Best High-Interest Savings Accounts in Canada for 2024

Canadians have over 100 different kinds of bank accounts to choose from, according to the Canadian Bankers Association. If you’re specifically looking for an account that can fast-track your savings, it may be time to explore the world of high-interest savings accounts, or HISAs.

While the best high-interest savings accounts offer robust interest rates, that’s not the only way to compare them. Some HISAs also offer minimal transaction fees, low service charges and opportunities to earn cash back. Browse top options below and choose your high-interest savings account with confidence.

• Our picks for the best high-interest savings accounts
• Other top HISA rates available in Canada
• What to know about high-interest savings accounts

Partner Spotlight

Simplii Financial™ High Interest Savings Account

Special Offer: Earn 6.00% interest on eligible deposits for the first 5 months. Limits apply. Offer ends on January 31st, 2025. Put your savings in the fast lane with great rates and no monthly fees. Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.

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Best High Interest Savings Accounts in Canada from Our Partners

Bank Account	Interest Rate	Monthly Fee
Learn more Simplii Financial™ High Interest Savings Account	6.00%* Promotional rate	$0	Apply Now Learn more
Learn more Tangerine Savings Account	5.50%* Promotional rate	$0	Learn more
Learn more RBC High Interest eSavings Account	5.10%* Promotional rate	$0	Learn more

Summary of our picks for the best high-interest savings accounts

• Best for a bonus offer, Simplii Financial™ High Interest Savings Account
• Best for a bonus offer with a premium period interest rate, Scotiabank MomentumPLUS Savings Account
• Best for a bonus offer with cash back, Tangerine Tax-Free Savings Account
• Best for a bonus offer, Motive Savvy Savings Account
• Best for a bonus offer with a tiered interest rate, CIBC eAdvantage® Savings Account
• Best for a bonus offer, RBC High Interest eSavings Account
• Best for a regular interest rate with cash back, KOHO Spending and Savings Account
• Best for a regular interest rate with reward points, PC Money Account

Our pick for best bonus offer

Simplii Financial™ High Interest Savings Account

• Interest Rate
  6.00%*

  Get a special interest rate. Earn 6.0% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends January 31st, 2025.

  Promotional rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Apply Now

Our Take

• Simplii’s no-fee HISA gives account holders access to CIBC ATMs in Canada.
• Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Product Details

• Get a special interest rate. Earn 6.0% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends January 31st, 2025.
• 0.35% to 3.75% interest rate depending on account balance.
• No monthly fee.
• Manage your money through online banking and a mobile app.
• Easily set up automatic deposits.
• HISA account holders can open a no-fee chequing account to access money from any CIBC ATM in Canada without a fee.
• No transaction or service fees.
• No minimum balance.
• Immediate access to your money through withdrawals, Interac e-Transfer, transfers to linked accounts, and more.
• Eligible for CDIC deposit insurance.

Our pick for best bonus offer + premium period interest rate

Scotiabank MomentumPLUS Savings Account

• Interest Rate
  Up to 5.40%*

  With the MomentumPLUS Savings Account, you can earn a savings rate of up to 5.40%* for 3 months: Regular Interest Rate + Premium Period Interest Rate + Package Interest Rate Boost + Welcome Bonus Interest Rate.

  Promotional Rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Apply Now

Our Take

• The MomentumPLUS Savings Account offers a higher interest rate on long-term savings for multiple goals in one account.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product Details

• Earn a savings rate of up to 5.40%* for 3 months.¹
• Save for multiple goals in one account.
• No monthly account fees or minimum balance required.
• Earn even more interest¹ when you open and fund a Premium Period(s).²
• The longer you save, the higher your interest rate.
• Rates, fees and other information are effective as of November 13, 2024. Subject to change.
• Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Our pick for best bonus offer with cash back

Tangerine Tax-Free Savings Account

• Interest Rate
  5.50%*

  0.30% regular interest rate. The Tangerine New Client 5.50% Interest Rate Offer (the "Offer") is available to new Tangerine Clients who: (a) have a Client Number created between November 6, 2024 and March 31, 2025, and (b) open an Eligible Savings Account as the Primary Account Holder within 60 days of the date their Client Number was created.

