Best Savings Account Rates in Canada 2025
Compare high-interest savings account (HISA) rates from major Canadian banks. Find the best rate for your savings goals.
Top HISA Rate
2.50%
EQ Bank - Savings Plus
No Fees
$0
Most accounts have no monthly fees
Full Flexibility
✓
Access your money anytime
High-intent next steps
What savings readers usually need next
If you are deciding where to keep cash, these next steps help you compare fixed rates, check TFSA room, and think through the tax trade-offs.
Rate comparison
See the best GIC rates in Canada
Compare liquid savings against fixed-term rates when you want to trade flexibility for yield.
Tax shelter
Check your TFSA contribution room
Use unused TFSA room to keep HISA or GIC interest sheltered from tax.
Tax planning
Estimate income tax first
Work out your take-home pay and likely refund before deciding where extra cash should sit.
High-Interest Savings Account Comparison
Compare HISA rates and fees from major Canadian banks
| Bank | Account | Interest Rate | Min Balance | Monthly Fee |
|---|---|---|---|---|
| EQ Bank | Savings Plus | 2.5% | $0 | Free |
| Tangerine | Savings Account | 2.3% | $0 | Free |
| Simplii Financial | High Interest Savings | 2.25% | $0 | Free |
| Scotiabank | Momentum PLUS Savings | 2% | $5,000 | $4/mo |
| RBC | High Interest eSavings | 1.9% | $0 | Free |
| TD Bank | High Interest Savings | 1.85% | $0 | Free |
| CIBC | eAdvantage Savings | 1.8% | $0 | Free |
| BMO | Premium Rate Savings | 1.75% | $0 | Free |
💰 Why Use a HISA?
High-interest savings accounts offer a safe place to park your money while earning competitive interest rates. Perfect for emergency funds and short-term savings goals.
Key Benefits:
- CDIC insured up to $100,000
- Daily interest calculation
- No lock-in period - access anytime
- No market risk
- Often no monthly fees
- Can be held in TFSA or RRSP
📊 HISA vs GIC vs TFSA
HISA (High-Interest Savings)
Variable rate, full flexibility, lower returns than GICs
GIC (Guaranteed Investment)
Fixed rate, locked-in term, higher returns, no flexibility
TFSA (Tax-Free Savings)
Account type (can hold HISA or GIC), tax-free growth and withdrawals
🎯 Best Uses for HISAs
- ✓Emergency Fund: 3-6 months of expenses in liquid savings
- ✓Short-Term Goals: Saving for vacation, car, or home down payment (1-2 years)
- ✓Cash Buffer: Money you need quick access to
- ✓TFSA Parking: Use unused TFSA room for tax-free interest
⚠️ HISA Considerations
- !Promotional Rates: Some banks offer intro rates that drop after 3-6 months
- !Variable Rates: Interest rates can change at any time
- !Inflation Risk: Returns may not keep pace with inflation
- !Not for Long-Term: Consider GICs or investments for 3+ year goals
💡 Pro Tips for Maximizing HISA Returns
- ✓ Use a TFSA HISA to earn tax-free interest
- ✓ Compare rates regularly and switch if a better rate is available
- ✓ Watch for promotional "new customer" rates from online banks
- ✓ Keep emergency fund in HISA, invest the rest for better long-term returns
- ✓ Set up automatic transfers to build your savings consistently