Best High-Interest Savings Accounts in Canada

13 accounts scored and ranked on what they pay after the promo ends, not just the headline rate — plus how long the promotional rate lasts, what it costs you to withdraw and what the sign-up bonus is worth. None charge a monthly account fee, though Neo Savings’ top rate requires a separate paid membership.

Short answer: The Canadian Tire High Interest Savings Account tops this list at 2.40% — the highest rate in Canada right now that asks nothing of you: no direct deposit, no paid plan, no minimum and no promotional clock. The EQ Bank Personal Account is a close second if you can route a $2,000 monthly direct deposit to it, which lifts 1.00% to 2.75%, and it adds a $20 sign-up bonus. EQ Bank Notice Savings pays 2.35% if you can give ten days’ notice before withdrawing.

Promotional rates look higher — BMO Savings Amplifier advertises 5.00% and Simplii 4.60% — but they run for four and five months and then drop to 0.45% and 0.30%. Our ranking weights the rate you keep at nearly three times the rate that expires, which is why those accounts sit at #7 and #8 rather than at the top. If you are parking cash for one quarter, they are the better answer, and each card below says so.Ranked by the MoneyMint Score · rates checked September 17, 2026 against each bank’s own page

Updated September 2026·13 accounts scored and ranked·Compare all accounts →

Our Picks, Ranked

#1 · BEST RATE, NO CONDITIONS
No monthly feeFlat rate
4.0
MoneyMint rating
among savings accounts

Why it’s here: a straightforward flat 2.40% standing rate on the entire balance, with no minimum to open or maintain and no lock-in period — funds can move in or out anytime. There’s no time-limited promo to chase and no welcome bonus advertised, so what you see is what you get. Not available to residents of Quebec.

2.40%Flat rateon the entire balance, no tiers
$0Minimum balanceno minimum to open or maintain
NoneWelcome bonusno offer advertised

Good for

  • ✓Savers who want one flat rate with no tiers, minimums or notice periods
  • ✓CDIC-member peace of mind with no monthly fee

Worth knowing

  • !Not currently available to residents of Quebec
  • !2.40% is a standing rate, not the highest promotional rate on this list
Open an accountGoes to the official siteRead full review
#2 · BEST WITH DIRECT DEPOSIT
No monthly feeCDIC insured
3.5
MoneyMint rating
among savings accounts
EQ Bank (Equitable Bank) · Online

EQ Bank Personal Account

Why it’s #1: it’s the one account here that pays a real ongoing rate rather than a short promo, and it doubles as a chequing account — free bill payments, e-Transfers and a debit card. Move your payroll here and the rate steps up further.

Current offer: $20 bonus when you deposit $100 or more within 30 days of signing up; 2.75% rate with a qualifying $2,000+/month direct deposit.
From 1.00%Regular ratebase rate, no conditions
2.75%With direct deposit$2,000+/month payroll or pension
$20Welcome bonusdeposit $100 within 30 days
UnlimitedFree transactionse-Transfers, bill pay, EFTs

Good for

  • ✓Parking savings you don’t want locked in a promo cycle
  • ✓People who want savings and everyday banking in one place

Worth knowing

  • !Base rate is modest unless you set up direct deposit
  • !Online only — no branches or in-person service
Open an accountSecure application on EQ Bank’s siteRead full review
#3 · BEST STANDING RATE
No monthly feeNotice account
3.5
MoneyMint rating
among savings accounts
EQ Bank (Equitable Bank) · Online

EQ Bank Notice Savings Account

Why it’s here: it pays a real ongoing rate — up to 2.75% — with no promo period to watch and no fine print, in exchange for giving up instant access. You choose a 10-day or 30-day notice period when you open it, and interest keeps accruing on your money even after you request a withdrawal, right up until the notice period ends.

