The KOHO Earn Interest is the best high interest savings account in Canada, mostly because of its amazing 3.5% interest rate. It has other perks too, including unlimited transactions and the ability to earn cash back.
Managing personal finances often requires the use of a high interest savings account (HISA) alongside a chequing account for everyday expenses. HISAs are one of the easiest ways to grow your savings and make the most of everyday banking in Canada.
Here, you'll find a detailed review of the top HISAs available in Canada, making it a bit easier for you to find the product that works best for you.
Key Takeaways
- The best high-interest savings accounts in Canada is the KOHO Earn Interest account.
- Other top HISAs include the Simplii High Interest Savings Account, EQ Bank Personal Account, and CIBC eAdvantage Savings Account.
- While comparing accounts, check for details and perks like free transactions, cash back rewards, and no minimum balances.
- Most savings accounts are protected by CDIC for up to $100,000.
Top HISA interest rates in Canada
As of our last update, these are the best HISA interest rates available in Canada:
- CIBC eAdvantage Savings Account: 4.75% (promo rate)
- Tangerine Savings Account: 4.5% (promo rate)
- RBC High Interest eSavings account: 4.7% (promo rate)
- KOHO Earn Interest: 3.5% (regular rate)
- EQ Bank Personal Account: 3% (regular rate)
Best high-interest savings accounts in Canada October 2025
Methodology
To evaluate savings accounts, we analyze over 15 data points to generate our Genius Rating. We consider all aspects of a savings account, including fees, perks, interest rates, customer satisfaction, and promotions, to assess its overall value. Then, the account's features are rated based on how they stack up against other available options.
| Best for | Account name | Regular and promo interest rate | Minimum account balance to earn max | # of free transactions | Learn more |
|---|---|---|---|---|---|
| Best overall | KOHO Earn Interest | * Regular: 2% - 3.5% * Promo: N/A | Need to subscribe to a premium plan | Unlimited e-Transfers | Learn more |
| Best promotional rate | Simplii High Interest Savings Account | * Regular: Up to 1.5% * Promo: 4.5% | $1,000,000.01 | 0 | Learn more |
| Best promo rate (runner up) | RBC High Interest eSavings account | * Regular: 0.65% * Promo: 4.7% | $0 | 0 | Learn more |
| Best regular rate | EQ Bank Personal Account | * Regular: 3% * Promo: N/A | $0 | Unlimited | Learn more |
| Best hybrid account | Wealthsimple Chequing | * Regular: Up to 2.75% * Promo: N/A | $500,000 | Unlimited | Learn more |
| Best credit union | Outlook Financial High Interest Savings Account | * Regular: 1.85% * Promo: N/A | $0 | 1 | Learn more |
| Best for rewarding dedicated savers | CIBC eAdvantage Savings Account | * Regular: Up to 0.9% * Promo: 4.75% | $500,000 | 0 | Learn more |
| Best for unlimited ATM use | Motive Savvy Savings Account | * Regular: 2% * Promo: N/A | $0 | Unlimited | Learn more |
| Best big bank option | Scotiabank MomentumPLUS Savings Account | * Regular: Up to 1.15% * Promo: 4.95% on eligible premium periods | $0 | 0 | Learn more |
| Best mobile app | Neo Cash | * Regular: 2.25% * Promo: None | $0 | 0 | Learn more |
Best HISA savings account 2025 winner: KOHO Earn Interest
Want a savings account that consistently has one of the best rates in Canada? You'll want to check out KOHO Earn Interest With The KOHO Prepaid Mastercard, which gets you up to 3.5% interest, depending on your subscription level.
- No transaction fees
- Earn 3.5% interest on every dollar
- Comes with a free cash back prepaid Mastercard
- Supports major digital wallets
- Free app for tracking spending and setting savings goals
- Automate your savings with RoundUps
- Monthly fees
- You must meet your province's age of majority
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
Our choice for the best savings account of 2025 is the KOHO Earn Interest account – an unusual and valuable account with a sky-high 3.5% interest rate. Clients also get to enjoy zero transaction fees, receive a free cash back prepaid Mastercard, and have access to an intuitive app that allows purchase tracking and savings goals.
Basically, the KOHO Earn Interest is the most perk-rich savings account on the market.
Interest rate: 3.5%
Why we love it:
- Unique hybrid savings and chequing account
- Comes with a KOHO prepaid Mastercard
- No monthly fees, transaction fees, or minimum balance requirements
- Earn cash back on every dollar
- Free app for tracking spending and setting savings goals
Best promo rate for a HISA: Tangerine Savings Account
The Tangerine Savings Account starts you out with a bang - 4.5% for the first 5 months. And if you happen to have a Tangerine Mastercard, you'll unlock a 3rd bonus category simply by getting your cash back deposited in your Tangerine Savings Account.
