Best High-Interest Savings Accounts in Canada

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.

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.

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.

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.

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.

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%.

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%).

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.

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.