Best High-Interest Savings Accounts in Canada for 2026

Choosing the right high-interest savings account can help your money earn more without taking on investment risk. While many Canadian banks advertise attractive promotional rates, the ongoing rate, account features, and accessibility often matter even more over the long term.

In this guide, we’ve selected four of the best high-interest savings accounts available in Canada. Every feature and account detail comes directly from each bank’s official website, so you can compare your options with confidence.

Best high-interest savings accounts at a glance

1. EQ Bank Personal Account

EQ Bank consistently stands out because it focuses on delivering a competitive ongoing interest rate rather than relying only on short-term promotions.

According to EQ Bank, the Personal Account includes:

• no monthly account fees;
• no minimum balance requirement;
• interest calculated daily and paid monthly;
• unlimited transactions;
• free Interac e-Transfers;
• access to electronic bill payments and direct deposits;
• eligible deposits protected by CDIC.

One of its biggest advantages is that customers don’t need to move money after a promotional period ends, making it attractive for long-term savers. EQ Bank also offers additional savings products, including Notice Savings Accounts and GICs, for customers with different financial goals.

2. Simplii Financial High Interest Savings Account

Simplii Financial regularly offers one of Canada’s highest promotional interest rates for new clients.

The account includes:

• no monthly fees;
• no minimum balance;
• online and mobile banking;
• unlimited transfers between Simplii accounts;
• CDIC protection on eligible deposits.

It’s important to understand that Simplii’s advertised promotional rate is temporary. After the promotional period expires, the account earns the bank’s regular savings rate unless another offer becomes available.

For savers who can take advantage of introductory promotions, Simplii may deliver excellent short-term returns. However, it’s worth reviewing the regular rate before deciding whether to keep funds in the account long term.

3. Tangerine Savings Account

Tangerine is well known for offering promotional interest rates to new customers while keeping its Savings Account free to maintain.

According to Tangerine, the account includes:

• no monthly account fee;
• no minimum balance requirement;
• interest calculated daily and paid monthly;
• online and mobile banking;
• the ability to open multiple savings accounts for different goals;
• eligible deposits protected by CDIC.

Like Simplii Financial, Tangerine frequently advertises introductory rates that apply for a limited period. Once the promotion ends, the balance earns the regular savings rate unless another offer is available.

For customers who actively move their savings to take advantage of promotions, Tangerine can be an attractive option. Those looking for a consistently high ongoing rate should compare the regular interest rate before opening an account.

4. Wealthsimple Chequing

Although Wealthsimple markets this as a chequing account rather than a traditional savings account, many Canadians use it to earn interest on everyday cash while keeping full access to their money.

According to Wealthsimple, the account offers:

• no monthly account fees;
• interest earned on cash balances;
• unlimited everyday banking features;
• free Interac e-Transfers;
• eligible clients may receive ATM fee reimbursements worldwide;
• eligible cash balances held with CDIC member institutions through a trust structure.

Unlike a standard savings account, Wealthsimple combines spending and saving in a single product. This makes it especially appealing for customers who want their everyday balance to earn interest while remaining available for purchases and bill payments.

Which high-interest savings account is best?

The best high-interest savings account depends on how you plan to use your money.

• Choose EQ Bank if you want a strong ongoing interest rate without relying on promotional offers.
• Choose Simplii Financial if you’re a new customer looking to maximize a limited-time promotional rate.
• Choose Tangerine if you prefer flexible online banking and regularly take advantage of introductory offers.
• Choose Wealthsimple if you want everyday spending and interest earnings combined in one account.

Before opening any account, compare the current ongoing interest rate, promotional terms, eligibility requirements, and CDIC protection to ensure the account fits your financial goals.

• Read more: Best No-Fee Bank Accounts in Canada: Top Picks for 2026

Frequently Asked Questions (FAQ)

What is a high-interest savings account?

A high-interest savings account is a deposit account that pays a higher interest rate than a traditional savings account while allowing you to access your money when needed.

Are high-interest savings accounts safe in Canada?

Eligible deposits held with CDIC member institutions are protected up to applicable coverage limits. Always verify whether the financial institution or account qualifies for CDIC protection.

Do promotional interest rates last forever?

No. Promotional rates are temporary and usually apply only for a specified period or to eligible new customers. After the promotion ends, the regular interest rate applies unless another offer is available.

Can I withdraw money anytime?

Most high-interest savings accounts allow withdrawals whenever needed, although some institutions may have transaction limits or conditions depending on the account type.

Which account earns the most interest?

The answer changes over time because banks regularly adjust both promotional and ongoing interest rates. Comparing the current official rates before opening an account is the best way to find the highest return.