- Excellent promotional interest rate
- No fees or service charges
- No minimum balance required
- Automatic savings program
- Not the highest available interest rate
- Getting money out of the account can be inconvenient
- Age of majority
- Canadian citizen
- Excellent promo interest rate
- Automatic Savings Plans
Interest rate: 0.3%
Why we love it:
- Sky-high 4.5% promo interest rate for 5 months
- Promo rate is consistently high
- No minimum balance requirements
- Top-rated mobile apps
- Automated savings features
Best promo rate for a HISA (runner up): RBC High Interest eSavings account
The RBC High Interest eSavings account is a HISA from one of Canada’s most trusted banks, offering a standard interest rate of 0.65% with no minimum deposit required, as well as a promotional rate for the first three months. Backed by RBC’s long-standing reputation, it’s a reliable and flexible option for building your savings while keeping funds easily accessible for the future.
- Impressive interest for a big bank
- High promo interest for 3 months
- Access to RBC automatic money transfers
- Free transfers to other RBC bank accounts
- 1 free RBC ATM cash withdrawal per month
- No monthly fee
- No free Interac or Plus ATM withdrawals
- No free Interac e-Transfers
- Age of majority in your province or territory
- Opening a sole account in your own name
- Living in Canada
- Automatic money transfers
- MyAdvisor service
Interest rate: 0.65%
Why we love it:
- Excellent 4.7% promo rate
- No minimum deposit requirements
- Free instant transfers to your other RBC personal accounts
- 1 free RBC ATM cash withdrawal per month
- Save-Matic feature for easy saving
Best HISA with a high regular rate: EQ Bank Personal Account
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
- No welcome bonus
- Age of majority
- Canadian citizen
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
Interest rate: 3%
Why we love it:
- Consistently high regular rate
- Includes prepaid Mastercard with rewards
- Inexpensive international money transfers (via Wise)
- Free Interac e-Transfers, EFTs, and bill payments
- No ATM fees (reimbursement for independent fees)
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Best hybrid account: Wealthsimple Chequing
Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.
- Impressively high standard interest rate
- Free and unlimited Interac e-Transfers
- No monthly fees, and no transaction fees
- Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
- Get paid early with direct deposits
- Free from foreign transaction fees
- High minimum balance to reach maximum interest rate
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- Up to $1 million in CDIC coverage
Interest rate: Up to 2.75%
Why we love it:
- No monthly fee, transaction fee, or FX fees
- Free and unlimited Interac e-Transfers
- Includes a Wealthsimple Cash Card
- Earn 1% back in cash, stocks, or crypto
- Up to $1 million in CDIC coverage
Best HISA from a credit union: Outlook Financial High Interest Savings Account
The Outlook Financial High Interest Savings Account has a competitive interest rate, no monthly fees, and no minimum balance required. Plus, the benefits of working with a credit union can't be ignored.
- The interest rate is top notch
- All deposits are 100% guaranteed
- Dealing with a credit union can be refreshing
- No promotional rates or welcome offers
- Limited to one free transaction per month
- At least 18 years old
- Tesident of Canada
- $5 one-time credit union membership fee
- Competitive interest rate
- Deposits are guaranteed by the Guarantee Corporation of Manitoba
Interest rate: 1.85%
Why we love it:
- Member benefits associated with a small credit union
- No monthly fees or minimum balance requirements
- Limitless insurance guarantee by DGCM (Deposit Guarantee Corporation of Manitoba)
- 1 free debit transaction per month
- Top interest rate from a credit union
Best for rewarding dedicated savers: CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account is a basic savings account with a few convenient perks, but lacklustre interest rates. Still, as a product from one of the country's largest and most respected financial institutions, familiarity and reliability can make it feel like quite an attractive option.
- No monthly fee
- Sweet promotional interest rate
- Earn Smart Interest on top of your regular interest
- No fee for transferring money between CIBC accounts
- Low interest rate
- No other free transactions
- High per-transaction fees
- And everything else incurs some kind of fee
- You must be a Canadian resident
- You must meet your province's age of majority
Interest rate: Up to 0.9%
Why we love it:
- No monthly fees or minimum balance requirements
- 4.75% promo rate
- Extra 0.25% when you save at least $200 a month (limit applies)
- Interest calculated daily and paid monthly
- Free transfers between CIBC accounts
Best HISA with unlimited ATM use: Motive Savvy Savings Account
The Motive Savvy Savings Account is pretty basic as far as features go – but it makes up for it with its high interest rate and overall lack of fees. Currently at 2%, this is one of the best high interest savings accounts you can get right now in Canada.
