Best high interest savings accounts in Canada in 2023

High interest savings accounts can help you build your nest egg at record speed with high interest rates and low or no fees. We researched and compared over 150 savings accounts and HISAs to select the best Canadian savings accounts available today.

In January 2023, Finder asked more than 1,850 Canadians about their financial plans in 2023. More than 1 in 5 of these Canadians (21%) plan to open a savings account this year, and 12% specifically plan to open a high-interest savings account or high yield savings account. Residents of Quebec, P.E.I. and Alberta are most likely to open a savings account (27%, 25% and 23%, respectively). Residents of Nova Scotia were the most likely to open a high interest savings account in 2023 (15%). Read on to learn our picks for the 8 best Canadian savings accounts with high interest rates of 2023.

Quick view: Best Canadian savings accounts in March 2023

• Neo Money Account
• EQ Bank Savings Plus Account
• Simplii High Interest Savings Account
• KOHO Save
• Scotiabank MomentumPLUS Savings Account
• BMO Savings Builder Account
• CI Direct Investing High Rate Savings Account
• Oaken Savings Account

The best high interest savings accounts in Canada for March 2023

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Neo Money Account

2.25%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The highly-rated Neo Money account and mobile app from Neo Financial makes it easy to manage your account anytime, anywhere. With a high interest rate of 2.25%, the Neo Money Account provides solid returns on your savings. Enjoy a $5 bonus, $0 annual fees, no minimum balance requirement and free transactions.

• Comes with free Neo Money Card for transactions
• $0 account fee
• $0 transactions
• No minimum balance

• No physical branches for in-person service

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$0

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EQ Bank Savings Plus Account

2.5%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

Earn 2.50% interest with an EQ Bank Savings Plus Account. Enjoy zero everyday banking fees, free transactions and no minimum balance. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.

• $0 account fee
• $0 transactions
• $0 Interac eTransfers
• Earn 2.50% interest on your balance

• No physical branches for in-person service
• Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$0

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Simplii High Interest Savings Account

5.25% until April 30,
0.4% thereafter
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

The Simplii High Interest Savings Account earns a high promo rate of 5.25% interest for April 30 (and 0.4% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard earned money.

• $0 account fee
• $0 transactions
• Earn 5.25% interest for April 30

• No physical branches for in-person service
• Low ongoing interest rate after the promo ends

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$45

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KOHO Save

2%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

KOHO Save is not only a savings account – you can also get a prepaid card and earn cashback on your purchases. Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn up to 2.00% on your balance, plus an additional 1% in cash back on groceries, billing and services.

• $0 account fee
• $0 transactions
• $0 Interac eTransfers
• Earn cashback on purchases
• Earn up to 2% interest

• Must opt-in to a monthly plan to earn higher interest

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0
NSF Fee	$0

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Scotiabank MomentumPLUS Savings Account

5% for 5 months,
1.5% thereafter
Interest Rate

$0
Account Fee

$5.00
Transaction Fee

• Info
• Pros + Cons
• More Details

The Scotiabank MomentumPLUS Savings Account offers a high interest rate - especially if you take advantage of the promo rate. Earn a savings rate of up to 5.00% for 5 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.

• $0 account fee
• Earn 5.00% for 5 months, 1.6% thereafter interest on your deposits
• $0 Interac eTransfers
• You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.15%), 180 days (0.25%), 270 days (0.35%) and 360 days (0.45%).

• $1.50 out-of-network ATM withdrawal fee
• It takes some time to earn a higher interest rate with this tiered interest rate account

Min. Age	18
Account Fee	$0
Transaction Fee	$5.00
Interac e-Transfer Fee	$0

BMO Savings Builder Account

2.5%
Interest Rate

$0
Account Fee

$5.00
Transaction Fee

• Info
• Pros + Cons
• More Details

Earn 2.5% on your balance when you deposit at least $200 monthly in a BMO Savings Builder Account. As a BMO customer, you can use online or mobile banking to easily manage your money.

• $0 account fee
• Earn up to 2.5% interest
• Bank in person, online or via mobile app

• You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000.
• $5.00 transactions

Min. Age	18
Account Fee	$0
Transaction Fee	$5.00
Interac e-Transfer Fee	$5.00

CI Direct Investing High Rate Savings Account

3.75%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

Earn a high interest rate on your savings with no minimum deposit requirements and no monthly fees. Plus, manage your money easily through online-only banking. Transfer your funds to and from your linked accounts at other banks to your CI Direct Investing High Rate Savings Account.