Current offer: 2.35% on the 10 Day Notice Savings Account or 2.75% on the 30 Day Notice Savings Account, whichever notice period you choose. No minimum balance and no fees.
2.75%30-day notice ratelonger notice, higher rate
2.35%10-day notice rateshorter notice, lower rate
$0Monthly feeno minimum balance
10–30 daysWithdrawal noticeplus 2–3 business days for external transfers

Good for

  • ✓A real standing rate with no promo period or fine print to track
  • ✓Interest keeps accruing on funds even after you request a withdrawal, until the notice ends

Worth knowing

  • !Not built for everyday banking — no direct deposit, e-Transfers or bill payments
  • !Withdrawals aren’t available until the notice period elapses, plus 2–3 more business days for external transfers
Open an accountSecure application on EQ Bank’s siteRead full review
Still paying a monthly fee for chequing?Four of the five accounts in our chequing ranking charge nothing — and two come with $250+ in sign-up cash.
See best chequing accounts →
#4 · BEST NON-BANK RATE
No monthly feeFlat rate
3.5
MoneyMint rating
among savings accounts
KOHO · Not a bank

KOHO Essential Account

Why it’s here: 2% on your entire balance with no fee, no minimum and no conditions to meet — the third-highest unconditional rate on this list. The catch is structural rather than financial: KOHO is a FINTRAC-registered money services business, not a bank, and deposit protection is something you opt into rather than something you get automatically.

2.00%Flat rateon the entire balance, no tiers
$0Monthly feeno minimum balance
NoneWelcome bonusnone advertised
Opt-inCDIC protectionvia the Earn Interest feature

Good for

  • ✓A rate with no direct deposit, no paid plan and no minimum to chase
  • ✓No credit check required to open

Worth knowing

  • !Not a bank — CDIC coverage is opt-in through Earn Interest, not automatic
  • !The advertised 2.5% and 3.5% rates require paid plans, up to $14.75 a month
  • !1.5% foreign exchange fee on spending in another currency
Open an accountGoes to the official siteRead full review
#5 · FLEXIBLE, NO MINIMUM
No monthly feeNo minimum
3.0
MoneyMint rating
among savings accounts
Neo Financial · App-based

Neo Savings Account

Why it’s here: no minimum balance, no fee to move money, and up to 10 named sub-accounts to organize your goals. It ranks last because the rate is tiered by paid membership rather than balance — the free tier pays 2.00%, and the advertised 2.75% top rate needs a $14.99/month Grow membership.

Current offer: 2.00% on the free Essentials membership, 2.5% on Build ($0–$9.99/month, free with select Neo World Elite cards), or 2.75% on Grow ($14.99/month). No minimum balance or deposit required.
2.00%Free tier rateEssentials membership, $0/month
2.75%Top tier rateGrow membership, $14.99/month
$0Monthly feeno minimum balance
FreeTransfersno e-Transfers/bill pay from this account

Good for

  • ✓Organizing savings into up to 10 named sub-accounts
  • ✓Neo World Elite cardholders who get the 2.5% Build tier free

Worth knowing

  • !The 2.75% top rate costs $14.99/month — run the math on your balance first
  • !No e-Transfers or bill pay; needs a separate Neo Chequing account
Open an accountGoes to Neo Financial’s official siteRead full review
#6 · TIERED RELATIONSHIP RATE
No monthly feeTiered by balance
2.5
MoneyMint rating
among savings accounts

Why it’s here: Scotiabank advertises “up to 5.00%,” but that combines the 2.80% welcome promo with the top 2.20% regular tier — and both only apply on days your Total Relationship Balance is at least $10,000. Below that threshold, the regular rate is 0.00%. It rewards clients who consolidate a lot of banking at Scotiabank; it’s a poor fit for a smaller, standalone savings balance.

Current offer: Welcome Promotional Interest Rate of 2.80% for the first 3 months (available to clients who haven’t held a Scotia HISA or MomentumPLUS account in the last two years), on top of a regular rate that rises with your Total Relationship Balance to a maximum of 2.20%.
2.80%Promo ratefirst 3 months, new/returning-2yr+ clients
2.20%Top regular rateat a $500,000+ relationship balance
0.00%Interest below $10,000no interest earned under this balance
$0Monthly feeno minimum balance to open

Good for

  • ✓Free, unlimited self-service transfers between your Scotiabank accounts
  • ✓Rate rises the more of your banking relationship you consolidate at Scotiabank

Worth knowing

  • !Earns 0.00% interest on any day your Total Relationship Balance is under $10,000
  • !The advertised “up to 5.00%” needs a $500,000 relationship balance to reach
Open an accountGoes to Scotiabank’s official siteRead full review
#7 · BEST PROMO RATE
No monthly feePromo rate
2.5
MoneyMint rating
among savings accounts
Simplii Financial · Online bank (CIBC)

Simplii Financial High Interest Savings Account

Why it’s here: the strongest promotional rate we track, on a large balance, for a meaningful stretch — five months at 4.60% on $50,000 is roughly $950. After the promo the rate drops to Simplii’s regular tiers, so plan to move the money or negotiate then.

