The Best High-Interest Savings Accounts (HISA) for Canadians

Banking Oct 01, 2020

What is the best savings account?

Stay up to date on the latest credit card news! Follow us on Facebook or Twitter.

We at WalletWise recommend everyone to keep an emergency fund that covers several months of expenses if possible. But where should your emergency fund be stored? We recommend in a High-Interest Savings Account (HISA) for one simple reason: emergency funds can often sit for years, hopefully untouched, and if you aren't gaining interest on it, you are losing money. Learn how much in savings you need before interest rates really begin to matter.

We compared High-Interest Savings Accounts on four factors: interest rates, ease of use (website and app), availability of funds (ways to transfer money in and out) and finally, fees (there are no monthly account fees, but some have e-transfer or withdrawal fees).

Best Overall for Most Canadians - EQ Bank

Another Great Option - Motive Financial

Best Savings Account From a Major Bank - Simplii Financial

Best Overall for Most Canadians - EQ Bank

EQ Bank Savings Plus Account - 1.50% Interest Rate*
- Free Interac e-Transfers®
- Zero Everyday Banking Fees

Featuring a modern online banking experience and a excellent mobile app, EQ Bank is our definite top pick in terms of ease of use. To top that off, it features a competitive 1.50% everyday interest rate*, along with free Interac e-Transfers® and bill payments. The EQ Bank Savings Plus Account helps you get the most out of your money, with zero everyday fees, no minimum balances and free transactions. It is important to note that the EQ Bank Savings Plus Account does not come with a debit card. We recommend pairing this account with one of the Best Chequing Accounts in Canada if you are looking for ATM access.

A good Credit Score is an important part of your financial health.

Check out our guide on How to Get Your Credit Score for Free!

Another Great Option - Motive Financial

Motive Savvy Savings Account - 1.55% Interest Rate
- 2 Monthly Withdrawals Included
- No Monthly Account Fees

Motive Financial's Savvy Savings Account features a 1.55% annual interest rate (one of the best in Canada). Its website isn't perfect but it has a mobile app, and it has free ATM withdrawals. However, what hurts it is the lack of free Interac e-Transfers® ($1 each) when some its competition offers unlimited free e-Transfers. Motive however does offer a chequing account with free e-Transfers, so this is one easy way around that, but unless you're looking for a new chequing account, this seems like an annoying extra step. We just felt we should include Motive as an alternative; it is a solid product but we have a few minor complaints about it.

Looking to begin investing but feeling overwhelmed?
Check out Our Guide to Investing

Best Savings Account From a Major Bank - Simplii Financial

Simplii Financial High Interest Savings Account - 0.10% Interest Rate
- No Minimum Balance Needed
- No Monthly or Transaction Fees

Many people prefer to stick with the major banks as it's what they are comfortable with, so what is the best option? The best HISA from a major bank is in fact through Simplii Financial (the direct banking branch of CIBC), and it features a 0.10% annual interest rate. This may be a good choice if you already bank with CIBC or Simplii.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

WalletWise may earn a commission from the Links throughout this article. This comission allows us continue to run the site, so we appreciate your support. We still do our absolute best to be transparent and honest with all the content throughout our site.
Great! You've successfully subscribed.
Great! Next, complete checkout for full access.
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.