• $0 account fee
• $0 transactions
• $0 Interac eTransfers
• Earn 3.75% interest on your balance

• Online-only service

Min. Age	18
Account Fee	$0
Transaction Fee	$0
Interac e-Transfer Fee	$0

Oaken Savings Account

1.65%
Interest Rate

$0
Account Fee

unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

The Oaken Savings Account comes with an impressive interest rate, $0 monthly fees and unlimited transactions. Link your savings account to an Oaken Guaranteed Investment Certificate (GIC) investment to boost your savings even further. Manage your money easily through online banking and by transferring your funds to and from your linked accounts at other banks.

• $0 account fee
• unlimited transactions
• Earn 1.65% interest on your balance

• No Interac eTransfers
• No in-person service at a branch

Min. Age	N/A
Account Fee	$0
Transaction Fee	unlimited
Interac e-Transfer Fee	not supported

What is a high interest savings account or HISA in Canada?

A high interest savings account, also referred to a high-yield savings account, is designed to help you save more money by offering a competitive interest rate for any funds you keep in your account. Typically, these accounts have the best savings interest rates in Canada and pay compound interest that’s typically calculated daily and paid out monthly. And because many of these accounts are also online savings accounts not connected to physical bank branches, they come with a free, 24/7 online banking platform to access your funds.

Expert tip: The more you deposit, the more you'll earn.

Stash your cash in a high-interest savings account and your money ends up working for you. For instance, an earn rate of 2.5% will mean an extra $25 at the end of the year, for every $1,000 in the account.

For the best deals, be prepared to comparison shop. Even among high-interest savings accounts, there is a wide range of interest rates offered — and pay attention to high introductory promotional rates. These promos can really juice your overall interest earnings and add hundreds or more to your savings. Just pay attention to minimum balance commitments, potential fees and deadlines. Once the promotion ends, don't be afraid to take your business elsewhere.

— Romana King, Senior editor

How does a high interest savings account work?

You generally link a high-yield savings account to your chequing account so you can easily make transfers between accounts. In some cases, you can only link your savings account to another account within the same bank, but this isn’t always true. Besides convenient transfers, some account providers even offer ABM access to your savings.

The interest rate is calculated on your balance daily, monthly or quarterly, while your interest is paid monthly, quarterly or annually. The following is the formula your bank would use to calculate your daily interest:

How to choose the best HISA in Canada for you

There are a few simple steps you can take to ensure you choose the best high interest savings account for your needs:

• Look for a high interest rate. Some banks offer promotions with 2-3% but usually only for a limited period of time or up to a certain amount. Others may pay a flat rate on your total balance. Read the fine print so you know how much you can expect to earn.
• Investigate potential fees. Read the account’s fee Sschedule to see if you’ll be charged fees for maintaining the account. Bonus tip: most online savings accounts don’t have a monthly fee.
• Consider accessibility. There are usually several ways to access your savings, including mobile, online and phone banking. Almost all accounts come with ATM cards. Decide how you plan to use your funds and choose an account that aligns with your needs.
• Look for bonus features. Some savings accounts come with budgeting features. Other come with automatic savings programs to help you reach your goals.

Should I switch to a high interest savings account?

Switching to a high interest savings account can earn you more money with a higher interest rate and save you more money with lower fees. It’s a win-win.

The table below shows how much money you’d earn by switching from a savings account with a 0.01% interest rate to one with a 1%, 2% or 3% rate.

Pros and cons of a HISA in Canada

If you’re considering a Canadian high-interest savings account, consider the following advantages and disadvantages:

How to find the best Canadian savings accounts

• Look for: The best savings interest rates in Canada

Make sure you know how much of your savings is earning the advertised interest rate. The best interest rates buy provider can vary greatly, usually between 0.5% – 2.3%, with some banks paying as much as 2.5% interest. Other banks only pay a high interest rate once you reach a certain minimum balance like $10,000. Also, pay attention to the conditions required to earn the interest rate. The the highest interest savings account offer may only apply to new customers or you may need to meet deposit and withdrawal conditions.

• Look for: 24/7 accessibility

There are usually several ways to conveniently access your savings, including mobile, online and phone banking. Some savings accounts even come with debit card access. However, if you’re trying to stop yourself from dipping into your savings, consider an account with limited or no accessibility. Guaranteed Investment Certificates (GICs) offer a higher rate of interest the longer you agree to keep your money inside. The catch is that you won’t have access to your savings for the duration of the term unless you want to pay a hefty penalty.

