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MTC

Canada's Finance Hub
Updated February 2026

Best High-Interest Savings Accounts in Canada

Stop letting inflation eat your savings. We've analyzed Canada's top high-interest savings accounts (HISA) to find the best rates, lowest fees, and best perks for 2026.

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Up to 3.00%
Standard Non-Promo Rates
savings
$7,000
2026 TFSA Contribution Limit
security
$100k
CDIC Insurance / Acct

Top Picks by Category (2026)

Best Overall HISA

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EQ Bank Personal Account

The account that combines chequing features with high savings interest.

~2.00% - 3.00%* Everyday Interest
  • No monthly fees
  • Unlimited free transactions
  • Interest calculated daily, paid monthly
  • Bonus interest with Direct Deposit

Best for Promo Hunters

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Tangerine Savings

Great for new clients looking for a short-term boost.

Up to 4.75%* Promo Rate (5 months)
  • Massive welcome bonus rate
  • Access to Scotiabank ABMs
  • Great mobile app
  • Linked to free chequing account

Best for Ecosystem

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Wealthsimple Cash

A spending account that earns like a savings account.

3.50% - 4.50% Depending on Deposit Level
  • Earn 1% stock/crypto back on spend
  • No FX fees on travel
  • Higher interest for Premium/Generation clients
  • Seamless investing integration

Best Modern Bank

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Neo Money Account

A high-interest account that functions like cash.

High Interest Everyday Rate
  • Great mobile-first experience
  • Integrated cashback rewards
  • Quick e-Transfers
  • No monthly fees

* Rates are actionable as of Feb 2026. "Promo Rates" revert to standard low rates after the period ends.

Is Savings Interest Taxable?

Yes. Unlike TFSA income, interest earned in a regular High-Interest Savings Account (HISA) is fully taxable at your marginal tax rate. This means if you earn $100 in interest and your tax rate is 30%, you only keep $70.

The T5 Slip Rule

  • • Banks issue a T5 Statement of Investment Income if you earn >$50 in interest.
  • • However, you legally must report ALL interest income on your tax return, even if it's less than $50 and you didn't get a slip!
  • • Interest is added to your income on Line 12100 of your tax return.
lightbulb Smart Tip: Use your TFSA first for savings to avoid this tax!

Savings Account vs. GIC: Which is Better?

Feature High-Interest Savings GIC (Guaranteed Investment Cert)
Liquidity High. Withdraw anytime instantly. Low. Locked in for 1-5 years (usually).
Interest Rate Variable. Can go up or down anytime. Fixed. Guaranteed for the full term.
Best For Emergency funds, short-term goals (vacation). Medium-term goals (House down payment in 3 years).

The "Promo Hopping" Strategy

Banks like Tangerine and Simplii often offer massive interest rates (e.g., 5.00%+) to new customers for 5-6 months. Once the promo ends, the rate drops to ~0.40%.

How savvy Canadians maximize returns:

  1. Open an account with Bank A for the 5-month promo.
  2. Set a calendar reminder for when the promo ends.
  3. Once the rate drops, move your money to Bank B's new client promo or back to a stable high-rate bank like EQ Bank.
  4. Repeat. This takes effort but can earn you hundreds of dollars more per year.