  Promotional rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Our Take

• This flexible, no-fee TFSA comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

Product Details

• 0.30% regular interest rate.
• No monthly fee.
• Automated savings program available.
• Manage your money by phone, through online banking and a mobile app.
• Other Tangerine TFSA investment options include Tax-Free GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
• Service fees are listed online.
• Deposits and withdrawals are free.
• $50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
• No minimum balance is required.
• Eligible for CDIC deposit insurance.

Our pick for best bonus offer

Motive Savvy Savings Account

• Interest Rate
  5.35%*

  Get a Motive Savvy Savings account at 5.35%* for 120 days. Then, continue earning at the standard 3.20%* rate.

  Promotional rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Apply Now

Our Take

• Earn interest at a competitive rate on this no-fee and no-minimum balance HISA.
• Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Product Details

• Get a Motive Savvy Savings account at 5.35%* for 120 days. Then, continue earning at the standard 3.20%* rate.
• 3.20% interest for balances under $5,000,000, and 0.50% interest for balances $5,000,000.01 and over.
• Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
• No monthly fee.
• No minimum balance is required.
• Unlimited transfers between accounts.
• Free deposits.
• Withdrawals can be deposited into a Motive Savings or Motive Chequing account, a no-fee chequing account that earns interest.
• Manage your money by phone, through online banking and a mobile app.
• Unlimited transactions.
• Service fees are listed online.
• Eligible for CDIC deposit insurance.
• Motive Financial products are not available to Québec residents.

Our pick for best bonus offer + tiered interest rate

CIBC eAdvantage® Savings Account

• Interest Rate
  Up to 5.25%*

  Clients opening their first CIBC eAdvantage® Savings Account will earn bonus interest for 120 days (up to a balance limit of $1,000,000), in addition to the 1.70% regular interest rate and 0.50% Smart Interest when you save at least $200 per month (up to a balance limit of $200,000).

  Promotional rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Our Take

• CIBC’s eAdvantage® Savings Account can earn a healthy regular interest rate of up to 1.70%, which can be boosted to 5.25% through bonus interest and Smart Interest, which rewards you for saving at least $200 per month.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• Regular interest rate: 0.40% to 1.70% earned on all balances.
• Earn up to 5.25%.
• 0.50% Smart Interest when you save at least $200 a month (up to a balance limit of $200,000).
• 3.05% bonus interest rate for the first four months when you open your first account (up to a balance limit of $1,000,000).
• Set up automatic transfers with AutoSave so you can grow your savings without even thinking about it.
• Free online transfers between your accounts.
• No monthly fee.
• $5 fee for transactions, including debit purchases, CIBC withdrawals (including CIBC ATM), Interac e-Transfer transactions, cheques, pre-authorized payments, and bill payment.
• Bank when, where and how you want with CIBC Online Banking® and the award-winning CIBC Mobile Banking® App.
• Access to nearly 4,000 ATMs across Canada.
• Use your mobile device to deposit personal or business cheques.
• CIBC Smart Balance Alert™ gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Eligible for CDIC deposit insurance.
• To be eligible, you must be a Canadian resident who is the age of majority in your province or territory. If you’re under the age of majority, apply by visiting a CIBC Banking Centre.

Our pick for best bonus offer

RBC High Interest eSavings Account

• Interest Rate
  5.10%*

  Earn 5.1% interest for 3 months when you open your first RBC High Interest eSavings account. Limited time offer. Terms and conditions apply.

  Promotional rate
• Bonus Offer
  N/A
• Monthly Fee
  $0

Our Take

• RBC High Interest eSavings Account offers a competitive interest rate on your deposit with no minimum requirements with free instant e-transfers to your other RBC accounts at any time.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1864.

Product Details

• Earn high interest on every dollar.
• Free electronic self-service transfers 24/7 with no delay – Including ATM and unassisted telephone fund transfers, from this account to any other RBC Royal Bank personal deposit account in your name.
• Free access to RBC Online, Mobile, and Telephone Banking.
• No minimum deposit requirements.
• The ability to set up a regular, automatic savings plan by arranging pre-authorized transfers from a bank account to your savings account.
• Know what your money is up to with a digital service that can help capture all of your savings and investments in one place.
• Canada Deposit Insurance Corporation (CDIC) provides deposit insurance against the loss of eligible deposits in the event of failure.

