The Best High-Interest Savings Accounts in Canada for 2025

Looking for a safe spot to stash your cash that actually grows? High-interest savings accounts (HISAs) in Canada are your answer. Unlike the measly 0.01% you might earn from a traditional savings account, HISAs deliver rates that make your money work harder—without the risk of stocks or the lock-in of GICs. Whether you’re building an emergency fund, saving for a big purchase, or just outpacing inflation, we’ve scoured the market to bring you the best HISAs available right now. Let’s dive into why they matter, how they work, and our top picks for 2025.

Why Choose a High-Interest Savings Account?

Parking your money in a regular savings account feels safe, but it’s a snooze-fest for growth. With rates as low as 0.01%, you’d earn just $1 on $10,000 in a year—barely enough for a coffee. HISAs flip that script, offering rates 100–200 times higher while keeping your funds liquid and secure. They’re perfect for short-term goals or emergency cash, blending low risk with decent returns. Plus, with the Canada Deposit Insurance Corporation (CDIC) or provincial insurance backing most accounts up to $100,000, your money’s as safe as it gets.

I’ve been testing HISAs for years, and the difference is night and day. A few years back, I moved $5,000 from a big bank’s 0.05% account to a HISA at 2.5%. In one year, I earned $125 instead of $2.50—real money I could feel. Let’s explore the best options to make that happen for you.

Top High-Interest Savings Accounts in Canada

Here’s our roundup of the best HISAs in Canada as of March 31, 2025, based on interest rates, flexibility, and features. Rates can shift, so always check the provider’s site for the latest.

*See provider details for terms. **Based on EQ Bank’s research vs. Big 5 banks as of March 18, 2025.

Detailed Reviews of the Best HISAs

EQ Bank Notice Savings Account – Best Overall HISA

Rate: 2.85% (10-day notice) or 3.00% (30-day notice)**
Why It Wins: EQ Bank’s Notice Savings Account tops our list for its steady, high rates without promo gimmicks. Pick 10 or 30 days’ notice for withdrawals—plan ahead, and you’re golden. Interest is calculated daily, paid monthly, and you earn through the notice period.

Perfect For: Savers who can schedule withdrawals—like for a vacation or reno. No fees, no minimums, and unlimited deposits make it a standout. I’ve used it for my car fund, and the flexibility beats locking cash in a GIC.

EQ Bank Personal/Joint Account – Best Everyday Banking HISA

Rate: 1.25% base, 4.00% with $2,000/month direct deposit*
Why It Wins: This hybrid account blends HISA rates with chequing perks. Set up direct deposit (e.g., payroll), and you’ll hit 4.00%—one of Canada’s best non-promo rates. No fees, unlimited transactions, and free Interac e-Transfers seal the deal.

Perfect For: Anyone wanting a do-it-all account. The $200,000 cap is generous, and mobile cheque deposits are a breeze. It’s my go-to for daily banking with a savings twist.

KOHO Essential – Best HISA App

Rate: 2.5% + 1% cash back on groceries, dining, transit
Why It Wins: KOHO isn’t a traditional HISA—it’s a fintech app with a prepaid Mastercard. Load funds via e-Transfer or payroll, earn 2.5% interest, and snag cash back on select spends. No fees, no minimums.

Perfect For: Tech-savvy folks who love budgeting on the go. Pair it with KOHO’s paid plans for up to 4% interest. It’s less about big savings, more about smart spending with a bonus.

Wealthsimple Cash – Best for Investors

Rate: 2.25% base, 2.75% ($100K+ assets), 3.25% ($500K+ assets), +0.5% with direct deposit
Why It Wins: Wealthsimple blends investing with a liquid HISA. No fees, instant withdrawals, and up to $500,000 CDIC coverage make it rock-solid. The app’s slick, too.

Perfect For: Investors like me who want emergency cash at 3.25% (with big assets). I moved my rainy-day fund here from a lower-rate HISA—best decision yet.

Tangerine Bank – Best Promo Rate

Rate: 4.50% for 5 months (new clients), then 0.30%
Why It Wins: Tangerine’s promo hooks newbies with a juicy 4.50% rate. No fees, no minimums—just park your cash and watch it grow fast for five months.

Perfect For: Short-term savers who’ll switch after the promo ends. The drop to 0.30% stings, so plan your exit—maybe to EQ Bank.

Simplii Financial – Best Promo Rate Runner-Up

Rate: 3.90% for 5 months (ends 3/31/25), then 0.30%–2.00% tiered
Why It Wins: Simplii’s 3.90% promo is a solid deal, no strings attached—no fees, no minimums. Post-promo, rates tier up with bigger balances.

