Best HISA Rates in Canada — Updated Today
A high-interest savings account (HISA) lets you earn more on cash you need to keep accessible. Unlike GICs, you can withdraw anytime. These rates are from digital banks that consistently beat the Big Six by 1–2 per cent.
All HISA Rates — Best to Worst
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.
How to get the best HISA rate
- ✅ Use a digital bank — EQ Bank, Tangerine, and Simplii consistently beat Big Six rates
- ✅ Watch for promo rates — new client bonuses of 5%+ are common for 3–6 months
- ✅ Hold inside a TFSA — interest is 100% tax-free; no T5 slip
- ✅ Check CDIC membership — all institutions listed here are CDIC-eligible
- ✅ Ladder with GICs — keep 3 months expenses in HISA, invest the rest in GICs
HISA vs GIC — which is right for you?
FAQ
Are HISA rates guaranteed in Canada?
No — HISA rates are variable and can change any time, usually within days of a Bank of Canada rate decision. Only GICs offer a guaranteed rate for a fixed term.
Is HISA interest taxable in Canada?
Interest earned in a non-registered HISA is fully taxable as income. Hold your HISA inside a TFSA to make all interest completely tax-free. RRSP HISAs defer tax until withdrawal.
How safe is EQ Bank?
EQ Bank is a subsidiary of Equitable Bank, a Schedule I Canadian bank and CDIC member. Deposits are CDIC-eligible up to $100,000 per depositor per category.
Can I have multiple HISAs in Canada?
Yes — there's no limit. Many Canadians hold a HISA at their primary bank for day-to-day savings plus a higher-rate digital bank HISA for their emergency fund.
What happens to my HISA rate when the Bank of Canada cuts rates?
Most HISA rates drop within days of a BoC rate cut. Digital banks typically pass on cuts slightly slower than big banks, but eventually adjust. Locking some savings in GICs before a cut protects that yield.