Our pick for best regular interest rate with cash back

KOHO Spending and Savings Account

• Interest Rate
  Up to 5.00%

  Interest Rate varies by selected subscription plan. Essential Plan: 3.5%, Extra Plan: 4%, Everything Plan: 5%.

  No minimum balance required
• Bonus Offer
  30-day free trial

  All KOHO subscription plans come with a free 30 day trial.
• Monthly Fee
  $4-$19

  Monthly fee waived if a direct deposit for paycheques or government benefits is set up or a monthly contribution of $1,000 or more.

Apply Now

Our Take

Why we like it

• This hybrid chequing-savings account earns up to 5.00% interest on savings and up to 5.00% cash back on purchases depending on the subscription plan selected.
• KOHO is a virtual bank that also offers cash back prepaid Mastercards cards

Product Details

• Interest Rate varies by selected subscription plan. Essential Plan: 3.5%, Extra Plan: 4%, Everything Plan: 5%.
• Monthly Fee varies by selected subscription plan. Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
• The account comes with the KOHO prepaid Mastercard that earns up to 5% instant cash back on spending (depending on the selected subscription plan).
• The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
• No minimum balance.
• Immediate access to your money through free withdrawals, e-Transfers, and more.
• Eligible for up to $100k CDIC deposit insurance.
• Boost Your Credit Score by Simply Paying Rent! With KOHO’s Rent Reporting, your rent payments can now help build your credit history. Here’s how:
• a. Choose any KOHO paid plan OR subscribe to Credit Building.
• b. Pay rent using your KOHO account via e-Transfer, pre-authorized debit, or your KOHO card.

Our pick for best regular interest rate with reward points

The PC Money™ Account

• Interest Rate
  4.25%

  Earn 4.25% with an optional feature available with the PC Money™ Account.
• Bonus Offer
  150,000 bonus PC Optimum points.*

  Earn bonus PC Optimum points with a welcome offer when you open a new PC Money Account. Additionally, you must set up a payroll or pension direct deposit of at least $1,500 for three consecutive months. The first deposit must be made within 60 days of account opening. Offer ends Nov. 30, 2024.
• Monthly Fee
  $0

Our Take

• The PC Money Account with the optional savings feature makes it an attractive high-interest paying no-fee hybrid account. Aside from the chequing and savings account features, it has a unique rewards program.
• President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Product Details

• Only new PC Money™ Account cardholders can receive the bonus points.
• To qualify, you must deposit at least $1,500 per month via payroll or pension direct deposits for three consecutive months. Other deposits, such as Interac e-transfers, do not qualify.
• Standard points are awarded within 2-7 business days after each qualifying deposit, with bonus points awarded 4-6 weeks after requirements are met.
• Option to earn a high rate of interest with the savings feature.
• The savings feature is not available in Quebec. Residents can still open a PC Money Account and start earning points.
• No monthly fee.
• No minimum balance required.
• Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
• Free Interac e-transfer services.
• The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
• PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.

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Top HISA rates in Canada

These HISAs also offer higher-than-average rates as of Nov. 20, 2024. But unlike the accounts featured in our picks for best HISA, some of these HISAs are limited to residents of a single province. (Scroll horizontally to see more details about each HISA.)

**Not available to Quebec residents. 

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Guide to high-interest savings accounts in Canada

By Clay Jarvis and Siddhi Jahagirdar

HISA stands for “high-interest savings account.” Most banks and financial institutions in Canada offer HISAs. There are a few different types, including

• Basic HISAs
• U.S. dollar HISAs
• Tax-free savings account (TFSA) HISAs, and
• Registered retirement savings plan (RRSP) HISAs.

What is a high-interest savings account?

A high-interest savings account simply offers a more attractive interest rate than other savings accounts that may be offered by the institution. The interest rate is applied to the entire balance in your account and is typically calculated daily but paid out monthly.

Still, high-interest savings accounts may offer a rate of return that’s lower than other investment options. Current rates for Canadian HISAs typically fall into the 1-2.50% range although some institutions may provide special promotional rates above 4%.

Savings account vs. chequing account

When determining what kind of bank account you need, one of the first choices you’ll have to make is whether to go with a savings account or a chequing account.

A savings account is generally used for funds you don’t intend on spending right away. It’s a good option if you’re looking for a place to stash cash and let it grow.

