Quick Comparison
5.25%
Highest Rate
EQ Bank Savings Plus
$0
Monthly Fees
Most accounts fee-free
$0
Minimum Balance
No minimums required
Detailed Comparison
| Account | Interest Rate | Monthly Fee | Minimum | Features | |
|---|---|---|---|---|---|
|
EQ
EQ Bank
Savings Plus Account
|
5.25%
|
$0 | $0 |
|
Open Account |
|
WS
Wealthsimple
Cash Account
|
5.00%
|
$0 | $1 |
|
Open Account |
|
T
Tangerine
Savings Account
|
4.50%
Promo for 6 months
|
$0 | $0 |
|
Open Account |
|
S
Simplii Financial
High Interest Savings
|
4.25%
Promo for 5 months
|
$0 | $0 |
|
Open Account |
EQ
EQ Bank
Savings Plus
5.25%
Monthly Fee
$0
Minimum
$0
- ✓ Daily interest calculation
- ✓ Unlimited transactions
- ✓ Free e-Transfers
How We Ranked These Accounts
- Interest Rate: Higher rates ranked first
- Fees: No monthly fees preferred
- Accessibility: Easy withdrawals & unlimited transactions
- Features: Additional perks like e-Transfers
What is CDIC Insurance?
All accounts listed are protected by the Canada Deposit Insurance Corporation (CDIC), which insures eligible deposits up to $100,000 per depositor, per insured category.
This means if the bank fails, your savings are protected by the federal government.
Learn more about CDIC protectionFrequently Asked Questions
Are high-interest savings accounts safe in Canada?
Yes. All accounts on this list are CDIC-insured, meaning deposits up to $100,000 are protected by the federal government.
Can I withdraw money anytime from a HISA?
Yes. Unlike GICs, high-interest savings accounts allow unlimited withdrawals without penalties.
What's the difference between daily and monthly interest?
Daily interest compounds every day, resulting in slightly higher returns over time compared to monthly compounding.