Current offer: 4.60% promotional interest for 5 months on deposits up to $200,000 for new clients.
4.60%Promo rate5 months, up to $200,000
TieredRegular ratesee Simplii’s rate table
$0Monthly feeno minimum balance
AnytimeWithdrawalsno notice period

Good for

  • ✓A lump sum you want to park for a few months
  • ✓Simplii chequing customers who want everything in one login

Worth knowing

  • !The headline rate ends after 5 months
  • !Regular tiered rate is much lower
Open an accountGoes to Simplii Financial’s official siteRead full review
#8 · HIGHEST PROMO RATE
No monthly feePromo rateNo end date published
2.0
MoneyMint rating
among savings accounts

Why it’s here: It carries the highest promotional rate on this page — 5.000% for 120 days on balances up to $1,000,000 — but it ranks fourth on our measure because it pays the least once the promo ends, and it is the only account here that makes you open a chequing account to qualify.

Current offer: 5.000% total (0.450% posted + 4.550% promotional) for 120 days on balances up to $1,000,000, for accounts opened online alongside an eligible BMO chequing account. BMO hasn’t published an end date for the current offer.
5.000%Promo rate120 days, up to $1,000,000
0.45%Regular rateafter the promo
$0Monthly feeno minimum deposit
$5Per withdrawaltransfers to BMO accounts free

Good for

  • ✓Parking a large sum for a few months — the promo runs to $1,000,000
  • ✓People opening a BMO chequing account anyway

Worth knowing

  • !Requires an eligible BMO chequing account, which has its own fee
  • !Drops to 0.45% after 120 days
Open an accountSecure application on BMO’s siteRead full review
#9 · BIG-BANK PICK
No monthly feePromo rate
2.0
MoneyMint rating
among savings accounts
RBC Royal Bank · Big bank

RBC High Interest eSavings Account

Why it’s here: the big-bank option: a strong 90-day promo and instant transfers if your chequing is already at RBC. The regular 0.55% rate is the weakest here, so it’s a convenience pick rather than a long-term home for savings.

Current offer: 4.60% promotional rate on up to $1,000,000 for 90 days on a new eSavings account.
4.60%Promo rate3 months, new accounts
0.55%Regular rateafter the promo
$0Monthly feeno minimum balance
1 free / moRBC ATM withdrawals$5 after that

Good for

  • ✓Existing RBC clients who want savings in the same app
  • ✓Very large deposits (promo applies up to $1M)

Worth knowing

  • !Promo lasts only 90 days
  • !Only one free ATM withdrawal a month
Open an accountGoes to RBC’s official siteRead full review
#10 · BIGGEST BIG-BANK PROMO
No monthly feeBig bank
2.0
MoneyMint rating
among savings accounts

Why it’s here: CIBC is offering 4.60% for the first 3 months on a new eAdvantage account — one of the higher big-bank introductory rates available — with no minimum balance required. It’s a fit if you want big-bank branch access and don’t mind the standing rate dropping off once the promo ends.

