Best HISA Rates in Canada (2026)
High-interest savings accounts let you earn more on your emergency fund without locking in. Here are the best rates from digital banks and credit unions in Canada.
Best HISA Rates — All Institutions
Updated 2026-04-12| Institution | Rate | Open Account |
|---|---|---|
Best Rate Tangerine | 2.75% | Direct only |
Simplii Financial | 2.50% | Direct only |
Wealthsimple Cash | 3.25% | Direct only |
EQ Bank | 3.00% | Direct only |
Neo Financial | 2.25% | Direct only |
KOHO | 2.00% | Direct only |
RBC | 1.05% | Direct only |
Rates updated weekly. Always verify current rates directly with the institution.
Bank of Canada GIC Reference Rates
Posted GIC rates from Canada's major chartered banks as reported by the Bank of Canada. Individual digital banks often offer significantly better rates.
1-Year GIC
2.45%
As of March 18, 2026 · Bank of Canada
2-Year GIC
2.52%
As of March 18, 2026 · Bank of Canada
3-Year GIC
2.52%
As of March 18, 2026 · Bank of Canada
5-Year GIC
2.75%
As of March 18, 2026 · Bank of Canada
For best GIC rates from all providers, see our GIC Rates Today page.
What is a High-Interest Savings Account (HISA)?
A HISA is a savings account that pays a higher interest rate than a standard savings account — often 10–20x more. In Canada, you can hold a HISA in your TFSA, RRSP, or as a non-registered account. Funds are fully liquid (no lock-in period) and deposits are protected by CDIC (Canada Deposit Insurance Corporation) up to $100,000 per depositor category.
HISA vs GIC: Which is better?
HISAs offer flexibility — you can access funds anytime. GICs (Guaranteed Investment Certificates) lock your money for a fixed term but typically offer higher rates. Many Canadians use a "GIC ladder" strategy alongside a HISA for the best balance of liquidity and yield.
FAQ
Are HISA rates in Canada taxable?
Interest from a non-registered HISA is fully taxable as income in the year it's earned. Hold your HISA inside a TFSA to shelter interest from tax. RRSP HISAs defer tax until withdrawal.
Is EQ Bank CDIC-insured?
Yes. EQ Bank is a subsidiary of Equitable Bank, a CDIC member institution. Deposits are eligible for CDIC protection up to $100,000 per depositor category.
How often do HISA rates change?
Most institutions adjust HISA rates within days of a Bank of Canada rate decision. We update our comparison table weekly to reflect the latest rates.
Can I hold a HISA in my TFSA?
Yes — most digital banks (EQ Bank, Tangerine, Simplii) offer TFSA HISA accounts. This is the most tax-efficient way to hold emergency savings.
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