Best High-Interest Savings Accounts in Canada for 2025
If you’re looking for an account that helps your savings grow without needing to lock it away, high-interest savings accounts, or HISAs, are a smart choice.
The best high-interest savings accounts not only offer competitive interest rates but also minimal transaction fees, low or no service charges and cash-back opportunities. Explore our top picks below and choose your high-interest savings account with confidence.
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Summary of our picks for the best high-interest savings accounts
Best for a bonus offer with a tiered interest rate: CIBC eAdvantage® Savings Account.
Best for a bonus offer with a premium period interest rate: Scotiabank MomentumPLUS Savings Account.
Best for a great bonus offer: BMO Savings Amplifier Account.
Best for a great bonus offer: RBC High Interest eSavings Account.
Best for a bonus offer with cash back: Tangerine Tax-Free Savings Account.
Best for a regular interest rate with cash back: KOHO Spending and Savings Account.
Best for a great bonus offer: EQ Bank’s Personal Account.
Best for a bonus offer: Simplii Financial High Interest Savings Account
3% interest* from day one, no sneaky promotional rate. Plus, no monthly fees, no minimum deposits, and no hoops to jump through. Click "Apply Now" for more details.
The best high-interest savings accounts in Canada
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Product detailsTop HISA rates in Canada
These HISAs also offer higher-than-average rates as of Apr. 23, 2025. 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.)
Savings Account | Interest Rate | Monthly Fee | Insurance |
|---|---|---|---|
Achieva Financial Daily Interest Savings Account | 2.10% | $0 | Deposit Guarantee Corporation of Manitoba |
Alterna Bank HISA | 1.25% | $0 | CDIC |
ATB Financial High Interest Savings Account (Alberta residents only) | 2.30% | $0 | Guaranteed under the ATB Financial Act |
BMO Savings Amplifier Account | up to 4.75%* | $0 | CDIC |
2.80% | $0 | CDIC | |
2.75% | $0 | CDIC | |
CI Direct Investing High Interest Savings Account | 1.75% | $0 | Canadian Investor Protection Fund |
CIBC eAdvantage® Savings Account | up to 5.00%* | $0 | CDIC |
Coast Capital Savings High Interest Savings Account** | 0.50% | $0 | CDIC |
4.00% | $0 | CDIC | |
FirstOntario Credit Union High Interest eSavings Account (Ontario only) | 0.90% - 1.00% | $0 | Financial Services Regulatory Authority of Ontario |
Home Trust High Interest Savings Account (HISA) | 2.80% | $0 | CDIC |
1.60% | $0 | Deposit Guarantee Corporation of Manitoba | |
ICICI Bank HiSAVE® Savings Account | 1.25% | $0 | CDIC |
Island Savings High Interest Savings Account (British Columbia only) | 4.52%* | $0 | CDIC |
Kindred Credit Union High Interest Savings (Ontario only) | 1.15% | $0 | Financial Services Regulatory Authority of Ontario |
up to 4.00%* | $0-$19 | CDIC | |
Laurentian Bank High Interest Savings Account | up to 3.20%* | $0 | CDIC |
Manulife Bank Advantage Account | 1.75% | $0 | $0 |
MAXA Financial High Interest Savings Account | 1.85% | $0 | Deposit Guarantee Corporation of Manitoba |
Meridian Credit Union High interest savings account | 0.85% | $0 | Financial Services Regulatory Authority of Ontario |
Motive Financial Motive Savvy Savings Account | 2.25% | $0 | CDIC |
National Bank of Canada High interest savings Account | 0.75% | $0 | CDIC |
Neo High-Interest Savings Account | 3.00% | $0 | CDIC |
Oaken Financial Savings Account | 2.80% | $0 | CDIC |
Outlook Financial High Interest Savings | 1.85% | $0 | Deposit Guarantee Corporation of Manitoba |
PC Money Account | 3.50%* | $0 | CDIC |
Peoples Group e-Savings | 1.75% | $0 | CDIC |
4.70%* | $0 | CDIC | |
Saven Financial High-Interest Savings Account | 2.80% | $0 | Financial Services Regulatory Authority of Ontario |
up to 5.00%* | $0 | CDIC | |
up to 3.70%* | $0 | CDIC | |
Steinbach Credit Union High Interest Savings Account | 2.00% | $0 | $0 |
up to 4.50%* | $0 | CDIC | |
3.00% | $0 | CDIC | |
Wealthsimple Cash | 1.75% - 2.75% | $0 | CDIC |
(Not available to Quebec residents.)
