Best High-Interest Savings Accounts in Canada for 2026

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A high-interest savings account (HISA) is the simplest place to park an emergency fund or a down payment in Canada. The catch: the headline rate often comes with conditions.

We compared five accounts using only the rates each institution publishes on its own website today, and we flag every condition behind the number.

Quick answer: As of September 2026, Saven Financial pays the highest everyday rate we found, 2.85% with no minimum deposit, but it is a credit union division, not a CDIC member, and it is not available in Quebec. Oaken Financial pays 2.80% with no fees and CDIC-eligible deposits. EQ Bank pays 2.75% only if you direct deposit at least $2,000 a month. Tangerine’s 4.50% promo is for new clients and lasts 5 months.

Updated on September 23, 2026 · Sources: Saven, Oaken, EQ Bank, Wealthsimple, Tangerine

Key takeaways

Everyday rates we verified range from 0.30% to 2.85% as of September 2026.
Promotional rates are higher but temporary. Always check the rate you will earn after the promo ends.
CDIC coverage is free and automatic at member institutions: up to $100,000 per category, and a TFSA counts as its own category.
Interest in a regular HISA is taxable. The same account inside a TFSA grows tax-free.

High-interest savings accounts at a glance

Account	Best for	Rate (Sept 2026)
Saven Financial HISA	Highest rate, no conditions	2.85%
Oaken Savings Account	Simple, no-fee, CDIC-eligible	2.80%
EQ Bank Personal Account	Savers who direct deposit pay	2.75% with $2,000/month deposits
Wealthsimple Chequing	Existing Wealthsimple investors	1.25% to 2.25%
Tangerine Savings Account	New clients chasing a promo	0.30%; 4.50% promo for 5 months

Rates are annual, calculated daily and paid monthly, as published by each institution on September 23, 2026. Rates can change at any time.

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1. Saven Financial High Interest Savings Account

An online-only savings brand that pays one flat rate, with no balance tiers or direct deposit requirement.

At a glance

Rate: 2.85% per year as of September 2026, calculated daily and paid monthly.
Minimum: no minimum deposit; no monthly fees.
Registered options: the same 2.85% applies to its TFSA, FHSA and RRSP savings accounts.
Who runs it: Saven is a division of FirstOntario Credit Union. You must become a member, and banking is not available in Quebec.

Pros and cons

Highest everyday rate in our comparison, with no hoops.
Same rate in registered accounts.
Not a CDIC member. Ontario credit union deposits are insured by FSRA: up to $250,000 for non-registered deposits and unlimited for registered ones. Confirm your coverage with Saven.
Not open to Quebec residents.

How to open

Apply online and become a member of the credit union. Check the rate on the official page on the day you open, since Saven can change it at any time.

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2. Oaken Financial Savings Account

A no-frills online savings account from Home Bank and Home Trust Company, best known for its GICs.

At a glance

Rate: 2.80% per year, in effect since September 21, 2026.
Registered options: TFSA, RSP and spousal RSP savings accounts also pay 2.80%.
Fees: no fees and no minimum balance on the non-registered account, with unlimited transactions.
Protection: deposits are held at Home Bank or Home Trust, each a separate CDIC member.

Pros and cons

Near-top rate with no conditions and CDIC eligibility.
Easy to pair with a GIC ladder later.
Registered savings accounts limit the number of free transactions.
No chequing account or debit card: money moves by transfer.

How to open

Enrol online and fund the account by transfer. If you plan to lock part of your savings away, compare it with our list of the best GIC rates in Canada right now.

3. EQ Bank Personal Account

A hybrid account that works like chequing but pays savings-level interest if your paycheque lands there.

At a glance

Rate: 2.75% per year when recurring direct deposits total at least $2,000 a month; the base rate is 1.00% otherwise.
Fees: no monthly fees and no minimum balance. EQ reimburses Canadian ATM fees up to $5 per withdrawal, 5 times a month.
Protection: EQ Bank is a trade name of Equitable Bank, a CDIC member.

Pros and cons

One account for bills and savings.
CDIC-eligible deposits.
Without $2,000 of monthly direct deposits you earn only 1.00%.
Moving your pay is a bigger commitment than opening a savings account.

How to open

Open the account online, then give your employer the new account details. The higher rate starts within the first two weeks of the month after your first qualifying deposit.

4. Wealthsimple Chequing

Wealthsimple’s Chequing account pays interest on everyday balances. Your rate depends on how much you hold with Wealthsimple.