• Look for: Whether you can link your existing bank account or need to open another account.

Depending on your bank, you may be required to link your high interest savings accounts to a chequing account in the same bank. If you have a chequing account at a different bank, find out if you can link it to your high-yield savings account. Otherwise, you may be forced to pay another monthly fee for a bank account you might not need.

• Look for: Zero fees

Check for fees for maintaining your HISA. Though it’s common for savings accounts to have no monthly fees, sometimes a fee will be charged per transaction if you go over a certain number of transactions.

High interest savings account calculator

When choosing the best savings account in Canada for your financial situation, it’s important to figure out exactly how the best savings account rates can impact your savings goals. Compare different account options by using our savings account calculator below.

• How to use our high interest savings calculator

  To calculate your earning power, all you have to do is follow a few simple steps:

  • Enter your initial deposit amount. How much money do you have to start with? Enter 0 if you’re starting from scratch.
  • Choose your payment frequency. Making regular payments into your account is an excellent way to boost your savings balance. You can choose from weekly, biweekly or monthly payments.
  • Enter your regular payment amount. Type the amount you will regularly deposit into your account.
  • Enter the interest rate. Type the interest rate attached to your savings account into the field provided. To compare some of the current best savings interest rates in Canada, check the table below.
  • Choose the timeframe. How long will you be putting away money in your savings account? You can choose terms from 1 to 40 years.
  • Calculate. The savings calculator crunches the numbers and tells you the total amount you’ll save, your total deposits and interest.

What are the best interest rates in Canada?

With savings accounts, you can expect interest rates anywhere from as low as 0.02% up to 2.5% depending on who you choose to bank with. Rates offered by Canada’s Big Banks, such as Scotiabank and BMO, range from around 0.05% and 1% while digital banking operations like EQ Bank and Tangerine offer up the best savings account rates to the tune of 2.5% interest. While introductory interest rates offer the best interest rates in Canada for a limited time, they do drop after the promo period has ended.

Savings account interest rates are often referred to as APY or APR. The APY or “Annual Percentage Yield” is the amount of money made each year on an investment due to compound interest (also called EAR or “Earned Annual Interest”). APR or “Annual Percentage Rate” is the interest rate charged during a certain time period multiplied by the number of time periods in a year. To learn more, read our bank interest rates guide.

Types of savings account interest rates

Some of the best Canadian savings accounts offer a straight forward interest rate on all the money you deposit. Other accounts come with additional interest rate features, like:

• Tiered interest rates. These rates increase in line with the length of time you keep your money stored away, up to 360 days. The Scotiabank MomentumPLUS Savings Account is a prime example of how tiered interest rates are structured. Earn interest at the regular rate of 1.5% plus a bonus rate of 0.85% - 1.1% when you go 90, 180, 270 or 360 days without a debit transaction.
• Promo interest rates. offer introductory rates to new clients opening up an account for the first time. The Tangerine Savings Account is a great example – Tangerine offers 4.5% interest for the first 5 months after you’ve opened your account.

GIC vs savings account: What’s the difference?

Savings accounts

Savings accounts let you make deposits when you want and grow your balance at your own pace. You usually have limited access to your funds, and the penalty for going over this limit can cost you up to several dollars per transaction. There is no end date to your savings account investment – you may continue to grow your money as long as you wish.

Financial institutions offer set interest rates on savings accounts, although these rates may be subject to change. Interest rates on savings accounts in Canada run from under 1% to around 2.5%, but you may be able to score a higher rate for an introductory promotional period when you open your account (some promotional rates run as high as 3%; ask your bank if there are any savings promotions currently being offered). High-yield savings accounts offer competitive rates, sometimes up to 2.5% or more.

As a savings account owner, you might need to deposit a certain amount every month, refrain from making withdrawals and/or keep your balance above a certain amount or else your interest rate will go down or you may become ineligible to hold your account. For more information on regular savings accounts, see our savings guide.

While savings accounts are a very low-risk way of growing your money, the rate of return is also very low compared to other types of investments. Up to 3% of the value of your money could be lost every year due to inflation, and usually the interest rates on Canadian savings accounts aren’t high enough to offset this effect. However, it could be a good idea to put your money in a savings account if you want to keep some funds on hand for easy access – where accessibility of your money is concerned, savings accounts beat out many other investment strategies.

