koho) **CDIC status:** Deposits held at KOHO’s partner bank (Peoples Bank of Canada, a CDIC member). **Best for:** People in their 20s who want a budgeting layer on top of their savings. If you’ve never been able to stick to a budget because tracking is tedious, Koho’s automatic categorization does a lot of the work. It’s also a good option if you’re building your credit history — Koho has a credit-building product that doesn’t require a credit check. **One honest downside:** The top interest rate requires the premium plan tier, which has a monthly fee. Do the math for your balance: if you’re holding less than $5,000 in savings, the fee can eat the rate advantage. The free tier still earns a competitive rate, but read the current plan structure before signing up. ### 4. Wealthsimple Save — Best for the investor who wants it all in one place If you’re already using Wealthsimple Invest or Trade (and if you’re Canadian and investing, you probably are), keeping your cash savings in Wealthsimple Save means your entire financial picture lives in one app. That’s worth something — visibility over your full net worth in a single dashboard reduces the “out of sight, out of mind” problem. **Rate:** ~4.00% on cash balances in Wealthsimple Save (rates as of May 2026 — [check current rate]https://truenorthmoney.ca/go/wealthsimple) **CDIC status:** Deposits are held across multiple CDIC member institutions via their cash management structure, providing up to $300,000 in effective CDIC coverage by distributing balances — a genuine advantage if you have a large emergency fund or a significant amount in cash. **Best for:** Current Wealthsimple users, anyone with a balance over $100,000 in savings (the stacked CDIC coverage is uniquely valuable here), and people who want to see their savings and investments on the same screen. Also pairs naturally with Wealthsimple’s investing accounts if you’re planning to deploy cash into ETF portfolios — see our [investing hub](/investing/) for how to put idle cash to work. **One honest downside:** Wealthsimple’s strengths are really in investing — the savings account is a feature, not a flagship product. If savings is your primary focus, EQ Bank or Neo might give you a better dedicated experience. ### 5. Oaken Financial — The highest guaranteed rate for committed savers Oaken Financial (a division of Home Bank, owned by Home Capital Group) is less flashy than the apps above, but it’s worth knowing about for one specific use case: if you can lock money away for 30, 60, or 90 days, Oaken’s short-term GIC rates consistently beat the everyday savings rates at every other institution on this list. **Rate:** Oaken’s everyday savings rate sits around 3.40% (May 2026), but their 90-day GIC rates have run as high as 4.75%+ — check current rates at Oaken’s website before committing. **CDIC status:** Full CDIC member as a Schedule I bank. Deposits are insured up to $100,000 per insured category. **Best for:** Money you know you won’t touch — a vacation fund, a tax installment reserve, or a house down payment that’s still 6 months away. If you can tolerate the lockup period, you’ll consistently earn more than you would in a flexible account. **One honest downside:** Not the right account for your emergency fund. GICs are not liquid — if your car breaks down and your only savings are in a 90-day GIC, you have a problem. Keep your emergency fund in a flexible account and use Oaken for the money you can afford to set and forget. ## The Big 5 banks: a comparison you need to see Here’s what TD, RBC, BMO, Scotiabank, and CIBC are actually paying on standard savings accounts as of May 2026. These are not promotional rates — these are the rates the average Canadian earns by default if they don’t actively look for something better. | Bank | Standard Savings Rate | |—|—| | TD Bank | 0.01% | | RBC | 0.01% | | BMO | 0.01% | | Scotiabank | 0.01% | | CIBC | 0.01% | On $20,000, every single Big 5 bank pays you $2.00 per year. EQ Bank pays $700. There is no financial justification for keeping your cash savings at a Big 5 bank’s standard savings rate when the alternative takes ten minutes to set up. None. The only reason it still happens is inertia — and the banks are counting on it. To be clear: keep your chequing account at your Big 5 bank if you need it for direct deposit, bill payments, and day-to-day transactions. But the savings should live somewhere that actually pays you. ## CDIC coverage: what it means and why it matters CDIC is not a bank. It’s a federal Crown corporation — a government agency — that insures eligible deposits at member banks. If a CDIC member bank fails (the last one was 1996), CDIC reimburses depositors up to the coverage limits automatically. You don’t file a claim; the money just comes back. Here’s the rule: **$100,000 per insured category, per institution.