Current offer: 4.60% introductory rate for the first 3 months on a new CIBC eAdvantage account (new customers, first account only). Standing rate afterward is 0.30%–0.60%, tiered by balance, plus an optional +0.05% Smart Interest with a $200+/month deposit.
4.60%Promo ratefirst 3 months, new customers, first account only
0.30%–0.60%Standing ratetiered by balance, after the promo ends
$0Monthly feeno minimum balance
$5Per-debit feecharged on each debit transaction

Good for

  • ✓4.60% promo rate is one of the higher big-bank introductory offers right now
  • ✓Big-bank branch access if you already do your everyday banking at CIBC

Worth knowing

  • !Standing rate drops to just 0.30%–0.60% once the 3-month promo ends
  • !$5 charge on every debit transaction from the account
Open an accountGoes to CIBC’s official siteRead full review
#11 · BEST FOR SAVINGS GOALS
No monthly feePromo rateGoal tracking
2.0
MoneyMint rating
among savings accounts

Why it’s here: It is the only big-bank account on this page whose headline rate does not depend on how much you already keep at the bank, and it lets you run up to five separate savings goals in one account. It ranks fifth because the 4.65% is mostly a three-month welcome bonus — the ongoing rate on a 90-day period is 0.600%.

Current offer: 4.65% for the first 3 months on a 90-day Premium Period — 0.400% regular interest plus 0.200% premium interest plus a 4.05% welcome bonus. Preferred Package holders earn 4.70% and Ultimate Package holders 4.75%. New MomentumPLUS clients only; no end date published.
4.65%Promo rate3 months, 90-day period
0.600%Ongoing rate0.850% on a 360-day period
$0Monthly feeno minimum balance
FreeSelf-service transfersunlimited, no ABM access

Good for

  • ✓Saving toward a dated goal you will not dip into
  • ✓Preferred and Ultimate Package holders, who earn 0.05–0.10% more

Worth knowing

  • !Any withdrawal forfeits the premium interest for that whole period
  • !The 4.05% bonus is for first-time MomentumPLUS clients only
Open an accountSecure application on Scotiabank’s siteRead full review
#12 · SIMPLEST FLAT RATE
No monthly feeFlat rate
2.0
MoneyMint rating
among savings accounts
Tangerine Bank · Online

Tangerine Savings Account

Why it’s here: it’s the simplest account here — one flat 0.30% rate on every dollar, no tiers, no notice period and no fees, though that simplicity comes at the cost of being one of the lowest rates on this list. New Tangerine clients can currently get a 4.50% promotional rate on this account for 5 months (registered TFSA/RSP/RIF Savings Accounts get 5.00%).

Current offer: 0.30% flat posted rate on every dollar in the account, regardless of balance. No monthly fee, no minimum balance, and unlimited transactions.
0.30%Flat ratesame for every dollar, every balance
$0Monthly feeno minimum balance
NoneWelcome bonusnot tied to this specific account
UnlimitedTransactionsno transaction or withdrawal fees stated

Good for

  • ✓Dead simple — one flat rate, no tiers, no notice periods, no fees
  • ✓Up to 10 non-registered Savings Accounts per client to separate savings goals

Worth knowing

  • !0.30% is well behind every promotional rate on this list
  • !No cash welcome bonus tied to this specific account — Tangerine’s offers focus on its chequing and registered accounts
Open an accountGoes to Tangerine’s official siteRead full review
#13 · LOWEST STANDING RATE
No monthly feeConditional bonus rate
1.5
MoneyMint rating
among savings accounts

Why it’s here: On its own this account pays 0.01%, which is effectively nothing. It reaches 0.50% only while you stay enrolled in one of Scotiabank’s Smart Savings tools, and even that is far behind the promotional rates elsewhere on this page. It is here because it is one of Scotiabank’s two savings accounts and because the gap between the headline and the standing rate is worth seeing plainly.

0.01%Regular ratepaid on the entire balance
0.50%With Smart Savingsonly while enrolled
$0Monthly feeno minimum balance
Up to $200Welcome bonusas part of a wider bundle offer

Good for

  • ✓Free transfers to and from other Scotiabank accounts
  • ✓No monthly fee and no minimum balance to maintain

Worth knowing

  • !0.01% is the lowest standing rate on this page
  • !The 0.50% rate stops the moment you leave the Smart Savings tool
  • !$5 for each debit transaction from the account
Open an accountGoes to the official siteRead full review

One Account We Can’t Rate Yet

The rate is published, but the welcome bonus isn’t broken down, so one input to the score is missing. That isn’t a verdict on the account — see how we rate bank accounts.

