Top High – arexl.com

June 8, 2026 by Arexl

In Canada, current interest rates are among the lowest seen in over a decade, which makes the notion of seeking high-interest savings accounts seem unusual. This complexity is further heightened by the plethora of banks offering disparate accounts with varying features. Without knowledge of what to prioritize or why such accounts hold value, you risk settling for the first account that’s presented to you.

It’s important to recognize that the leading high-interest savings accounts in Canada won’t lead to sudden riches. Indeed, the interest rates might not outpace inflation; however, the fundamental benefit is the safety of your deposited funds along with earning some interest. These accounts are ideal for short-term savings goals, such as a down payment on a home or as a reserve for emergencies.

Given the wide array of accounts available, it might be challenging to determine where to begin, but fear not—I have curated a selection of accounts offering the most competitive rates for your consideration.

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%

What is a High-Interest Savings Account?

Still unsure about what a high-interest savings account entails? Most commonly, they’re known as HISAs. As indicated by the term, these accounts offer higher interest yields. The limited interest rates—from 2% to 5%—are largely due to the adjustments made by the Bank of Canada (BoC) to its benchmark rates. When the BoC raises its rates, HISAs generally follow suit; conversely, lower rates from the BoC could result in reduced HISAs rates.

In comparison to traditional banking options, HISAs provide significantly superior interest rates without incurring fees. These accounts often allow unlimited transactions and free electronic transfers, whereas conventional accounts may charge monthly fees and limit the number of allowable transactions each month.

Funds can take as long as two business days to transfer between accounts, or you can opt for an Interac e-transfer, which typically completes within 60-90 minutes. While conventional chequing accounts cater to day-to-day banking needs, HISAs are more suited for limited transactions and savings.

If you’re interested in opening a HISA, take a look at my curated list of the top high-interest savings accounts in Canada.

EQ Bank

The EQ Bank Savings Plus Account is a staple in discussions regarding the best high-interest savings accounts in Canada. What sets EQ Bank apart is its consistent high annual interest rate (paid monthly) that is not a promotional offer. Every dollar you have will earn the same interest. In addition, you enjoy free Interac e-transfers each month. EQ Bank, operating under Equitable Bank, has a long-standing history in Canada and is a CDIC member, ensuring your funds are secure, although its services are unavailable to Quebec residents.

Many are familiar with KOHO primarily as a prepaid credit card, but their Earn Interest account also offers interest on both spending and savings. Additionally, you can obtain immediate cash back on your spending. However, you must set up a direct deposit to qualify for those interest rates.

As a notable FinTech company in Canada, KOHO allows online purchases wherever VISA is accepted with their card, along with e-transfer functionalities and spending insights. And, they will give you $20 for free upon account registration.

Simplii Financial

The Simplii Financial High Interest Savings Account has garnered attention recently for its competitive interest rates. However, it’s important to note that free Interac e-transfers and access to CIBC ATMs are catered only to the Simplii No Fee Chequing Account, which features a lower interest rate.

Tangerine Bank

Previously known as ING Bank, Tangerine has rebranded following acquisition by Scotiabank. The Tangerine Savings Account remains one of the top choices for high-interest savings accounts in Canada. Tangerine also offers promotional rates for new clients for the initial five months, though the regular rate is notably lower than that of competing banks, albeit with access to Scotiabank’s ATM network.

Oaken Financial Oaken Savings Account

Interest rate of 3.40%
No monthly fees
CDIC insured

The Oaken Financial Oaken Savings Account is straightforward yet remains among the leading high-interest savings accounts in Canada. Its rates surpass those of standard savings accounts offered by most major banks, featuring no monthly fees and no minimum balance requirements. There are also unlimited transactions, which is a standard feature for HISAs. Notably, Oaken Financial additionally provides GICs that often come with competitive rates.

LBC Digital High Interest Savings Account

3% interest rate
No minimum balance required
No monthly account fees

LBC Digital has recently entered the field of high-interest savings accounts in Canada. Backed by Laurentian Bank, which boasts over 170 years of operational history, LBC Digital offers attractive interest rates. If you’re already banking with Laurentian, this account could be a valuable addition, though it’s worth noting that they do not provide complimentary Interac e-transfers.

Alterna Bank High Interest eSavings Account

2.50% Interest rate
No monthly fees
Unlimited free e-transfers

As a credit union, Alterna Bank consistently ranks highly for its eSavings account options. Their account includes unlimited free Interac e-transfers, although it’s essential to note a daily limit of $3,000 for all e-transfers. While Alterna does have physical branches in Ontario and Quebec, their High Interest eSavings Account is designed for online customers only.

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 operates as the online banking division of Canadian Western Bank (CWB) and offers a respectable interest rate for their Savvy Savings Account. Their RRSP account currently also features attractive interest rates. By choosing Motive, users benefit from no fees and unlimited e-transfers, making it a solid option for short-term savings. For more details on their offerings, check out my review of Motive Financial.

Meridian High-Interest Savings Account

Best high interest savings accounts in Canada Meridian

2.50% Regular interest rate
No monthly fees

Meridian, which is a credit union located in Ontario, offers a high-interest savings account that may attract their existing customers. However, when comparing options, it’s evident that there are superior high-interest savings accounts available. Notably, Meridian is not affiliated with the CDIC, yet deposits are insured up to $250,000 through the Deposit Insurance Corporation of Ontario (DICO).