Top High – arexl.com

June 8, 2026 by Arexl

Considering that Canada is currently experiencing some of its lowest interest rates in the past ten years, the idea of high-interest savings accounts may seem outlandish. The situation is further complicated by the variety of banks across Canada, each offering accounts with various features. If you’re not informed about what to seek or the benefits of a high-interest savings account, you might find yourself signing up for the first option presented to you.

It’s important to note that while the finest high-interest savings accounts in Canada won’t guarantee you wealth, they do provide a secure place for your deposits while also earning some interest. This account type is ideally suited for short-term financial goals, like saving for a down payment on a home or keeping an emergency fund.

Amidst the multitude of options, you might feel uncertain about where to start. However, I’ve curated a selection of the best high-interest savings accounts for you to consider.

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

Are you unsure what a high-interest savings account is? Commonly referred to by the acronym HISA, high-interest savings accounts are designed to earn elevated interest rates. The reason many of these accounts in Canada yield interest rates between 2% to 5% is due to the gradual increase in the Bank of Canada’s (BoC) benchmark rate. If the BoC raises its rates, HISAs typically follow suit, and conversely, rates may decrease if the BoC does the same.

When compared to traditional banking options, HISAs usually offer significantly higher interest rates. However, users may not have access to checks, and many people rarely use checks anymore. Typically, HISAs come with no fees, unlimited transactions, and free inter-account electronic transfers. In contrast, conventional banks may impose monthly fees and limit your transaction capabilities based on the account type.

While transferring funds between accounts can take up to two business days with a HISA, electronic transfers can be completed within 60-90 minutes. Regular checking accounts are ideal for daily transactions, but HISAs are better suited for individuals looking for a secure place to store their savings without requiring extensive banking features.

If you’re considering a HISA, take a look at the best accounts available in Canada.

EQ Bank

One cannot discuss the top high-interest savings accounts in Canada without mentioning the EQ Bank Savings Plus Account. Its appeal lies in its consistently high annual interest rate, which is paid monthly, and is not simply a promotional rate. Additionally, EQ Bank offers free inter-account transfers, providing additional value. EQ Bank operates under the umbrella of Equitable Bank, with a solid 40-year track record in Canada. It is also a CDIC member, ensuring your funds are protected, though it is worth noting that EQ Bank services are not available to Quebec residents.

KOHO is well-known as a prepaid credit card provider, but its Earn Interest Account also allows you to earn interest on your savings. This applies to both your spending and savings accounts. The only stipulation is that you need to set up a direct deposit to access these benefits.

KOHO is regarded as one of the leading FinTech firms in Canada, allowing users to shop online anywhere that VISA is accepted. Moreover, you can make electronic transfers and gain insights into your spending habits. Notably, you’ll receive a $20 bonus just for signing up.

Simplii Financial

The Simplii Financial High Interest Savings Account has recently garnered attention for its competitive interest rates. However, it is important to remember that free Interac e-transfers and access to CIBC ATMs are exclusive to the Simplii No Fee Chequing Account, which offers a much lower interest rate.

Tangerine Bank

Previously known as ING Bank, Tangerine was rebranded following Scotiabank’s acquisition. Nevertheless, the Tangerine Savings Account remains one of the top high-interest savings accounts available. New clients often benefit from heightened promotional rates for the first five months. Although the regular interest rate is lower than those offered by other banks, account holders can access Scotiabank’s ATM network when withdrawing cash.

Oaken Financial Oaken Savings Account

3.40% Interest rate
No monthly fees
CDIC secured

The Oaken Financial Oaken Savings Account is straightforward but ranks among the best high-interest savings accounts in Canada. Its interest rate surpasses those at major banks, it’s devoid of monthly maintenance fees, and there’s no minimum balance required. Moreover, unlimited transactions are facilitated, which is a standard feature among HISAs. It’s noteworthy that Oaken also has GICs with competitive rates.

LBC Digital High Interest Savings Account

3% Interest rate
No minimum balance required
No monthly maintenance fees

LBC Digital is a fresh addition to our list of top high-interest savings accounts in Canada. Despite its novelty, it operates under Laurentian Bank, a well-established institution with over 170 years of history. LBC Digital’s attractiveness lies in its competitive interest rate, one of the highest mentioned here, although it does not provide free Interac e-transfers.

Alterna Bank High Interest eSavings Account

Interest rate of 2.50%
No monthly fees
Complimentary e-transfers

Alterna Bank, a credit union, has consistently offered great value with its eSavings account, which provides unlimited free monthly Interac e-transfers. It’s important to note a daily limit of $3,000 applies to all e-transfers. While Alterna has physical branches in Ontario and Quebec, the High Interest eSavings Account is exclusively for online customers.

Motive Financial Savvy Savings Account

Best high interest savings accounts in Canada Motive Financial

Interest rate of 3%
No monthly fees
Unlimited e-transfers

Motive Financial, the online banking arm of Canadian Western Bank (CWB), offers an appealing interest rate for deposits in its Savvy Savings Account. Their RRSP account also maintains a high interest rate. With no fees and unlimited e-transfers, this account serves as an excellent option for short-term savings. For more information on other offerings, you can refer to my in-depth Motive Financial review.

Meridian High Interest Savings Account

Best high interest savings accounts in Canada Meridian

Regular interest rate of 2.50%
No monthly fees

Based in Ontario, Meridian is a credit union offering a High Interest Savings Account that might appeal to existing members. However, as observed, there are better rates available with other accounts. Although Meridian is not a CDIC member, deposits are insured up to $250,000 through the Deposit Insurance Corporation of Ontario (DICO).