A chequing account is designed for everyday transactions. This is the kind of account most people use to pay for groceries and bills and have their paycheques deposited into. Because chequing accounts are intended for more high-volume use, they often come with monthly service fees and lower interest rates — if they pay interest at all.

How does a high-interest savings account work?

A HISA works similarly to any other savings account. When you deposit your money into an account at a bank or other financial institution, they may lend those funds to other clients. You have access to your money at any time, and to reward you for keeping your money in the account, the bank pays you a certain rate of interest.

High-interest savings account rules

While HISAs generally earn more interest than a regular savings account, they tend to be governed by more rules and include fewer perks. For example, most HISAs won’t come with cheques or debit cards, since they’re designed for savings and not daily banking. It might take one or two days to transfer money from your HISA to another account, and you might need to pay a fee for e-transfers from your HISA account.

Rules will vary from bank to bank, so be sure to read the fine print before opening a HISA. Generally speaking, a HISA is a good place to save toward your financial goals, and you should handle your day-to-day banking through your chequing account.

How high-interest savings accounts earn interest

HISA interest is usually presented as an annual percentage yield, but the interest is normally calculated daily and paid back into the account monthly.

This means you’ll earn compound interest (interest on the interest) in your HISA, which is ideal for helping your savings grow faster. For example, let’s say that you put $10,000 in your HISA with an interest rate of 1%, and then you don’t touch your account for one year. You will have earned $100.50 in interest by the end of the year, so your HISA will contain $10,100.50.

But know that interest rates are subject to change without notice, so make sure to check your account often so you know how much you’re actually earning.

High-interest savings account investment

As an investment option, a HISA presents very little risk. But that also means your rate of return is lower than what you might earn with other investments. A HISA is a good tool to have in your financial kit, but you may not want to rely on them alone for long-term savings goals, such as retirement.

High-interest savings account taxes

Like regular earnings, the interest generated by your HISA savings is considered taxable income by the Canadian Revenue Agency.

When you file your tax return, you’ll be expected to disclose the interest earned. That figure can be found in the return of investment income slip, known as a T5, your financial institution sends you each year.

The rate of tax you pay on the interest from a high-interest savings account is the same rate that’s applied to the rest of your earnings.

TFSA vs high-interest savings account

Even though high-interest savings accounts and tax-free savings accounts (TFSAs) appear similar on the surface, they are typically used for completely different purposes.

A HISA is simply an account where you store your money and earn a higher rate of interest.

You can also save money and earn interest in a TFSA, but the money you deposit into a TFSA can also be invested in other products, like stocks, mutual funds and ETFs.

Your returns on TFSA investments are tax-free, whereas the interest earned by your HISA is not.

RRSP vs high-interest savings account

High-interest savings accounts and registered retirement savings plans, or RRSPs, are both places where you can grow your savings.

The money you deposit into your RRSP, and the income you earn from it, is treated differently than what goes into your HISA.

Unlike HISA deposits, RRSP contributions reduce your taxable income, which can significantly decrease your tax bill. The income you earn in an RRSP is typically tax-free, but when you withdraw money from the account, you’ll have to pay taxes on it.

GIC vs high-interest savings account

Another financial product similar to a high-interest savings account is a guaranteed investment certificate, or GIC.

With a GIC, you deposit money into a financial institution for a predetermined length of time in exchange for a guaranteed rate of interest. The length of GIC terms varies; some are as short as a month, others can be several years. The longer the term, the more interest you’ll typically earn.

With a HISA, you can withdraw your money anytime you like. With a GIC, you may be required to pay a penalty if you try to retrieve your money before the term expires.

Who should open a high-interest savings account?

A savings account is a critical component of a well-rounded financial portfolio. Having one allows you to organize your finances and keep your savings secure while putting money aside for major purchases and emergencies.

High-interest savings accounts are particularly valuable for people who want to give their savings a boost but who may lack access to investment vehicles that pay a higher rate of interest.

If you’re saving for a shorter-term goal, like paying for a wedding, vacation or making a down payment on a car or home, a HISA may help you reach your goal a little sooner.