Perfect For: Savers with a five-month goal (e.g., a trip). It’s a CIBC offshoot, so you get big-bank backing with online ease.

Scotiabank MomentumPLUS – Best Tiered-Interest HISA

Rate: 5.00% for 3 months*, then 0.55% base + tiered boosts
Why It Wins: Scotiabank rewards patience—leave cash untouched for 90 days to max out rates. It’s a Big Six option with branch access.

Perfect For: Hands-off savers who want a big-bank feel. The 5.00% promo is tasty, but the base rate lags—best for short stints.

Neo High-Interest Savings – Best for Youth (13+)

Rate: 3.00%
Why It Wins: Neo’s 3% rate comes with no fees, no minimums, and up to 10 goal-based accounts in one app. Pair it with the Neo Money Card for cash back.

Perfect For: Teens or young adults learning to save. My niece uses it for her part-time job cash—simple and rewarding.

Big Six Bank Alternatives

The Big Six (RBC, TD, BMO, Scotiabank, CIBC, National Bank) offer HISAs, but they often pale next to online banks. Here’s a peek:

• TD e-Premium: 1.05% ($10K+), no fees, limited free transfers.
• CIBC e-Advantage: 0.25%–1.20% tiered, 5.00% promo for 4 months, $5/transaction.
• BMO Savings Builder: 0.25% base, 1.25% bonus with $200/month deposits, $5 extra transfers.
• RBC High Interest e-Savings: 1.00%, 4.95% promo for 3 months (ends 3/10/25), $5 extra withdrawals.

Why Skip Them? Base rates are low, fees can bite, and minimums or conditions add hassle. Online banks like EQ or Neo usually win for value.

What’s a High-Interest Savings Account?

A HISA is a savings account on steroids—higher rates (think 2%–5%) than the 0.01%–0.5% of regular accounts. Banks use your deposits to lend or invest, paying you interest in return. It’s calculated daily, paid monthly, and compounds to grow your cash faster. For $10,000 at 3%, you’d earn $300/year vs. $1 at 0.01%. No stock market rollercoaster, just steady gains with easy access.

How Does a HISA Work?

Deposit cash, earn interest—it’s that simple. The bank calculates interest daily (balance x daily rate) and deposits it monthly. At 4% on $5,000, you’d earn about $0.55/day, or $16.67/month, compounding as your balance grows. Some HISAs have catches—minimums, notice periods, or promo rates—but many (like EQ Bank) keep it straightforward with no fees and full access.

Are HISA Earnings Taxed?

Yes, interest is taxable income in Canada. If you earn $300 in a year, you’ll report it on your tax return via a T5 slip from your bank. It’s taxed at your marginal rate—say, 30% on $300 means $90 to the CRA. TFSAs dodge this—more on that later.

How Often Do HISAs Pay?

Most pay monthly, calculating interest daily. Daily compounding means you earn interest on yesterday’s interest, turbocharging growth. A $10,000 balance at 3% earns about $0.82/day, or $25/month, added to your account.

What’s a High-Interest TFSA?

A TFSA HISA combines high rates with tax-free growth. Deposit up to your TFSA limit ($7,000 in 2025), earn interest (e.g., 3%), and pay zero tax on it. Withdraw anytime, re-contribute next year. It’s ideal for long-term goals like a home down payment—$5,000 at 3% earns $150/year, all yours.

What’s APY?

Annual Percentage Yield (APY) is your total yearly return, including compound interest. A 3% APY with daily compounding grows faster than 3% paid annually—more frequent compounding, more cash. It’s the number to watch when comparing accounts.

Should You Get a HISA?

Absolutely—if you want growth without risk. Use it for:

• Emergency funds (3–6 months’ expenses).
• Big buys (car, wedding, reno).
• Nest eggs or beating inflation.

It’s not for daily spending—chequing’s better there. Shop around; don’t settle for your bank’s default offer.

How to Choose a HISA

Compare these factors:

• Rate: Promo vs. regular—4.50% for 5 months beats 0.30% long-term.
• Fees: Avoid monthly or transaction costs.
• Access: Instant withdrawals (Wealthsimple) vs. notice periods (EQ Notice).
• Compounding: Daily is best for growth.

HISA vs. Regular Savings

HISAs outshine regular accounts with higher rates but may have rules—minimum balances, limited free withdrawals, or notice periods. Regular accounts offer tiny rates (0.01%–0.5%) with fewer strings but no real growth.

Bottom Line

HISAs are a no-brainer for growing your savings safely in 2025. EQ Bank leads with consistent rates, KOHO shines for app lovers, and promos like Tangerine’s tempt short-term savers. Pick one that fits your goals—emergency cash, a big splurge, or just more bang for your buck. Check rates today and start earning tomorrow!