Most Canadians with a savings account at one of the Big Six banks are earning between 0.01% and 0.55% interest per year. A big bank account that calls itself “high interest” often isn’t. Meanwhile, a growing number of online banks and digital-first institutions are offering up to 3.50% or more on everyday balances — with no monthly fees, no lock-in periods, and the same government deposit insurance.
In this guide, we compare nine of the best high-interest savings accounts (HISAs) in Canada for 2026. We look at five things: everyday interest rate, monthly fees, deposit insurance, how quickly you can access your money, and how long each institution has been around. You’ll know exactly which account is right for your situation before you apply.
Quick Summary: The EQ Bank Personal Account is our top pick for 2026. It pays 2.75% with no fees and full CDIC deposit insurance. If you want the highest rate in Canada, KOHO Everything pays 3.50% — however, it charges $19 per month, so the math only works if you also use it as your everyday spending account. For the best first-year bonus, Neo Financial offers up to $650 for new accounts and earns up to 3.00% in interest.
In short: keeping your savings at a big bank in 2026 costs you hundreds of dollars per year in lost interest — for no meaningful benefit.
📊 Best High-Interest Savings Accounts in Canada — 2026 Comparison
Below is a side-by-side look at all nine accounts we reviewed. All rates are taken directly from each institution’s published materials as of March 2026. Because rates change frequently, we recommend verifying the current rate on each bank’s website before you apply.
| Account | Everyday Rate | Monthly Fee | CDIC Protected? | More Info |
|---|---|---|---|---|
| EQ Bank Personal Account Best Overall 2.75% requires $2,000/mo direct deposit. Base rate is 1.00%. | 2.75% | $0 | ✅ Yes | Visit EQ Bank → |
| Neo Savings Rate is tiered — increases as your balance grows. Up to $650 welcome bonus. | Up to 3.00% | $0 | ✅ Yes | Visit Neo → |
| KOHO Everything Highest everyday rate — but $19/month plan fee applies. | 3.50% | $19/mo | ✅ Yes | Visit KOHO → |
| Tangerine Savings Promo: 4.50% for 5 months Check tangerine.ca for current promo terms — offers change regularly. | 0.30% after promo | $0 | ✅ Yes | Visit Tangerine → |
| Oaken Financial CDIC-insured via Home Bank. Also great for GICs. | 2.80% | $0 | ✅ Yes | Visit Oaken → |
| Saven Financial Provincial credit union insurance only — not CDIC. | 2.85% | $0 | ❌ Prov. only | Visit Saven → |
| RBC eSavings Promo rates available for new clients | 0.55% regular | $0 | ✅ Yes | — |
| TD eSavings | 0.01% | Varies | ✅ Yes | — |
| Scotiabank MomentumPLUS | 0.01–1.40% | Varies | ✅ Yes | — |
| * Rates verified March 15, 2026. Subject to change without notice. Always verify directly with the institution before opening an account. | ||||
🏆 #1 — EQ Bank Personal Account: Best Overall HISA in Canada
Why EQ Bank Ranks First
EQ Bank has held the top spot among no-fee Canadian HISAs for the third year in a row. It is run by Equitable Bank, a Schedule I chartered bank — the same category as TD and RBC. Your money gets the exact same government deposit insurance as you’d have at any of the Big Six.
EQ Bank charges no monthly fees, no transfer fees, and no minimum balance fees. Every dollar you deposit works for you.
How the Rate Works
To earn the full 2.75% rate, you need to set up a recurring direct deposit of at least $2,000 per month. Most employed Canadians can do this by directing their paycheque to EQ Bank. If you can’t meet that minimum, you’ll still earn the base rate of 1.00% — which is still far better than what TD or Scotiabank offer.
Key Features
- Everyday rate: 2.75% (with $2,000/mo direct deposit); 1.00% base rate without
- Monthly fee: $0 — always
- Minimum balance: None
- Interac e-Transfers: Unlimited and free
- CDIC insurance: Up to $100,000 per person per deposit category
- Other accounts: TFSA and FHSA available at the same bank
- App: Available on iOS and Android
- Consistent everyday rate — not a short-term teaser
- Zero fees of any kind
- Full CDIC protection through a Schedule I bank
- Free and unlimited Interac e-Transfers
- TFSA and FHSA accounts also available
- Top rate requires $2,000/mo direct deposit; base rate is 1.00%
- No physical branches
- No debit card for in-store purchases
- Transfers can take 1–2 business days
🥈 #2 — Neo Financial Savings: Best First-Year Bonus
What Makes Neo Stand Out
Neo Financial has quickly become one of the most popular alternatives to the big banks in Canada. In addition to a competitive savings rate, it includes a free cash back Mastercard. Your deposits are held at Peoples Bank of Canada, a federal CDIC member, so they’re protected just like they would be at any major Canadian bank.
Neo does not require a minimum monthly deposit to earn interest, making it a great fit for freelancers, retirees, or anyone whose income changes from month to month. Neo’s savings rate is tiered — meaning the more you save, the higher your rate, up to a maximum of 3.00%.
The Welcome Bonus
New Neo customers can currently earn up to $650 in bonus cash when they open and fund a new account. Welcome bonus terms change frequently, so check neo.ca to confirm the current offer before applying.
Key Features
- Everyday rate: Up to 3.00% (tiered by balance)
- Welcome bonus: Up to $650 for new accounts (verify current terms)
- Monthly fee: $0
- Cash back Mastercard: Included free
- CDIC insurance: Yes, through Peoples Bank of Canada
- No minimum deposit needed to earn interest
- No minimum deposit required to earn interest
- Best welcome bonus in Canada right now
- Tiered rate means higher balances earn more
- Free cash back card included
- Clean, easy-to-use mobile app
- Rate is tiered — smaller balances earn less than 3.00%
- Shorter history than the established banks
- No physical branches
🥉 #3 — KOHO Everything: Highest Rate in Canada (With One Important Catch)
The Highest Rate — But Do the Numbers Work?