Guaranteed Investment Certificate (GIC)

A Guaranteed Investment Certificate (GIC) is an investment that allows you to put a fixed amount of money upfront into an account that is grown and managed by the issuing institution (usually a bank). The investment lasts for a predetermined amount of time, and when that time is up, your money is returned to you with interest.

The interest rate is set when you first deposit your money, so you are guaranteed to get a specific return at a specific time. Short-term GICs last from 1-9 months, while long-term GICs usually last from 1-5 years but can even last up to 10 years. When you redeem your GIC, you may walk away with your money or choose to reinvest it in another GIC or some other investment vehicle.

The longer the investment term, the higher your rate of return. GIC interest rates often start around 1.5% and can reach over 3.5%, which is higher than most savings accounts. Most GICs are backed by the CDIC up to $100,000, which helps keep your money safe in the event of a bank failure. The CDIC is a federal crown corporation, but some GICs are backed by your provincial government instead and may come with different interest rates.

Perhaps the biggest drawback of investing in a GIC is that, if you want to withdraw your money before the term is up, the interest rate will plummet (you won’t simply be charged a small transaction fee as you would with a savings account). Cashable GICs exist that allow you to withdraw a minimum amount early as long as a minimum amount left in the investment. You’ll earn a lesser interest rate on the funds you withdraw, but the drop won’t be as steep as it would be with an ordinary GIC.

How to apply for a high interest savings account

Can I open a high interest savings account as a visitor to Canada?

Depending on your visa type, length of stay and other details, you may be able to open a bank account in Canada if you’re a tourist or frequent visitor. Normally, it would be difficult to do so because banks typically require a Social Insurance Number (SIN) to open an account, and non-residents don’t have this. However, this article on the Government of Canada website suggests that it may be possible to open an account as a non-resident, but you’re advised to speak to the bank directly.

Someone who knows you well in Canada or, if you’re frequently in Canada on business, a representative from a Canadian company might be able to accompany you to a bank where he/she can speak to the manager on your behalf and vouch for your identity. At the manager’s discretion, you may be able to open a bank account.

However, there is no set rule requiring banks to do this, and different banks may have different policies. Speak with the financial institution directly about eligibility requirements for opening an account as a temporary visitor. For more read our requirements to open a bank account guide.

Bottom line

A high interest savings account (or high-yield savings account) can help you prepare for the future. The higher the interest rate, the more you’ll earn in compound insterest.

While shopping around for the best savings account rates, be sure to pay attention to other terms and conditions besides the interest rate including fees, minimum deposit requirements, minimum balance requirements, transaction limits and CDIC coverage. Consider different types of high-yield accounts such as joint accounts, if you have a partner, and youth savings accounts, if you’re looking to save for your child.

Still looking for the best bank account for you? Check out our detailed bank account guide for information on the different types of accounts you can get and what to look for when choosing the right one.

Best Canadian savings accounts and HISA FAQs

• What's the difference between an interest rate and an APY?

  When shopping around for a savings account, you might notice that some banks list the interest rate they pay, while others list the APY.

  Your interest rate is the simple interest you're paid on an account or an investment over the period of a year. For example, if you've invested $1,000 into an account that comes with 1% interest, you'll have earned $10 on that investment at the end of a year. The annual percentage yield is a bit trickier.

  An APY is an annual rate of return that takes into account compound interest over a year. In short, it's the interest rate compounded monthly over the course of a year — or the total interest you'd receive if the account remained untouched for a year.

• Why do bigger banks offer lower savings rates?

  You might find that some of the Big five banks or other larger institutions pay less interest than smaller banks or credit unions. The big banks often have more products and customers than smaller institutions, allowing them to generate significant earnings due to the sheer number of accounts, even though their rates are not as competitive. Many people value the security and convenience of big banks, so they won't bother looking for the highest rate.

• What is an online savings account?

  An online savings account is just like a standard savings account, but you'll give up branch access in exchange for higher rates and lower fees. Online banks do not have branches or offices, allowing them to reduce their overhead costs and pass down their savings in the form of higher interest rates.

• What are tiered interest rates?

  Some banks have different interest rates depending on how much money is in your account. For example, balances below $10,000 could have a rate of 0.5% while balances that exceed $10,000 have a 1.5% interest rate. With multiple rates potentially applying to your account, the maximum variable rate available will fluctuate with your bank balance.

• Are high interest savings accounts safe?

  High interest savings accounts (HISAs) are just as safe as traditional accounts as long as they're federally insured. If you get an account at a bank, it'll be CDIC- insured. This means you'll get your money back in in the unlikely event that the financial institution goes bankrupt.