Almost every bank in Canada advertises a “high-interest” savings account these days. But a promotional rate that disappears after 90 days and a real, ongoing rate you’ll actually earn for years are two very different things — and the fine print between them can be worth hundreds of dollars a year.
We’ve reviewed several of these accounts individually on MoneyMint. This guide pulls them together, walks through what actually matters when you’re comparing HISAs, and shows how our reviewed accounts stack up against each other.
Last verified: September 2026.
Short answer: Not all high-interest savings accounts are equal: a promotional rate that disappears after 90 days and a real ongoing rate you keep for years are very different things. Compare the standard rate rather than the promo, check how long the promo lasts and what it reverts to, and look at fees, minimum balances, direct-deposit conditions and deposit insurance before choosing. This guide compares the RBC, Simplii, EQ Bank and Wealthsimple accounts we have reviewed.Key points from this guide · last reviewed Sep 11, 2026
What Is a High-Interest Savings Account?
In simple terms: A savings account that pays a meaningfully higher interest rate than a regular savings account at your everyday bank branch.
Why it matters: A regular chequing account usually pays little or no interest, which means money sitting there is quietly losing value to inflation. A HISA lets your emergency fund or short-term savings actually earn something, while staying easy to access when you need it.
Quick tip: If you’re weighing a HISA against a GIC, a HISA is the better home for money you might need on short notice. A GIC locks your money in for a set term in exchange for a fixed rate.
For a fuller breakdown, see our guide: What Is a HISA? A Beginner’s Guide.
Why “High Interest” Doesn’t Always Mean What It Sounds Like
Here’s the part that catches people off guard:
- Many “high interest” accounts advertise a big promotional rate that only lasts a few months.
- Once the promo ends, the rate can drop sharply — sometimes below 1%.
- Some accounts marketed near “high interest” branding are actually everyday chequing accounts that pay very little interest at all.
Real example: Neo Financial’s everyday chequing account pays just 0.10% interest on your balance. Neo’s actual high-interest savings product is a separate account entirely. It’s an easy mix-up, and exactly the kind of detail that trips people up when they’re comparing options quickly.
What this means for you: Don’t stop at the big number in the ad. Read past the headline rate to see what it actually applies to, and for how long.
What to Look For When Comparing HISAs
1. The Standard Rate — Not Just the Promo Rate
The advertised rate is often a limited-time offer for new customers. Ask: what does this account pay once the promotion ends? That standard rate is what you’ll actually earn most of the time you hold the account.
2. How Long the Promo Lasts, and What It Reverts To
Promotional periods are commonly 90 days to about 5 months. Some accounts also cap how much of your balance qualifies for the bonus rate — deposits above that cap earn the regular rate immediately.
3. Monthly Fees and Minimum Balances
Most legitimate HISAs charge $0 per month with no minimum balance. If an account charges a fee or requires a minimum balance to earn the top rate, that’s worth factoring into your decision.
4. How You Actually Access Your Money
Some HISAs are pure savings accounts with no debit card or ATM access — you transfer money to a chequing account first, which takes a day or so. Others are hybrid chequing/savings accounts you can spend from directly. Neither is automatically better, but it changes how well the account fits an emergency fund versus money you plan to leave untouched.
5. Whether a Direct Deposit Is Required for the Best Rate
A growing number of accounts reserve their best interest rate for customers who set up a qualifying payroll or pension direct deposit. Without one, you may only earn the (lower) base rate.
6. How Your Deposits Are Protected
Most HISAs are covered by CDIC deposit insurance up to $100,000 per eligible category, the same as a regular bank account. But not every provider is a bank itself — some fintechs hold customer deposits in trust and place them with partner banks. That can still be CDIC-eligible, but it’s a different structure than a chartered bank holding your money directly, and it’s worth understanding before parking a large balance somewhere.
Quick tip: Rates on these accounts are variable and change often — some have been cut before without much notice. Whatever rate you see today, plan to check back periodically rather than assuming it’s locked in.
How the HISAs on MoneyMint Compare
We’ve reviewed four accounts on MoneyMint that pay meaningfully more interest than a typical bank savings account. Here’s the quick version:
| Account | Monthly Fee | Standard Rate | Promo/Bonus Rate | Debit/ATM Access |
|---|---|---|---|---|
| RBC High Interest eSavings | $0 | 0.550% | 4.60% for 3 months (up to $1M, new accounts only) | Via linked RBC account |
| Simplii High Interest Savings | $0 | 0.30%–1.00% (tiered) | 4.60% for ~5 months (up to $200K, new Simplii clients) | None — transfer to chequing first |
| EQ Bank Personal Account | $0 | 1.00% | 2.75% with qualifying direct deposit | Yes (EQ Bank Card) |
| Wealthsimple Chequing | $0 | 1.25% (all clients) | Up to 2.25% (higher membership tier or direct deposit boost) | Yes (debit purchases) |
| BMO Savings Amplifier | $0 | 0.45% | 5.000% total for 120 days (up to $1M, with an eligible BMO chequing account; no end date published) | Free transfers to BMO accounts; $5 per withdrawal |
| Scotiabank MomentumPLUS | $0 | 0.600% (90-day period; 0.850% at 360 days) | 4.65% for 3 months (0.400% regular + 0.200% premium + 4.05% welcome bonus) | Unlimited free self-service transfers; no ABM access |
Rates shown are current as of September 2026 and change without notice — always confirm the live rate on the issuer’s site before opening an account.