How to use a high-interest savings account

A HISA is a savings vehicle that you can use to grow your money for any number of reasons, including:

Starting an emergency fund

An emergency fund is money you set aside specifically for those unforeseen life events that require quick cash. Urgent medical issues, car repairs and storm damage to a roof or basement are just a few examples of sudden costs that your credit card may not be able to cover.

An emergency fund can also provide a lifeline if you or someone in your family loses a job and your household’s income takes a hit.

Emergency funds should be easily accessible, which is why a high-interest savings account can be a good place to store them.

Short-term savings goals

A high-interest savings account can also help you prepare for those just-over-the-horizon purchases that require a little extra saving.

If you know your car will need to be replaced in the coming months, or that your family wants to get together for a luxurious vacation next year, saving your money in a HISA well ahead of time can help you earn interest while planning to cover those costs.

Large but predictable expenses

Saving for major expenses is another goal a high-interest savings account can help you accomplish. Significant life events like retirement, post-secondary education, getting married or buying a home can require a healthy stack of cash. The higher yields offered by HISAs can help you build that stack a little faster.

How to choose the best high-interest savings account

Each bank or credit union has its own terms and conditions for high-interest savings accounts. Here are things you should consider when deciding where to stash your money.

Minimum deposit

Some high-interest savings accounts require you to make a minimum deposit when you open your account.

These deposits can as low as $25 or much higher, so be sure to read the fine print or ask a customer service representative what initial deposit will be expected.

Reputation and security

When choosing a HISA, first make sure you pick a reputable bank or credit union. It doesn’t have to be your usual bank, but make sure it has good reviews and is insured.

Financial goals

Also, think about why you’re opening the HISA. Are you saving for something in the near future, like a summer vacation, or something further away, like buying a house in five years? Make sure the account offers a level of accessibility that will meet your needs.

Interest rate

Next, make sure the account offers a good interest rate. It’s important to be mindful of “teaser” or “promo” rates versus regular rates. Many Canadian banks offer higher promotional rates when you first open a HISA, but those rates only last a short time (sometimes five or six months). After that, the interest rate drops, often quite significantly. An account with a high promotional rate isn’t always the best option, but if you can make a significant initial deposit or are only saving for the short term, it could still be the right choice to maximize earnings.

Service fees

Few things in life are free, even when it comes to saving your own money.

Having a high-interest savings account isn’t likely to cost you a regular monthly fee, but you might still have to pay for certain withdrawals or transfers. Some accounts offer a few free transactions every month, others allow you to avoid paying bank fees so long as your account holds a minimum monthly balance.

How to open a HISA

With plenty of online-only banks to choose from, opening a HISA is quite easy and can often be done in as little as five minutes.

To open a bank account, most financial institutions require account holders to be the age of majority in your province or territory and a resident of Canada with a permanent address.

Some financial institutions, like credit unions, may only offer HISAs to residents of certain provinces. For example, Quebec residents may not be eligible for all HISA offers.

If you meet the age and residence requirements of the bank you hope to open an account with, all you should need to do is:

1. Provide your personal information, including your full name, mailing address and date of birth.
2. Prove your identity and supply your social insurance number (SIN) for tax purposes.
3. Provide a personal email address, particularly if you’re opening an account with an online-only bank.

If you need assistance or would rather open a HISA in person, be sure to choose a bank or financial institution that has physical branches. You can also usually get help from a customer service representative via phone or online chat.

Other types of investment accounts to consider

If you have long-term savings goals, you might also consider other investment options like:

• Savings accounts.
• Online savings accounts.
• Tax-free savings accounts (TFSAs).
• Registered retirement savings plans (RRSPs).
• Guaranteed investment certificates (GICs).

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DIVE EVEN DEEPER

GIC vs. HISA: How to Choose

HISAs and GICs are both low-risk financial tools, but have important differences in interest rates, access to your cash and more.

Sandra MacGregor

Should You Hold a GIC in Your TFSA?

Holding a guaranteed investment certificate in a tax-free savings account is a way to avoid paying taxes on earned interest.

Clay JarvisSiddhi Bagwe

Best Tax-Free Savings Account Rates in Canada for 2024

The best high-interest tax-free savings accounts (TFSAs) have minimal fees and earn high rates of interest

What Is a Credit Union?

A credit union is a not-for-profit financial institution owned by its customers and run as a cooperative.

Nora Dunn