The best HISA rate in Canada in 2026 is 4.00% from EQ Bank and Wealthsimple Cash — available with no fees, no minimums, and no lock-in period. For promotional rates, Tangerine reaches 5.25% for 5 months on new deposits. All accounts below are CDIC-insured.
Quick answer: Best everyday rate: EQ Bank and Wealthsimple Cash at 4.00%. Best promotional rate: Tangerine at 5.25% for 5 months. Big 5 banks pay 0.01–0.05% — 80× less than online banks for the same CDIC-insured deposit.
Best Everyday HISA Rates Canada 2026
These rates are available to any new depositor without a promotional period. They can change at any time — verify before opening an account.
| Institution | Everyday Rate | Monthly Fee | Min. Balance | CDIC Insured |
|---|---|---|---|---|
| EQ Bank | 4.00% | $0 | $0 | Yes |
| Wealthsimple Cash | 4.00% | $0 | $0 | Yes |
| Oaken Financial | 3.90% | $0 | $0 | Yes |
| Motive Financial | 3.75% | $0 | $0 | Yes |
| Neo Financial | 3.25% | $0 | $0 | Yes |
| Tangerine | 0.25% | $0 | $0 | Yes |
| Simplii Financial | 0.20% | $0 | $0 | Yes |
| RBC High Interest eSavings | 0.05% | $0 | $0 | Yes |
| TD High Interest Savings | 0.05% | $0 | $0 | Yes |
| Scotiabank MomentumPLUS | 0.05% | $0 | $0 | Yes |
The Big 5 bank rates are not a typo. TD, RBC, Scotiabank, CIBC, and BMO all pay 0.01–0.05% on standard savings accounts — less than $5/year on a $10,000 balance. Online banks pay $400 on the same balance. Both are CDIC-insured. The only difference is the rate.
Best Promotional HISA Rates Canada 2026
Promotional rates apply to new deposits only — money transferred in from another institution during the promotional period. After the promo expires, the rate drops to the regular posted rate.
| Institution | Promo Rate | Duration | Conditions |
|---|---|---|---|
| Tangerine | 5.25% | 5 months | New deposits from external institutions |
| Simplii Financial | 5.00% | 5 months | New deposits from external institutions |
| EQ Bank | 4.00% | Ongoing | No promo needed — this is the regular rate |
On a $25,000 balance at 5.25% for 5 months, you earn approximately $547 in interest. At EQ Bank’s 4.00% everyday rate for the same period, you earn $417. The promo adds about $130 — meaningful, but only if you move the money back to a competitive everyday rate once it expires.
The smart approach: rotate between Tangerine and Simplii promotional periods, with remaining savings parked at EQ Bank or Oaken at the everyday rate. The two institutions do not always run promos simultaneously, which makes them natural partners for a rotation strategy.
Best TFSA HISA Rates Canada 2026
HISA interest is taxed as ordinary income in a non-registered account. Inside a TFSA, every dollar of interest is tax-free permanently. If your TFSA has contribution room, your emergency fund and short-term savings should be held there.
| Institution | TFSA Rate | CDIC Insured |
|---|---|---|
| EQ Bank TFSA Savings | 4.00% | Yes |
| Wealthsimple TFSA | 4.00% | Yes |
| Oaken Financial TFSA | 3.90% | Yes |
| Tangerine TFSA | 0.25%* | Yes |
| Simplii TFSA | 0.20%* | Yes |
| Big 5 bank TFSAs | 0.05–0.10% | Yes |
*Promotional rates also apply to TFSA deposits at Tangerine and Simplii.
The 2026 TFSA cumulative contribution room is $102,000 for someone who has been eligible since 2009. Most Canadians have not used their full room. If you are holding emergency savings in a non-registered account while TFSA room sits unused, switching costs you nothing and saves you hundreds in annual tax.
The Rate Gap in Dollars
| Balance | Big 5 (0.05%/yr) | EQ Bank (4.00%/yr) | Annual difference |
|---|---|---|---|
| $10,000 | $5 | $400 | $395 |
| $25,000 | $12.50 | $1,000 | $987.50 |
| $50,000 | $25 | $2,000 | $1,975 |
| $100,000 | $50 | $4,000 | $3,950 |
A household keeping $50,000 at a Big 5 savings account earns $25/year in interest. The same $50,000 at EQ Bank earns $2,000. The difference — $1,975 — is entirely a result of account choice, with no additional risk. Both accounts are CDIC-insured. Both are fully liquid. The Big 5 simply pay less because most Canadians never move their savings.
How HISA Rates Work in Canada
HISA rates are set by the financial institution and are variable — they can change at any time. In practice, they broadly follow the Bank of Canada’s overnight rate. When the Bank of Canada raises its policy rate, HISA rates at online banks follow within a few weeks. When rates are cut, HISA rates generally fall at a similar pace.
This variability is the main trade-off compared to a GIC. A bank can cut its HISA rate with little notice. EQ Bank and Wealthsimple track the market closely and do not tend to cut aggressively, but there is no contractual rate protection. If locking in today’s rate matters to you — particularly in a falling rate environment — a GIC provides that certainty at the cost of liquidity.
Big 5 banks behave differently from online banks on rate movement. In rising rate environments, they raise their savings rates slowly and incompletely. In falling rate environments, they cut immediately and fully. This asymmetry consistently benefits the bank at the saver’s expense — another reason to hold savings where competitive pressure forces better rates.
EQ Bank vs Wealthsimple: Which Has the Better HISA?
Both institutions offer 4.00% with no fees and no minimums. The choice comes down to what else you use.
| Feature | EQ Bank | Wealthsimple Cash |
|---|---|---|
| Everyday savings rate | 4.00% | 4.00% |
| TFSA savings | Yes | Yes |
| RRSP savings account | Yes | No |
| GICs | Yes | No |
| Payment/chequing features | Full | Limited |
| Integration with investing | No | Yes (Wealthsimple platform) |
| Joint accounts | Yes | Yes |
| CDIC insured | Yes | Yes (via partner bank) |
Choose EQ Bank if you want a banking and savings hub with GICs, RRSP savings, and a full payment account. Choose Wealthsimple Cash if you already use Wealthsimple for investing and want seamless transfers between your savings and investment accounts. Both are strong choices — there is no reason not to hold at both.
Should You Chase Promotional Rates?
The case for chasing promos is straightforward in dollar terms. On a $30,000 balance, the difference between 5.25% and 4.00% over 5 months is approximately $281. Whether that is worth the effort depends on your balance size and your willingness to track expiry dates.
The risks of promo chasing:
- Missing the expiry date — if you forget to move the money, you sit at 0.25% which costs more than the promo earned
- Transfers take time — moving money between institutions can take 3–5 business days, during which your money earns nothing
- Some promos cap eligible deposits — read the terms; many cap the promotional amount at $100,000 or less
The practical approach: set up a high-everyday-rate account (EQ Bank or Oaken) as your permanent savings home, and layer promotional periods on top when they are offered. Never let the promo tail wag the savings strategy dog — a consistent 4.00% beats a forgotten 0.25% every time.
Related Articles
- HISA Guide Canada
- GIC vs HISA: Which Is Better?
- Best GIC Rates Canada 2026
- Best TFSA Savings Accounts Canada
- Best High-Interest Savings Accounts Canada
- EQ Bank vs Tangerine vs Simplii
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