At a glance

Rate: 1.25% under $100,000 in assets, 1.75% over $100,000 and 2.25% at $500,000 or more.
Boost: Core and Premium clients add 0.5% with at least $2,000 of direct deposits within 30 days.
Fees: no monthly account fees; ATM fees are reimbursed.
Protection: Wealthsimple is not a bank or CDIC member. It holds balances in trust with CDIC-member partners, for combined coverage of up to $1 million.

Pros and cons

Useful if you already invest or hold a TFSA there.
Up to 8 separate accounts to split your savings goals.
New clients with small balances start at 1.25%.
Deposit protection works through partner institutions, not Wealthsimple itself.

How to open

Open it in the Wealthsimple app. If you invest there too, see how our digital banks in Canada comparison ranks its everyday features.

5. Tangerine Savings Account

Scotiabank’s online bank has a low posted rate but one of the biggest welcome offers for new clients.

At a glance

Posted rate: 0.30% on the Savings Account, TFSA and RSP Savings Accounts; 0.35% on the RIF Savings Account.
Promo: new clients get 4.50% on non-registered savings and 5.00% on registered savings for 5 months (153 days), on up to $1,000,000.
Deadline: your client number must be created between July 28 and November 30, 2026, and the account opened within 60 days.
Protection: Tangerine Bank is a CDIC member in its own right.

Pros and cons

Highest short-term rate in this list.
Owned by Scotiabank, with its own CDIC membership.
After 5 months, the rate falls to the posted 0.30%.
Only for new Tangerine clients.

How to open

Apply online and meet the offer’s qualifying conditions. Set a reminder for month five so you can move the money if the rate drops.

How to choose a high-interest savings account

Choose Saven if you live outside Quebec and want the highest flat rate with no conditions.
Choose Oaken if you want a near-top rate plus CDIC coverage and nothing to manage.
Choose EQ Bank if you can send your whole paycheque there.
Choose Wealthsimple if you already hold large investments there.
Choose Tangerine if you are a new client and will move the money when the promo ends.

Saving inside a TFSA changes the maths. The Financial Consumer Agency of Canada notes that interest in a regular savings account is usually taxable and reported on a T5 slip, while TFSA interest and withdrawals are not taxed. Check your room first in our guide to the TFSA limit for 2026. New to Canada? Our banking guide for newcomers covers the ID you need.

Your savings checklist

Compare the everyday rate, not only the promo rate.
Read the conditions: direct deposit, minimum balance, new-client rules.
Confirm who insures the deposit (CDIC or a provincial insurer) and the limits.
Decide between a regular account and a TFSA or FHSA version.
Set a calendar reminder for the day any promo ends.

How we compared

Checked: every rate and condition on September 23, 2026, on each institution’s official page.
Order: accounts are listed by the everyday rate most savers can earn, from highest to lowest. Tangerine’s promo rate is time-limited, so we used its posted rate.
Criteria: everyday rate, conditions, fees, registered options and deposit insurance.
Deposit insurance: coverage limits come from CDIC and FSRA.
Independence: no institution paid for placement or reviewed this article.

Not financial advice. Rates and terms checked on September 23, 2026 with each provider’s official page; confirm before applying.

FAQ

What is a good interest rate for a savings account in Canada right now?

As of September 2026, the everyday rates we verified top out at 2.85% (Saven), with Oaken at 2.80% and EQ Bank at 2.75% with direct deposits. Big-bank posted rates are much lower.

Is my money safe in a high-interest savings account?

At a CDIC member, eligible deposits are insured up to $100,000 per category, including principal and interest. Credit union deposits are insured by provincial bodies instead, such as FSRA in Ontario.

Do I pay tax on HISA interest?

Usually, yes. Your institution sends a T5 slip. Interest earned inside a TFSA is not taxed.

Can I hold a HISA inside my TFSA?

Yes. Saven, Oaken and Tangerine all offer TFSA savings accounts, and CDIC insures TFSA deposits as a separate category.

Are HISA rates at RBC, TD or Scotiabank competitive?

Big banks tend to rely on short promos. Tangerine, owned by Scotiabank, posts 0.30% outside its new-client offer. Check each bank’s own rates page before you move money.

For the full picture, see our hub Best Savings Accounts in Canada 2026, our roundup of bank account promotions in Canada and our guide to CPP 2026 payment dates and increases.

Sources

Ieveera SEO is an independent publisher, not a bank or financial advisor; content is for information only and may include paid affiliate links that never affect our rankings — always confirm current rates and terms with the provider. Rates shown in CAD; verify with the issuer.