- A high 2% interest rate
- Unlimited transactions and Interac e-Transfers
- Application requires a hard credit check
- Unavailable in Quebec
- Valuable high interest rate
Interest rate: Up to 2%
Why we love it:
- Free ATM use
- Consistently competitive regular rate
- No monthly fees
- No minimum deposit requirement
- Unlimited deposits and withdrawals
Best big bank HISA: Scotiabank MomentumPLUS Savings Account
With one of the highest savings rates you can get from a big bank account, the Scotiabank MomentumPLUS Savings Account packs some serious punch for your money. Right now, you could get up to 4.95%* interest for the first 3 months on your savings.
- Savings goals with bonus interest rates
- Multiple savings goals, one account
- Bonus interest rates
- No monthly fees
- Unlimited free self-service transfers
- No minimum balance
- Money is locked in if you want the bonus interest rate
- No free Interac e-Transfers
- No free debit transactions
- Save for multiple goals at once
- Tiered Premium Period interest rates
- Unlimited tree transfers between Scotiabank accounts
Interest rate: Up to 1.15%
Why we love it:
- Excellent promo rate of 4.95% + bonus rates for holding a Scotia chequing account
- No monthly fees or minimum balance requirements
- Unlimited free self-service transfers
- Set and meet savings goals to earn bonus interest
- Open a Scotiabank Ultimate Package to earn even more interest
Best mobile app: Neo Cash
With a high 2.25% interest rate on every dollar in the account (one of the highest rates in Canada), you can make sure your money is working as hard as you are. And it's completely stress free with no minimum balances or account fees to worry about, plus you can transfer money to your other Neo accounts for free.
- Impressive 2.25% interest rate
- No monthly fees or minimum deposit requirements
- Personalized goal-tracking tool
- Open up to 10 accounts at once
- Customizable account name and icons
- Hard to access your money
- No welcome bonus offered
- No monthly fees or minimum deposit required
- Personalized saving goals to keep you organized and on-track
- Track your goals in real-time
Interest rate: 2.25%
Why we love it:
- App has 4.7 stars from Google Play, 4.8 from Apple App Store
- Personalized goal-tracking tool available
- Hold up to 10 HISAs at once
- Free, seamless transfers between Neo accounts
- No monthly fees or minimum balance requirements
Our ultimate guide to HISAs in Canada
Here are the common features and considerations of HISAs in Canada, if you’re considering opening a new account:
What is a high-interest savings account?
A high-interest savings account (HISA) gives you higher interest rates for depositing and saving your money – higher than a regular savings or chequing account.
HISAs are intended for saving, not spending, which is why many banks limit or charge fees for transactions. Still, the interest rates with HISAs can make it well worth keeping your money tucked away.
How do high-interest savings accounts work?
High-interest savings accounts work the same as regular savings accounts but with an increased interest rate.
Like other savings accounts, the bank or credit union takes the money you deposit (sort of like a loan) and uses those funds to provide services and perks to its other clients.
In return, the bank pays you interest. A HISA earns higher interest than a typical savings account. This is usually calculated as a daily interest rate and paid monthly.
How do HISAs earn interest?
HISAs typically earn compound interest. The calculation looks like this:
Compound interest = Interest on your contributions + Interest on your accrued interest
Interest rates can change, so keep an eye on your account and the market to make sure your HISA is still the best choice for you.
Are HISAs good for long-term investments?
HISAs are a short-term savings tool for most people. Rates can fluctuate and the yield is fairly conservative compared to other investment options, meaning HISAs are best for growing an emergency fund or saving a down payment.
For long-term investments, fixed-term GICs are a smart choice as they usually earn higher rates than HISAs. While riskier than HISAs, investing in stocks will likely yield higher long-term rewards.
How much are HISAs taxed?
HISA interest is taxable. Therefore, account holders must add it to their T5 forms during the tax season, and the tax rate is the same as other income.
However, contributions are not taxable if your HISA is a tax-advantaged TFSA.
Why choose a HISA?
HISAs are suitable for short-term savers who want to balance predictability and growth with keeping access to their money.
- Earn interest: Park your funds in the account and watch it grow, no effort required
- Low risk: Federally insured (usually), and safer than stock market investing
- Save for short-term goals: High rates and savings tools make this easy
- Easy access to funds: Pull cash out at any time, although there could be fees
- Create an emergency fund: Having easy access makes an excellent choice for emergency cash
Pros and cons of HISAs
| Pros | Cons |
|---|---|
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How to spot a truly good HISA
Not all HISAs are created equal, but double-checking details like these can help you to identify the good from the not-so-good:
| HISA Green Flags | HISA Red Flags |
|---|---|
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HISAs vs. other types of accounts
Now that you know how HISAs work, let's compare them to some other common investment accounts that you'd use to grow your money.
