Best high-interest savings accounts in Canada
Compare Canadian high-interest savings accounts by rate, fees and minimum balance, including promotional rates and what happens when they end.
The highest headline promo rate, though it runs for only three months and needs a relationship balance.
Promo rate requires a $10,000 Total Relationship Balance across Scotiabank accounts.
Rate verified August 3, 2026 · confirm with the institution before applying
Rate verified August 3, 2026 · confirm with the institution before applying
The strongest promotional rate on the market right now, with no minimum balance and no monthly fee.
Regular rate ranges from 0.30% to 1.00% once the 5-month promotional period ends.
Rate verified August 3, 2026 · confirm with the institution before applying
A high promo rate plus a Smart Interest bonus if you save consistently each month.
Regular rate 0.20%–0.80%, plus a 0.25% Smart Interest bonus when you deposit $200 or more a month.
Rate verified August 3, 2026 · confirm with the institution before applying
Convenient if you already bank with RBC and want the promo rate without moving institutions.
Rate verified August 3, 2026 · confirm with the institution before applying
Reliable online banking with frequent promotional offers for new deposits.
Promo rates are usually offered to new clients or on new deposits; the ongoing rate is 0.30%.
Rate verified August 3, 2026 · confirm with the institution before applying
A solid ongoing rate, though the top tier requires a paid subscription plan.
Monthly fee ranges $0–$14.75 depending on plan; the highest rate requires a paid tier.
Rate verified August 3, 2026 · confirm with the institution before applying
One of the best ongoing rates, with no promo cliff to worry about.
Rate verified August 3, 2026 · confirm with the institution before applying
A straightforward ongoing rate with no minimum and no promotional expiry.
Rate verified August 3, 2026 · confirm with the institution before applying
Pairs with Neo's chequing and card products, though the top rate needs a large balance.
The 2.75% rate requires a $20,000 balance; lower balances earn less.
Rate verified August 3, 2026 · confirm with the institution before applying
Compare the ongoing rate, not the promo. Check the monthly fee, any minimum balance, and that the institution is CDIC insured. Then make sure the rate is actually beating inflation.
Work out what you'd earn
Use the compound interest calculator to project a balance over time, or the GIC calculator to compare against locking the money in. Remember interest is taxable outside a registered account, a TFSA shelters it entirely.
Frequently asked questions
What is a high-interest savings account?
A HISA pays a meaningfully higher interest rate than a regular savings account, usually because it's offered by an online bank with lower overheads. The trade-off is fewer branches and sometimes limits on free transactions.
Are promotional savings rates worth it?
Only if you know what happens when they end. A 5% promo for three months on $10,000 earns about $125. That's real money, but the account may drop to under 1% afterwards. Always check the ongoing rate, not just the headline.
Is my money safe in an online bank?
If the institution is CDIC-insured, deposits are protected up to $100,000 per category per member institution. Many online banks are subsidiaries of, or covered under, a larger CDIC member, so check whose coverage applies before assuming.
Should I use a savings account or a GIC?
A savings account keeps your money accessible and its rate can move at any time. A GIC locks the rate in for a fixed term, usually a bit higher, but your money is committed. Emergency funds belong in savings; money you know you won't touch can earn more in a GIC.
Researching and writing about Canadian personal finance since 2026.
Last reviewed August 2026 · How we research
“Best High-Interest Savings Accounts in Canada.” VaultNerd, https://www.vaultnerd.com/ca/savings-accounts, updated August 2026.
- Published institution rate pages, verified on the date shown
- CDIC: deposit insurance coverage limits