KOHO Everything pays 3.50% — the highest savings rate available in Canada as of March 2026. However, it comes with a $19 monthly plan fee. Whether KOHO actually saves you more money than a free account depends entirely on how you use it.
Key Features
- Savings rate: 3.50% — highest in Canada (verified March 2026)
- Monthly plan fee: $19/month
- Cash back: 2% on groceries, transport, dining; 0.5% on everything else
- Foreign transaction fees: None
- Credit building: Optional feature included
- Highest savings rate in Canada
- 2% cash back on groceries, dining, transport
- No foreign transaction fees
- Works as a full chequing-and-savings replacement
- $228 per year in plan fees outweighs interest advantage on savings alone
- Not worth it as a pure savings account
- You need to use the cash back card actively to justify the fee
📈 #4 — Tangerine: Best Promotional Rate for New Customers
Why Tangerine Is Worth Considering
Tangerine is a direct banking division of Scotiabank and regularly offers some of the highest short-term promotional rates available in Canada — often 4.00% to 5.00% for the first 5 months.
After the promotional period ends, the base rate drops sharply to just 0.30%. Tangerine works best as a short-term tool. Once the promotion ends, move your money to EQ Bank to keep earning a strong everyday rate.
The Smart Two-Account Strategy
🌿 #5 — Oaken Financial: Honourable Mention
Oaken Financial is run by Home Bank and Home Trust Company — both federally regulated CDIC members. In addition to a competitive 2.80% everyday rate with no monthly fees, Oaken consistently offers some of the best GIC rates in Canada. If you want to keep your regular savings and any locked-in GIC savings at the same institution, Oaken is worth a look. See our Best GIC Rates in Canada guide for a full comparison.
🏦 Why Big Bank Savings Accounts Fall Short
The Rate Gap in Plain Numbers
Here is what each account earns on a $10,000 balance over one full year:
| Account | Annual Rate | Annual Earnings on $10,000 | Monthly Fee |
|---|---|---|---|
| EQ Bank Personal (with direct deposit) | 2.75% | $275 | $0 |
| KOHO Everything (net of plan fee) | 3.50% | $350 minus $228/yr = $122 net | $19/mo |
| Neo Savings (up to) | 3.00% | $300 | $0 |
| Oaken Financial | 2.80% | $280 | $0 |
| Tangerine (after promo) | 0.30% | $30 | $0 |
| Scotiabank MomentumPLUS | 0.01–1.40% | $1–$140 | Varies |
| RBC eSavings (regular) | 0.55% | $55 | $0 |
| TD eSavings | 0.01% | $1 | $4.95+ |
| * Rates verified March 15, 2026. Always verify on the bank’s website before opening any account. | |||
What This Means for You
EQ Bank earns $275 per year on a $10,000 balance. TD eSavings earns just $1. Both accounts carry the same federal CDIC deposit insurance. There is no safety trade-off — only a large income gap.
🇨🇦 Are These Accounts Safe? CDIC Deposit Insurance Explained
Many Canadians wonder whether a digital bank like EQ Bank or Neo Financial is as safe as TD or RBC. The answer is yes, for deposits up to the insured limit.
The Canada Deposit Insurance Corporation (CDIC) is a federal government Crown corporation. It protects deposits held at member banks up to $100,000 per person per deposit category. Every account on this list — except Saven Financial, which carries only provincial credit union insurance — is held at a CDIC member institution.
💡 HISA vs TFSA vs GIC — What Is the Difference?
| Feature | Regular HISA | TFSA HISA | GIC |
|---|---|---|---|
| Is interest taxable? | Yes — T5 issued | No — completely tax-free | Yes (unless in TFSA) |
| Can you withdraw anytime? | Yes | Yes (room restored next year) | No — money is locked in |
| Typical rate in 2026 | 2.75–3.50% | Same as HISA rate | 3.40–3.85% |
| Contribution limit? | No | Yes — $7,000/year in 2026 | No |
| Best for | Emergency fund, short-term goals | Tax-free everyday savings | Money you won’t need for 1–5 years |
For most Canadians: fill your TFSA first. Interest earned in a TFSA is completely tax-free. If you have money you won’t need for a year or more, check our Best GIC Rates in Canada guide — GIC rates in 2026 are generally higher than HISA everyday rates for the same term.
❓ Frequently Asked Questions About HISAs in Canada
🏁 Our Verdict: The Best High-Interest Savings Account in Canada for 2026
- For most Canadians: Open an EQ Bank Personal Account. Consistent 2.75%, no fees, full CDIC protection.
- To maximise your first year: Neo Financial is worth opening alongside EQ Bank — up to $650 welcome bonus and up to 3.00% on a tiered basis.
- If you want the highest rate and use it as a spending account: KOHO Everything at 3.50% makes sense — but only if you spend $800+ per month on the card.
- For a short-term lump sum: Tangerine’s promotional rate is the strongest for new customers for the first 5 months. After that, move to EQ Bank.
There is no good reason to keep your savings at a Big Six bank in 2026. The alternatives are free to open, pay 2.75–3.50% in everyday interest, and offer the same government-backed CDIC deposit insurance.
Open One of Our Top-Ranked Accounts Today
All three accounts take under 10 minutes to open and can be funded right away via Interac e-Transfer.
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