HISA vs. TFSA
HISA interest is taxable, whereas any interest and contributions to Tax Free Savings Accounts (TFSA) are non-taxable. TFSAs are not really savings accounts – they exist for you to park your savings, and within them, invest in other financial products like stocks, GICs, and mutual funds.
HISA vs. RRSP
Registered retirement savings plans (RRSPs) exist to reduce the taxable income you have, rather than just increase the amount of interest you earn, like in an HISA. Like TFSAs, the income you earn inside the account is tax-free, but you will be taxed (albeit at a lower rate if during retirement) once the money is withdrawn.
HISA vs. GIC
Guaranteed investment certificates (GICs) are a financial product, not a type of savings account. Both GICs and HISAs are low risk.
GICs guarantee a certain amount of return, whereas HISA interest rates can fluctuate. Money you put into a GIC cannot be taken out (without penalty) until the term is over, whereas HISA money can be withdrawn at any time.
How to open a HISA
Before you can open a HISA, you may need to provide the bank with personal identifying information:
- Name, address, and date of birth
- SIN
- Contact information
- Employment information
Required documents
You may need to verify your identity, prove your residency, or prove your age to open a HISA.
Registered mail can verify your address, but you'll need to provide 2 two forms of government-issued ID. Here are a few examples of acceptable ID:
- Driver’s license
- Passport
- Birth certificate
- Certificate of Indian Status
- Permanent Resident Card
- Provincial health insurance card
Expect to fill out some forms if you plan to use a direct transfer or auto-transfer feature.
How to use a high-interest savings account
You can use a HISA to grow your savings, either for emergencies or strategic planning.
HISA to start an emergency fund: You can withdraw funds from a HISA at any time, which is why they’re so good for emergency savings. This money could keep you out of debt when faced with unexpected expenses, and you’ll have more money to use than you originally put in, thanks to interest.
- Pay for living expenses in case of job loss
- Pay for surprise vet bills
- Pay for car repairs
HISA to save for short-term goals: If you’re already planning to buy something in the next 3 to 12 months, a HISA can give you an extra boost while you save.
- Pay for travel
- Pay for home reno project
- Pay for planned car replacement
HISA for large, planned spending: With a major expenditure on the horizon, you need all the help you can get. Use a HISA to take advantage of interest rates on big chunks of cash in savings. It’s lower risk than stocks, but your money will still grow predictably.
- Down payment
- Additional education
- Retirement
Remember to diversify your financial strategies, especially for something like retirement.
Also, remember to account for bonus interest rates that depend on you not making any withdrawals, like the Scotiabank MomentumPLUS Savings Account. You can still access your money anytime if you need it, but you may lose a boosted interest rate by doing so before a Premium Period is over.
FAQ
What is a high-interest savings account?
A savings account is a type of bank account that pays interest on your balance, and a high-interest savings account has an especially high interest rate. These accounts usually have no monthly fees and limited free transactions.
What's the best HISA in Canada?
The KOHO Earn Interest is the best HISA in Canada, thanks to its 3.5% interest rate and several valuable perks. The Outlook Financial High Interest Savings Account and Scotiabank MomentumPLUS Savings Account are also top options.
Should I have a high-interest savings account?
If you have or want to have a savings account, using a high-interest savings account is a good choice. They offer higher interest rates than regular savings accounts, so your money can grow faster.
Do savings accounts have higher interest rates than chequing accounts?
Yes, they do. While hybrid accounts have emerged in recent years, allowing you to earn a bit of interest on your chequing funds, they still typically offer much lower rates than a savings account, especially a HISA.
Are HISAs taxed?
Yes, in Canada, interest earned from high-interest savings accounts is taxable as income. The tax rate depends on your total income, as it's added to your other income and taxed at your marginal tax rate.
Are savings accounts free?
Yes, most savings accounts and HISAs are free, but since the point is to save rather than spend, many of these accounts charge transaction fees. Accounts with a monthly fee usually waive this for clients who maintain a certain balance.
Where can I get 5% interest on my money?
No account offers 5% right now, but the Tangerine Savings Account has a promo rate of 4.5% that lasts for five months. Your next best bet is the RBC High Interest eSavings account's promo rate of 4.7%.
Which bank is giving 7% interest on savings accounts?
7% is out of reach at the moment. The highest regular rate currently offered by the EQ Bank Personal Account, coming in at 3%. The highest promo rate is the RBC High Interest eSavings account's promo rate of 4.7%.
What bank currently has the highest savings interest rate?
The EQ Bank Personal Account has a regular interest rate of 3% – the highest regular rate available. There are other accounts with high promotion rates, up to 4.7%, but these rates only last for three to five months.
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