NOT RATED YET
No monthly feeUp to $5,000 bonus
—
Not rated
see why below
TD Canada Trust · Big bank

TD Growth Savings Account

Why we haven’t rated it: TD advertises a welcome bonus of up to $5,000 without publishing the deposit tiers behind it, so the bonus cannot be scored at a realistic balance.

Why it’s here: the welcome offer is the draw — up to $5,000 cash for opening a new eligible TD Savings Account and depositing $10,000 or more within 30 days of opening it (open by November 2, 2026). The ongoing rate only gets competitive if you also hold an eligible TD chequing account and run 2 of 3 qualifying transactions on it each month; without that bundle, you’re on the much lower Standard Posted Rate.

Current offer: cash bonus of up to $5,000 for opening a new eligible TD Savings Account and making a new deposit (conditions apply; ends November 2, 2026). Boosted Rate up to 1.50% with an eligible TD chequing account and qualifying monthly transactions.
1.50%Top Boosted Ratew/ eligible TD chequing + 2 qualifying txns/mo, $500k+ balance
0.65%Top Standard Rateno chequing bundle, $500k+ balance
Up to $5,000Welcome bonusnew deposit, ends Nov 2, 2026
$0Monthly feeunlimited transfers to other TD accounts

Good for

  • ✓The biggest headline cash bonus of any account on this list
  • ✓Unlimited free transfers to your other TD deposit accounts

Worth knowing

  • !Top 1.50% rate needs an eligible TD chequing account plus 2 of 3 qualifying transactions a month
  • !Without that bundle, the Standard Rate tops out at just 0.65%, and balances under $5,000 earn 0.00% either way
Open an accountGoes to TD’s official siteRead full review

The Top Five Compared

Compare all bank accounts →
#AccountRegular ratePromo rateMonthly fee
1Canadian Tire High Interest Savings Account2.40% flatNone advertised$0Open
2EQ Bank Personal AccountFrom 1.00%2.75% w/ direct deposit$0Open
3EQ Bank Notice Savings Account2.35% (10-day notice)2.75% (30-day notice)$0Open
4KOHO Essential Account2.00% flatNone advertised$0Open
5Neo Savings Account2.00% (free tier)2.75% (Grow, $14.99/mo)$0Open

Promotional rates apply to new clients for a limited period and then revert to the regular rate. Rates are variable and as last verified on each bank’s site.

Common questions

What Is a High-Interest Savings Account?

A savings account that pays a higher rate than a traditional bank savings account, usually with no monthly fee and no minimum balance. Most are offered by online banks or as separate products at the big banks.

Should I Chase Promotional Rates?

A 4%+ promo on a large balance is real money, but it ends after a few months. It’s worth it if you’re willing to move the money afterwards; if not, an account with a solid ongoing rate like EQ Bank’s is simpler.

Is My Money Safe in an Online Bank?

EQ Bank, Simplii (through CIBC) and RBC are all CDIC members, so eligible deposits are insured up to $100,000 per insured category.

Which Savings Account Has the Highest Interest Rate in Canada Right Now?

On headline rate, Simplii’s High Interest Savings Account and RBC’s High Interest eSavings both offer 4.60% promotional interest: Simplii for five months on up to $200,000, RBC for 90 days on up to $1,000,000, after which RBC drops to 0.55%. On ongoing rate, the EQ Bank Personal Account is the strongest here — 1.00% with no conditions, or 2.75% when you direct-deposit $2,000 or more a month — which is why it ranks first.

Is the Interest I Earn on a Savings Account Taxable?

Yes. Interest earned in a regular (non-registered) savings account is taxed as income at your marginal rate, and the bank sends you a T5 slip once you earn $50 or more in a year. If you have contribution room, a TFSA savings account earns the same kind of interest tax-free; several of the banks on this page offer a TFSA version at a similar rate (see, for example, our EQ Bank TFSA review and EQ Bank RRSP Savings Account review). This is general information, not tax advice.

More rankings

Rates, fees and offers are as last verified by MoneyMint and may have changed — always confirm current terms on the bank’s official page before opening an account. Most links go directly to each bank’s official site. Some links on this page are affiliate links, and MoneyMint may earn a commission when you open an account through them. This page is general information, not personalized financial advice.