Top High – arexl.com

June 8, 2026 by Arexl

Despite Canada’s interest rates being among the lowest seen in a decade, the concept of high-interest savings accounts may appear unreasonable. The landscape is further complicated by the numerous banks throughout Canada offering various accounts, each with unique features. If you are unsure about the essential qualities to consider or the benefits of a high-interest savings account, you might wind up enrolling in the first option presented to you.

It’s important to grasp that while the leading high-interest savings accounts in Canada won’t necessarily make you wealthy, they serve as a secure place for your deposits while still generating some interest. In essence, these accounts are ideal for short-term savings goals, such as accumulating a down payment on a home or safeguarding your emergency funds.

Given the myriad of accounts on the market, deciding where to start can be daunting. However, I’ve compiled a list of some of the top-performing accounts 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 wondering what exactly constitutes a high-interest savings account, you might encounter the acronym HISA frequently used online. Essentially, a HISA offers a higher interest rate compared to regular savings accounts. The interest rates for most of these accounts in Canada generally range between 2% and 5%, influenced by the Bank of Canada’s (BoC) evolving benchmark rate. An increase from the BoC usually prompts rising rates for HISAs, while a decrease often leads to lower rates.

When compared to conventional banks, HISAs typically offer more attractive interest rates; however, you might lose access to certain services like chequing. HISAs often incur no fees, grant free electronic transfers, and allow for unlimited transactions. Standard banking accounts may impose monthly fees and transaction limits, depending on the account type.

Transfers between accounts can take up to two business days, but e-transfers between HISAs are usually completed within 60-90 minutes. While a typical chequing account is suitable for day-to-day banking, HISAs are advantageous for those not needing extensive banking services.

If you’re contemplating opening a HISA, take a look at the top high-interest savings accounts listed here.

EQ Bank

The EQ Bank Savings Plus Account is a staple in discussions about top high-interest savings accounts in Canada. What sets EQ Bank apart is its consistently high annual interest rate, which is not promotional and applies to all funds in the account. Additionally, you can take advantage of free Interac e-transfers every month. EQ Bank is a trademark of Equitable Bank, which has been a trusted institution in Canada for over 40 years and is a member of CDIC, ensuring your deposits are safe. However, it’s worth mentioning that EQ Bank is not available to Quebec residents.

Although many are familiar with KOHO as a prepaid credit card, their Earn Interest account allows you to earn interest too. This benefit extends to your spending and savings accounts alongside receiving instant cash back on your purchases. A requirement is to enable direct deposit to gain interest.

KOHO stands out among Canada’s FinTech firms. As a prepaid credit card, it serves as a versatile option for making online purchases wherever VISA is accepted. Its e-transfer features and spending insights enhance the banking experience, and you also get $20 for free when you sign up.

Simplii Financial

The Simplii Financial High Interest Savings Account has gained traction recently due to its competitive interest rates. Keep in mind that the free Interac e-transfers and the usage of CIBC ATMs apply exclusively to the Simplii No Fee Chequing Account, which offers a lower interest rate.

Tangerine Bank

Tangerine, formerly known as ING Bank, was rebranded following its acquisition by Scotiabank. The Tangerine Savings Account remains a strong player among high-interest savings accounts in Canada. They frequently feature promotional offerings for new customers, providing enhanced interest rates for a limited time, although the normal interest rate is somewhat lower compared to other institutions. On the bright side, you can access a wide range of Scotiabank’s ATMs for cash withdrawals.

Oaken Financial Oaken Savings Account

3.40% Interest rate
No monthly fees
CDIC insured

The Oaken Financial Oaken Savings Account is relatively straightforward but ranks among Canada’s best high-interest savings accounts. Notably, it offers rates superior to basic savings accounts at major banks. There are no monthly fees or minimum balance requirements, plus you can enjoy unlimited transactions—a common theme among the HISAs mentioned. Additionally, Oaken also provides GIC products with competitive rates.

LBC Digital High Interest Savings Account

3% interest
No minimum balance required
No monthly account fees

New among top accounts, LBC Digital is part of the Laurentian Bank, which boasts over 170 years of history. Notably, it offers some of the highest interest rates on this list, although it does not provide free Interac e-transfers. If you’re a customer of Laurentian Bank, consider opening an LBC Digital account for its attractive rate.

Alterna Bank High Interest eSavings Account

2.50% Interest rate
No monthly fees
Free e-transfers

As a credit union, Alterna Bank consistently ranks highly with its eSavings account offering. Customers enjoy unlimited free monthly Interac e-transfers; however, there is a $3,000 daily cap on total transfers, applicable across all transactions. While Alterna has physical branches in Ontario and one in Quebec, the High Interest eSavings Account is designed exclusively for online banking.

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 is the digital banking division of Canadian Western Bank (CWB) and offers competitive interest rates in its Savvy Savings Account. They also maintain high interest rates on their RRSP accounts. Motive is an excellent choice for short-term savings due to its fee-free structure and unlimited e-transfers. For a deeper dive into Motive Financial and their offerings, consider reading my comprehensive review.

Meridian High-Interest Savings Account

Best high interest savings accounts in Canada Meridian

2.50% Regular interest rate
No monthly fees

Operating as a credit union based in Ontario, Meridian offers its own High Interest Savings Account. While current customers may find it appealing, other accounts in the market provide higher returns. Although Meridian isn’t a member of the CDIC, the Deposit Insurance Corporation of Ontario (DICO) protects your deposits up to $250,000.