Best high-interest savings accounts in Canada (2026)

How we picked

We started with every savings product in our data and ranked on the rate most people will actually earn. That means the regular rate, with any minimum balance or relationship condition counted. A 5% promo that falls to 0.7% in five months does not beat a steady 2.5%.

We then checked the monthly fee, the way interest is earned across balance tiers, the eligibility rules and deposit insurance. We left out US dollar, euro, business and RRSP or RRIF accounts, since they serve different needs. Rates change often, and the figures shown are as of our last check, so confirm with the bank before you open an account.

Promo rates end, and tiers need big balances

Several big banks advertise rates of 4% to 5%. Those are promo rates for 2 to 5 months. Simplii Financial High Interest Savings Account shows 4.6% for 5 months, then 1%. RBC High Interest eSavings Account shows 4.6% for 3 months, then 0.55%. Tangerine Savings Account shows 4.5% for 5 months, then 0.7%.

Promo rates are worth taking only if you will move your money when they end. Set a reminder for the expiry date, and compare the follow-on rate with the accounts above. If you would rather not manage that, pick an account whose everyday rate is the headline.

Tiers are the other catch. Scotia High Interest Savings Account pays 0% under $10,000 and reaches 2.2% only at $500,000 in total Scotiabank balances. TD Growth Savings Account pays 0% under $5,000 on its boosted rate, and the boosted rate also needs a TD chequing account and two monthly transactions. If you have less than $10,000, these tiers will not help you.

CDIC and other deposit insurance

CDIC covers eligible deposits up to $100,000 per depositor, per insured category, at each member institution. Most accounts on this page are held at CDIC members, including Neo Financial, EQ Bank, CIBC and Tangerine. Registered accounts such as a TFSA or FHSA are a separate category from a regular savings account at the same bank, so they are insured separately.

Desjardins is different. Its deposits are insured by the AMF in Quebec, up to $100,000 per person per deposit category, and the FSRA applies in Ontario under similar rules. They are not covered by CDIC. The cover is similar in size, but check which regulator protects your account before you deposit.

Banks owned by the same parent can share one limit. Simplii deposits are protected together with CIBC deposits, so $100,000 across both is still $100,000 of cover.

How to choose

Start with your balance and how soon you need the money. Under $10,000 with no notice period, a flat-rate account such as Everyday Growth Account is the simplest choice. If you can wait 30 days to withdraw, EQ Bank Notice Savings Account pays more.

Use a TFSA or FHSA if the goal fits. A TFSA keeps the interest tax-free, and an FHSA is for a first home. Keep in mind that the rate on a registered account can differ from the same bank’s regular account.

If you already bank with a big bank and hold large balances, the tiered accounts can work, but only at the balance levels shown. For longer terms where you will not touch the money, compare GICs, which often pay more for locking funds in.

Frequently Asked Questions