RBC High Interest eSavings Account
A no-fee savings account from Canada’s largest bank, built for people who already bank with RBC. The 4.60% promo rate is strong, but it’s only for the first 3 months on new accounts — after that, the 0.550% standard rate is well below most online-only competitors. Good fit if you value branch and phone support, or you’re parking a short-term lump sum during the promo window. Read the full RBC eSavings review →
BMO Savings Amplifier Account
BMO currently advertises the highest promotional rate of the group: a total 5.000%, made up of a 0.450% posted rate plus a 4.550% promotional rate, for 120 days on balances up to $1,000,000. Two conditions matter. You have to open a BMO chequing account on an eligible plan and open the savings account online within 30 days of it, and BMO hasn’t published an end date for the current offer (checked October 1, 2026). Once the 120 days are up the account pays 0.45%, the lowest standard rate here. Best suited to someone opening a BMO chequing account anyway, or parking a large sum for a few months. Read the full BMO Savings Amplifier review →
Scotiabank MomentumPLUS Savings Account
Scotiabank advertises 4.65%, but it is worth knowing what that number is made of: a 0.400% regular rate, a 0.200% premium rate for choosing a 90-day Premium Period, and a 4.05% welcome bonus that runs for your first three months. Preferred Package holders add 0.05% and Ultimate Package holders 0.10%. The premium piece is only paid at the end of each Premium Period, and only if you made no withdrawals during it — one debit and that period’s premium interest is forfeited. After the welcome bonus ends, a 90-day period pays 0.600%, rising to 0.850% if you commit to 360 days. Unlike Scotiabank’s own HISA, the rate does not depend on your total balance at the bank. Read the full Scotiabank MomentumPLUS review →
Simplii Financial High Interest Savings Account
Simplii (CIBC’s digital banking arm) offers the same 4.60% promotional rate as RBC, but for a longer window — about 5 months — and it doesn’t come with its own debit card, so you’ll need a chequing account to move money in and out. It’s also not available to Quebec residents. Best suited to new Simplii clients parking a lump sum, especially if they’re already opening Simplii’s no-fee chequing account too. Read the full Simplii HISA review →
EQ Bank Personal Account
A hybrid account that pays interest on every dollar from day one — no separate “chequing” and “savings” split. The catch is that the better 2.75% rate requires a qualifying $2,000+/month direct deposit; without one, you’re earning the 1.00% base rate. It’s fully digital with no branches and no cash deposits, but it comes with unlimited free e-Transfers and bill payments. Read the full EQ Bank review →
Wealthsimple Chequing
Another hybrid chequing/savings account, best suited to people already using Wealthsimple for investing. Every client starts at 1.25% interest, rising to 2.25% for higher-tier clients or with a qualifying direct deposit boost. No foreign transaction fees and reimbursed ATM withdrawals worldwide are a nice bonus for frequent travellers — just know that Wealthsimple isn’t a bank itself, so your deposits sit in trust with partner banks rather than directly with a single chartered bank. Read the full Wealthsimple Chequing review →
The Bottom Line
- Want the strongest short-term promo on a lump sum? RBC and Simplii are currently tied at 4.60%, so the deciding factor comes down to deposit cap, promo length, and whether you’re comfortable with Simplii’s lack of debit access.
- Want an everyday account that always earns interest, without juggling two accounts? EQ Bank or Wealthsimple Chequing fit better, provided you can meet the direct deposit requirement for their higher rate.
- Already bank with RBC or CIBC/Simplii and want simplicity over the top rate? Staying within your existing bank’s ecosystem for easy transfers may be worth more than chasing an extra fraction of a percent elsewhere.
Whichever account you’re considering, don’t stop at the headline rate. Check what it pays after any promotion ends, what it costs to move your money in and out, and whether your deposits are held directly by a bank or through a partner arrangement.
Frequently Asked Questions
Is My Money Safe in a High-Interest Savings Account?
Most HISAs in Canada are covered by CDIC deposit insurance up to $100,000 per eligible category, whether the provider is a traditional bank or a fintech using a partner-bank structure. Confirm the specific coverage details before depositing a large sum.
Do Promotional Rates Ever Get Extended?
Sometimes, but you shouldn’t count on it. Promotional periods and their exact terms — including expiry dates — can change, so always check the current offer on the issuer’s own site before opening an account.
Can I Hold More Than One HISA at a Time?
Yes. Some savers open a new promotional HISA every time a strong new-client offer appears, then move funds to whichever account currently pays the most. It takes more admin, but it can meaningfully boost what you earn on short-term savings.
What’s the Difference Between a HISA and a High-Interest Chequing Account?
A traditional HISA is built purely for saving, sometimes with limited withdrawals. A hybrid account like EQ Bank’s or Wealthsimple’s blends everyday spending with interest paid on your whole balance — useful if you don’t want to manage separate chequing and savings accounts.
This is general information, not personalized financial advice. Rates, fees, and offers are set by each institution and can change without notice — always confirm current terms on the issuer’s official page before opening an account.