Interest rates on savings accounts vary widely between providers and change frequently with the Bank of Canada’s policy rate. Parking your emergency fund in a competitive HISA instead of a low-rate Big 5 account can meaningfully increase your interest income — confirm the current rate at your chosen provider before opening.
Quick answer (confirmed September 16, 2026): EQ Bank Personal Account: 1.00% base, up to 2.75% with qualifying direct deposit. Tangerine: 4.50% promotional rate for 5 months. Simplii: 4.60% promotional rate for 153 days. Hold your HISA inside a TFSA to keep interest tax-free. Confirm current offers before opening, as these change frequently.
Best High-Interest Savings Accounts Compared — Confirmed September 2026
| Bank | Rate (confirmed Sept 16, 2026) | Monthly Fee | Minimum Balance | CDIC Insured |
|---|---|---|---|---|
| EQ Bank Personal Account | 1.00% base / up to 2.75% with $2,000+/mo direct deposit | $0 | $0 | Yes |
| Tangerine | ~0.30%–1.00% base tier; 4.50% promo for 5 months (new clients) | $0 | $0 | Yes |
| Simplii Financial | ~0.30%–1.50% base tier; 4.60% promo for 153 days (new clients) | $0 | $0 | Yes |
| Wealthsimple Cash | Up to 2.25% (tiered) | $0 | $0 | Yes (via partner) |
| Oaken Financial | ~3.40% (confirm current rate) | $0 | $0 | Yes |
| Neo Financial, Manulife MOS, Peoples Trust, Scotiabank MomentumPLUS | Confirm current rate directly with provider | Varies | Varies | Yes |
| Big 5 Bank (typical standard savings) | Well under 1% | $0–$5 | Often $5,000+ | Yes |
Rates confirmed directly at eqbank.ca, tangerine.ca, and simplii.com on September 16, 2026, where a direct check was possible, and cross-checked against independent rate-tracking sources for other providers. All rates are variable and change frequently — confirm the current rate before opening.
How Much Interest You’ll Earn Per Year
The gap between a Big 5 bank savings account and a competitive HISA can be substantial. The table below uses illustrative rates — substitute the current confirmed rate at your chosen provider for an accurate projection. Both accounts are equally protected by CDIC insurance; the only difference is the rate.
| Savings Balance | At 0.05% (illustrative Big Bank) | At 1.00% (EQ Bank base) | At 2.75% (EQ Bank w/ qualifying deposit) | At 4.50% (illustrative promo) |
|---|---|---|---|---|
| $5,000 | $2.50 | $50 | $137.50 | $225 |
| $10,000 | $5.00 | $100 | $275 | $450 |
| $25,000 | $12.50 | $250 | $687.50 | $1,125 |
| $50,000 | $25.00 | $500 | $1,375 | $2,250 |
| $100,000 | $50.00 | $1,000 | $2,750 | $4,500 |
Confirm current rates before relying on these figures — HISA rates, especially promotional ones, change frequently.
HISA ETFs: An Alternative Inside a Brokerage
If you already have a brokerage account, HISA ETFs offer an alternative to opening a separate bank account. These ETFs hold deposits at multiple banks and pass the interest to you. They can be held in a TFSA or RRSP alongside your investments.
| ETF | What It Is | MER (confirm current) | Best For |
|---|---|---|---|
| CASH (CI High Interest Savings) | Holds deposits at multiple CDIC banks | Confirm at issuer | Brokerage HISA alternative |
| PSA (Purpose High Interest Savings) | Holds deposits at multiple CDIC banks | Confirm at issuer | Brokerage HISA alternative |
| HSAV (Global X High Interest Savings) | Holds deposits at multiple CDIC banks | Confirm at issuer | Tax-efficient (no distributions) |
HISA ETF yields track short-term interest rates closely and change frequently — confirm the current yield and MER directly with the fund issuer before investing. These products carry different risk characteristics than a directly CDIC-insured deposit; confirm how CDIC coverage applies to the underlying deposits before assuming full protection.
Best HISA by Use Case
| Use Case | Consider | Why |
|---|---|---|
| Emergency fund | A competitive HISA held in a TFSA | Tax-free interest, instant access |
| Short-term savings (1–2 years) | HISA or HISA ETF in TFSA | Stability + confirmed current rate |
| Promo rate hunting | Tangerine / Simplii (confirm current offer) | Time-limited rates above the base rate |
| Within brokerage account | CASH or PSA ETF | No separate bank needed |
| Large balance ($100K+) | Split across banks | Stay within CDIC $100K limit per category |
| Quebec residents | Confirm provider availability | Some online banks not available in QC |
CDIC Insurance Coverage
All deposits at CDIC member institutions are protected up to $100,000 per deposit category. Because TFSA, RRSP, joint accounts, and personal deposits are each considered separate categories, a single person can have well over $400,000 fully insured at one bank. For larger balances, splitting across multiple banks ensures full coverage.
| Deposit Category | Coverage Limit |
|---|---|
| Savings accounts (per member bank) | $100,000 |
| Joint deposits | $100,000 additional |
| TFSA deposits | $100,000 additional |
| RRSP deposits | $100,000 additional |
| Total per bank (multiple categories) | Up to $400,000+ |
Bottom Line
There’s little reason to keep savings at a Big 5 bank earning a fraction of a percent when competitive online-bank HISAs or HISA ETFs offer the same CDIC protection at meaningfully higher rates. Move your emergency fund to a competitive HISA — preferably inside a TFSA to keep interest tax-free — after confirming the current rate directly with the provider. It takes about 10 minutes and, depending on your balance, could meaningfully increase your annual interest.
For related guides, see best GIC rates in Canada and EQ Bank vs Tangerine vs Simplii.
See all Canadian banking guides at Canadian Banking Guides.
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