Best High-Interest Savings Accounts in Canada 2026

Why Your Big-Bank Savings Account is Costing You Money

If your emergency fund is sitting in a major bank savings account earning 0.05%, you're effectively losing purchasing power to inflation. The good news: Canadian online banks offer rates 50-80× higher, and your money is just as safe thanks to CDIC insurance.

Our Top 5 Picks

1. EQ Bank — 4.00% (Regular Rate)

EQ Bank consistently offers one of the highest everyday rates in Canada. No monthly fees, free Interac e-Transfer, and full CDIC coverage. Ideal if you want a "set it and forget it" account with no promotional hoops to jump through.

2. Tangerine — 4.25% (Promotional)

Tangerine's 5-month promotional rate is the highest on our list right now. The catch: after the promo period, the rate drops to approximately 1.00%. Best for savers who are OK with rate-chasing or who want a strong start.

3. Motive Financial — 3.90%

Part of Canadian Western Bank, Motive offers a solid everyday rate with unlimited free withdrawals. A good middle ground between rate and features.

4. Wealthsimple Cash — 3.75%

Wealthsimple's cash account is sleek and app-first. Great for younger savers who prefer a modern interface. Includes round-up savings features and instant access to funds.

5. Simplii Financial — 3.50%

Backed by CIBC, Simplii offers the security of a big-bank partnership with online-bank rates. Free Interac e-Transfer and no fees make it a reliable choice.

How We Compared

We ran each account through our HISA Comparison Tool with a $10,000 deposit and $500/month contributions over 12 months. The difference between the best and worst rate was $75+ in interest earned—not life-changing, but it's free money.

Key Considerations

CDIC Insurance: All five accounts on our list are CDIC-insured, protecting deposits up to $100,000 per insured category.
Promotional vs Regular Rates: Promotional rates expire. Always check the post-promo rate before committing.
Accessibility: How quickly can you access your money when an emergency hits? All picks offer same-day or next-day access.
Ease of Use: Some accounts are app-only. Make sure the platform works for your workflow.

Try It Yourself

Use our free HISA Comparison Tool to project your own savings growth. Enter your deposit amount, monthly contribution, and timeframe to see exactly how much each account would earn you. Read the step-by-step guide for help.

Rates are subject to change. Always verify current rates directly with each institution. This article does not constitute financial advice.