** The categories include deposits in your own name, deposits in a joint account, deposits in a TFSA, deposits in an RRSP, and a few others. This means a single person can have well over $100,000 protected at a single CDIC member institution by spreading across categories. For most Canadians with an emergency fund and some short-term savings — typically $10,000 to $50,000 in liquid cash — CDIC coverage at any single institution covers the full amount. If you’re sitting on more than $100,000 in cash savings, either use Wealthsimple Save’s distributed structure or spread across two or more CDIC members. One thing CDIC does not cover: foreign-currency deposits, mutual funds, stocks, ETFs, or crypto. It covers eligible deposits — essentially, cash in savings accounts, chequing accounts, and GICs. That’s all we’re talking about on this page, so you’re fine. If you’re using one of these accounts as the cash component inside your TFSA or [FHSA](/fhsa-explained/), confirm the account type is held as a registered deposit — most of the institutions above offer registered versions of their savings accounts. ## How to actually open one (it takes 10 minutes) The reason most Canadians are still earning 0.01% isn’t that they’re unaware better options exist — it’s that opening a new account sounds like a project. It isn’t. Here’s the process for opening an EQ Bank account (the same flow applies to the others): **Step 1.** Click the link above and land on EQ Bank’s application page. Have your SIN and a piece of government ID ready. **Step 2.** Fill in your name, address, SIN, and upload a photo of your ID (driver’s licence or passport). The whole form takes about five minutes. **Step 3.** EQ Bank verifies your identity electronically — usually instant, sometimes up to 24 hours for a manual review. **Step 4.** Once approved, you’ll link your existing chequing account (the one at your current bank) using a void cheque or your account and transit number. This takes 1–3 business days to verify via micro-deposits. **Step 5.** Transfer your money over. Done. From application to first dollar earning 3.50%, the whole process is typically under 48 hours — and most of that is waiting for the link verification to process while you go about your life. You do not need to close your existing bank account. You don’t need to change your direct deposit. You’re just moving cash to where it earns more. ## Frequently asked questions **Is my money safe in EQ Bank / Neo Financial / Koho / Wealthsimple?** Yes. All four institutions are either CDIC members themselves or hold deposits at CDIC member banks, meaning your eligible deposits are protected by federal deposit insurance up to $100,000 per insured category. EQ Bank (Equitable Bank) has been operating since 1970. These are not fly-by-night fintech apps. **Should I put my TFSA contribution in a HISA or invest it?** It depends on your timeline. Here’s the rule: if you’ll need the money within the next one to three years — for a house, a car, a life event — keep it in a HISA-TFSA. The interest is tax-free and the capital is guaranteed. If you won’t need the money for five or more years, you’re probably better off investing it in low-cost index funds through your TFSA, where the long-term returns should significantly outpace savings rates. See our full [TFSA vs RRSP breakdown](/tfsa-vs-rrsp/) for the registered account strategy that ties it all together. **Are HISA rates guaranteed to stay high?** No. Savings rates are variable and move with the Bank of Canada’s policy rate. Rates were significantly higher in 2023–2024 when the BoC rate was at 5%. As of May 2026, rates have come down but remain meaningfully above the Big 5 bank floor. Even in a lower-rate environment, the spread between a good HISA and a Big 5 standard savings account has historically been enormous — because the Big 5 banks pay near-zero regardless of where rates are. **Can I hold multiple HISAs at once?** Absolutely. There’s no rule against having accounts at EQ Bank, Neo, and Wealthsimple simultaneously. Many Canadians keep their emergency fund at EQ Bank (reliable, simple, CDIC direct member) and use Neo or Wealthsimple for cash they’re actively managing. As long as your CDIC-insured deposits at any single institution stay under $100,000 per category, you’re fully protected. ## The bottom line There is no complexity here. This is not a situation where you need to weigh your risk tolerance or consult anyone. You have cash sitting somewhere earning approximately nothing. Moving it to EQ Bank, Neo, Koho, or Wealthsimple Save will earn you hundreds to thousands of dollars per year more — in a government-insured account, with no fees, that you can access in under three business days. Sarah from Calgary? She read this article in March, opened an EQ Bank account, and moved her $20,000 the same week. By the end of 2026, she’ll have earned roughly $700 in interest she would have left on the table. It won’t change her life. But it’ll cover two months of groceries. And next year’s interest compounds on top of this year’s. The math doesn’t lie. Stop letting your bank hold your money for free. **Open an EQ Bank account:** https://truenorthmoney.ca/go/eq-bank **Open a Neo Financial account:** https://truenorthmoney.ca/go/neo **Open a Koho account:** https://truenorthmoney.ca/go/koho **Open a Wealthsimple Save account:** https://truenorthmoney.ca/go/wealthsimple

If you’ve maxed your registered accounts and are looking for additional tax-sheltered growth, the Insured Retirement Plan (IRP) is one advanced strategy worth understanding — it uses permanent life insurance to build cash value that can later be borrowed against tax-free.