Canadian savers have excellent options in 2026: the Bank of Canada policy rate at 2.75% (after a series of cuts from the 5% peak) still supports competitive high-interest savings account (HISA) rates. Online banks offer significantly better rates than the Big Five (TD, RBC, Scotiabank, BMO, CIBC).
Best High-Interest Savings Accounts in Canada 2026
| Bank | Account | Interest Rate | Min. Balance | CDIC Protected | Monthly Fee |
|---|---|---|---|---|---|
| Simplii Financial | High Interest Savings | 4.50% | $0 | Yes (CIBC) | $0 |
| Oaken Financial | High Interest Savings | 3.40% | $1,000 | Yes (CDIC) | $0 |
| Neo Financial | High Interest Savings | 3.00% | $0 | Yes (ATB) | $0 |
| EQ Bank | Savings Plus Account | 2.75% | $0 | Yes (CDIC) | $0 |
| Big Five Banks | Standard Savings | 0.01–0.10% | $0 | Yes (CDIC) | $0–$5 |
Rates verified May 2026. Promotional rates subject to change.
Simplii Financial — 4.50% (Best Rate)
Simplii Financial is CIBC's digital banking arm and consistently offers some of Canada's highest HISA rates. At 4.50%, it leads the market significantly. No monthly fees, no minimum balance, and CDIC-insured up to $100,000 CAD through its parent CIBC.
- Rate: 4.50% annual
- No minimum balance required
- CDIC protection (through CIBC)
- Free e-Transfers and bill payments
- Note: Check if rate is promotional — Simplii frequently runs promos
Oaken Financial — 3.40% with GIC Options
Oaken Financial is a subsidiary of Home Bank and offers strong rates on both savings accounts and GICs (Guaranteed Investment Certificates). The 3.40% HISA requires a $1,000 minimum but has no monthly fees. Their GICs offer even higher fixed rates for 1–5 year terms.
- Rate: 3.40% annual
- Minimum balance: $1,000 CAD
- CDIC insured
- GICs available up to 5 years
- Online-only, no branches
Neo Financial — 3.00% with Cashback
Neo Financial is a Canadian fintech offering 3.00% on savings plus a cashback credit card. The combination makes it attractive for everyday Canadians who want to consolidate banking. Protected through ATB Financial (Alberta Treasury Branches).
- Rate: 3.00% annual
- No minimum balance
- ATB-backed deposit protection
- Neo credit card: 5% cashback at partner merchants
EQ Bank — 2.75% with Full Banking Features
EQ Bank offers 2.75% on the Savings Plus Account with full chequing features — free bill payments, e-Transfers, and a prepaid card. It's the most complete online banking option if you want to consolidate your banking at a high-yield institution.
- Rate: 2.75% annual
- No minimum balance, no fees
- CDIC insured
- Free unlimited e-Transfers
- EQ Bank Card (prepaid Mastercard) for everyday spending
Government Alternatives: T-Bills and Bonds
For risk-free government-backed returns, Canadian Treasury Bills (3-month) currently yield 2.58% and 10-year Government of Canada bonds yield 3.23%. These are excellent for investors willing to lock in for longer periods.
Should You Use a HISA or a GIC?
The choice between a HISA and a GIC (Guaranteed Investment Certificate) depends on your liquidity needs:
- HISA: Access your money anytime, rates float with Bank of Canada policy rate
- GIC: Fixed rate locked for 1–5 years, typically 0.25–0.75% higher than HISA rates
With the Bank of Canada cutting rates in 2024–2025, locking in a GIC at today's rates could be advantageous before rates fall further.
Key Considerations for Canadian Savers
- CDIC Coverage: CDIC insures up to $100,000 per depositor per member institution. Oaken, EQ Bank, and Simplii are all CDIC members.
- TFSA Room: Consider holding HISAs within your TFSA (Tax-Free Savings Account) to shelter interest income from tax.
- RRSP: GICs can also be held within registered accounts.
- Currency risk: These rates are in CAD. If your income/expenses are in another currency, factor in exchange costs.