Top High – arexl.com

June 8, 2026 by Arexl

With interest rates in Canada lingering at some of their lowest levels in over ten years, the idea of high-interest savings accounts appears almost laughable. The situation is further complicated by the variety of banks operating within the country, each offering distinct savings accounts that come with unique features. If you are unfamiliar with what to look for or why a high-interest savings account is beneficial, you might find yourself enrolling in the first option that presents itself.

It’s important to recognize that the highest yielding savings accounts in Canada will not turn you into a millionaire. In fact, the returns may not even surpass inflation rates; however, these accounts do provide a secure place for your funds while allowing your savings to accumulate some interest. High-interest savings accounts are ideally suited for short-term savings goals, such as saving for a house deposit or maintaining an emergency fund.

Given the multitude of options available, it can be overwhelming to determine where to start. Fortunately, I’ve compiled a list of accounts that offer the most competitive rates for you to evaluate.

High Interest Account	Interest Rate
EQ Bank Savings Plus Account	2.5%
KOHO’s Earn Interest account	1.20%
Simplii Financial High Interest Savings Account	5.25%
Tangerine Savings Account	5%
Oaken Financial Oaken Savings Account	3.40%
LBC Digital	3%
Alterna Bank High Interest eSavings Account	2.50%
Motive Financial	3%
Meridian High Interest Savings Account	2.50%

Understanding High-Interest Savings Accounts

If you’re still uncertain about the concept of high-interest savings accounts (commonly abbreviated as HISAs), it’s important to familiarize yourself with the terminology. As implied by the name, these accounts are designed to offer higher interest rates. The reason that the majority of high-interest savings accounts in Canada provide yields between 2% and 5% is largely due to the fluctuating rates set by the Bank of Canada (BoC). Should the BoC increase their rates, you can expect similar movements in HISAs. Conversely, any reductions in the BoC’s rates are likely to affect many banks’ offerings as well.

In comparison with traditional banking options, HISAs offer significantly higher interest; however, you might lack access to cheques (who really writes cheques anymore?). With these accounts, there are generally no fees, and you can utilize free e-transfers alongside unlimited transactions. Traditional banks may impose monthly fees for e-transfers, and your transaction limits can depend on your account type.

Transfers between accounts might take up to two business days when moving funds from a HISA or just minutes if you opt for an e-transfer. Typically, a regular chequing account is ideal for everyday expenses, while HISAs are more suited for safeguarding funds if you don’t require extensive banking services.

When you’re prepared to open a HISA, refer to my curated list of the top high-interest savings accounts available in Canada.

EQ Bank

No discussion of high-interest savings accounts in Canada would be complete without mentioning the EQ Bank Savings Plus Account. EQ Bank entices customers with an attractive annual interest rate that is credited monthly. This rate applies consistently to all account balances—not just promotional offerings. Additionally, you can process unlimited free Interac e-transfers each month. Note, however, that EQ Bank is unavailable for residents in Quebec and is a respected part of Equitable Bank’s operations that has been present in Canada for 40 years, with your funds insured by CDIC.

KOHO is widely recognized as a prepaid credit card provider, but they also offer an Earn Interest account that allows you to earn interest on both your spending and savings funds. You can also accumulate instant cash back on your purchases, provided that you have direct deposits set up.

As one of the notable FinTech providers in Canada, KOHO allows you to make purchases online wherever VISA is accepted, perform e-transfers, and gain insights into your spending habits. Plus, new users receive a $20 bonus upon sign-up!

Simplii Financial

Recently, the Simplii Financial High Interest Savings Account has gained popularity for offering some of the most competitive interest rates on the market. However, it should be noted that free Interac e-transfers and access to CIBC ATMs apply only to the Simplii No Fee Chequing Account, which has a much lower interest rate.

Tangerine Bank

Formerly known as ING Bank, Tangerine changed its name following its acquisition by Scotiabank. Despite the rebranding, the Tangerine Savings Account continues to excel as one of the top high-interest savings accounts in Canada. They frequently offer promotional interest rates for new clients for an initial five months, although the standard rate drops significantly afterward. One perk is your access to Scotiabank’s expansive ATM network for cash withdrawal.

Oaken Financial Oaken Savings Account

3.40% Interest rate
No monthly fees
Protected by CDIC

The Oaken Financial Oaken Savings Account is relatively straightforward, yet remains one of the top high-interest savings accounts in Canada. Its interest rate surpasses that of basic savings accounts offered by major banks. There are no monthly charges, and no minimum balance is required. Unlimited transactions are also included, a common feature among HISAs. Oaken provides competitive GICs as well, which might interest you.

LBC Digital High Interest Savings Account

3% interest
No minimum balance required
No monthly fees

LBC Digital is one of the newer banks featured on this list of high-interest saving accounts in Canada. Despite its recent entry, it is a subsidiary of Laurentian Bank, which has a long-standing history of over 170 years. LBC Digital stands out due to its competitive interest rate, which is one of the highest among the listed options. However, it’s important to note that this account doesn’t offer free Interac e-transfers.

Alterna Bank High Interest eSavings Account

2.50% Interest rate
No monthly fees
Free e-transfers

Alterna Bank, which is structured as a credit union, typically holds a strong position with its eSavings account offerings. With unlimited free e-transfers each month, this account is a great option, although transfers are limited to a maximum of $3,000 daily. While Alterna does maintain physical branches in Ontario and Quebec, their eSavings account is designed primarily for online banking customers.

Motive Financial Savvy Savings Account

Best high-interest savings accounts in Canada Motive Financial

3% Interest rate
No monthly fees
Unlimited e-transfers

Motive Financial, the online arm of Canadian Western Bank (CWB), provides a reasonable interest rate through its Savvy Savings Account. Their RRSP account also gives a competitive return. You won’t encounter any fees, and unlimited e-transfers are available, making this account an excellent choice for short-term savings. If you wish to explore more about Motive Financial and its product offerings, take a look at my review of the bank.

Meridian High-Interest Savings Account

Best high-interest savings accounts in Canada Meridian

2.50% Regular interest rate
No monthly fees

Based in Ontario, Meridian is a credit union that offers a High-Interest Savings Account that is likely to attract existing Meridian customers. However, as previously noted, there are accounts offering better interest rates available. It’s important to mention that Meridian is not a CDIC member, yet deposits are insured up to $250,000 by the Deposit Insurance Corporation of Ontario (DICO).