*Promotional rates offered by the bank. Conditions apply.
Methodology
BACK TO TOPNerdWallet Canada selects the best high-interest savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience and more. Only high-interest savings accounts available in more than one province are considered for this list.
Guide to choosing a high-interest savings account
High-interest savings accounts are a great fit for shorter-term savings goals or securely holding extra cash. These accounts typically come with deposit insurance, which means your money is safe.
Understanding how the account features could benefit or harm your financial goals will help you pick the right HISA for your needs.
Benefits to look for in a high-interest savings account
NerdWallet evaluates and selects HISAs based on their overall value. We prefer accounts with:
Better interest rates. The best high-interest savings accounts offer more attractive interest rates than other bank accounts. In Canada, standard rates range from 1% to 2.50%, though some financial institutions may offer promotional rates above 4%.
Easy access to funds. Generally, you can withdraw your money at any time, although transfers from your HISA to another account might take a few hours or even days.
No minimum deposits. Most accounts featured in our top picks don’t require a minimum deposit to open a new account. Keep in mind that rules vary by institution.
Downsides to be aware of with a high-interest savings account
While high-interest savings accounts are reliable solutions for steadily compounding your savings, watch out for accounts that have:
Limited transactions. Banks often limit monthly withdrawals and may charge higher fees if you exceed these limits, as they’d prefer to keep funds available for lending.
High minimum balances. Some HISAs require you to deposit or maintain a certain amount to qualify for free transactions or higher interest rates.
Temporary promotional rates. Attractive bonus rates may only last for a limited period, after which interest rates can drop significantly.
How to find the best high-interest savings account for you
Every bank or credit union has different terms and conditions for their high-interest savings accounts. Here are a few factors to consider when deciding where to put your money:
Your financial goals: 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? Choose an account that provides accessibility and a return on investment that will help you achieve your goal.
The ongoing interest rate: Look for a competitive interest rate, often shown as an annual percentage yield (APY). Be mindful of “promo” rates — these may start high but usually only last a short time (sometimes five or six months), after which they drop significantly. If you’re making a large initial deposit or saving short term, these promotional rates could help maximize your savings.
The minimum deposit: Some high-interest savings accounts require a minimum deposit. This amount can be as low as $25 or much higher. Check your account terms carefully or ask a customer service representative before opening an account.
Service fee charges: Most HISAs don’t charge a monthly fee, but some may charge for withdrawals or transfers. Many accounts include a set number of free transactions each month or waive fees if you hold a minimum account balance.
Reputation and security: Pick a reputable bank or credit union with positive customer reviews. Check if it provides a federal or provincial deposit insurance like the Canada Deposit Insurance Corporation (CDIC), to ensure your money stays safe.
How to open a HISA
With plenty of banks providing digital banking, opening a HISA can often be done in as little as five minutes.
To open a bank account, financial institutions typically require account holders to be the age of majority in your province or territory and a Canadian resident with a permanent address.
If you meet the age and residence requirements of the bank, opening an account usually involves:
Providing your personal information, including your full name, mailing address and date of birth.
Proving your identity and providing your social insurance number (SIN) for tax purposes.
Giving 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 financial institution that has physical branches. You can also usually get help from a customer service representative via phone or online chat.
Alternatives to high-interest savings accounts
If you have long-term savings goals or other needs that a high-interest savings account doesn’t meet, consider the following options:
Online bank accounts: Hybrid bank accounts provide chequing features with low or monthly fees and higher interest rates compared to traditional bank accounts.
Tax-free savings accounts (TFSAs): Like HISAs, TFSAs allow you to save money and earn interest, but the main advantage is that all investment earnings within a TFSA are tax-free.
Registered retirement savings plans (RRSPs): Unlike HISA deposits, the RRSP contributions reduce your taxable income and significantly decrease your tax bill. However, withdrawals are taxable at your annual marginal tax rate in the year you make them.
Guaranteed investment certificates (GICs): With a GIC, you deposit money for a predetermined length of time in exchange for a guaranteed rate of interest for the entire term. The length of GIC terms vary. If you retrieve your money before the term ends, penalties may apply.
U.S. dollar HISAs: Ideal for frequent travelers and dual citizens, these accounts can save and earn interest in U.S. dollars and help avoid exchange fees.
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Siddhi Bagwe
Siddhi Bagwe