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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.

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Savings accounts are being added and verified. In the meantime, our calculators can help you compare offers you find elsewhere.

The short answer

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 — 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 — 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.

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Information may be simplified, incomplete, or out of date. Consult a licensed professional before making financial decisions. VaultNerd may receive compensation from partners featured on this site — this does not influence our editorial content.
Written by
VaultNerd Editorial Team

Researching and writing about Canadian personal finance since 2026.

Last reviewed August 2026 · How we research

Cite this page

“Best High-Interest Savings Accounts in Canada — VaultNerd” — VaultNerd, https://www.vaultnerd.com/savings-accounts, updated August 2026.

Sources
  • Published institution rate pages, verified on the date shown
  • CDIC — deposit insurance coverage limits