Get Up to 4.5%: Canada’s Best High-Interest Savings Accounts (2025)
So your money’s just sitting there in your chequing account, earning absolutely zilch while inflation keeps nibbling away at it? Been there. Time to get that cash working harder for you, friend.
High-interest savings accounts (HISAs) are having a moment in 2025, with rates hovering in the 3-4% range at many online banks.
That’s not exactly get-rich-quick territory, but it’s a heck of a lot better than the 0.01% your big bank is probably offering. And with economic uncertainty still lingering, having liquid cash that’s actually earning something meaningful has never been more important.
Whether you’re saving for a vacation, building an emergency fund, or just parking cash between investments, today’s HISA options give you plenty to choose from. I’ve spent hours comparing the fine print so you don’t have to—here’s what you need to know about the best high-interest savings accounts in Canada right now.
At-a-Glance: Top HISAs Compared
| Bank/Provider | Rate (as of April 2025) | Monthly Fees | Key Perks | Ideal For |
|---|---|---|---|---|
| EQ Bank | 1.25% base; up to 4.00% with $2,000+ monthly direct deposit | None | CDIC insured, no promo period | Everyday saving |
| Tangerine | 0.30% base; up to 4.50% promo for 5 months | None | Promotional rate for new clients | Short-term rate boost |
| Neo Financial | 3.00% | None | No promo period, CDIC insured | Digital-native savers |
| Simplii Financial | Up to 3.70% promo for 7 months | None | Promotional rate for new clients | High-rate chasers |
| Motive Financial | 2.25% | None | No monthly fees, CDIC insured | Quiet cash parking |
| Wealthsimple Cash | 1.75% (Core); up to 2.75% (Generation) | None | CDIC insured, hybrid chequing account | Combo with investing |
What to Look For in a High-Interest Savings Account
Before you rush to open an account with the highest advertised rate, there are a few key factors worth considering. The right HISA isn’t just about the interest rate—it’s about finding the perfect fit for your specific needs.
Actual Rate vs. Promotional Rate
Banks love to lure you in with flashy promotional rates that eventually plummet to much lower everyday rates. The classic bait-and-switch. Always check:
- How long the promotional rate lasts (usually 3-6 months)
- What the regular rate will be afterward
- Any minimum balance requirements to qualify for the rate
- Direct deposit or transaction requirements
For example, Tangerine’s eye-catching 4.50% sounds amazing until you realize it drops to a measly 0.30% after five months. That’s why I generally prefer banks that offer competitive everyday rates without the gimmicks.
Withdrawal Limits & Accessibility
Some HISAs limit how often you can withdraw money without penalty. Important questions to ask:
- How many free transactions do you get monthly?
- Is there a fee for exceeding withdrawal limits?
- How easily can you move money between this account and your primary chequing account?
- Does the account offer e-Transfers, bill payments, or is it strictly for savings?
EQ Bank, for instance, gives you unlimited transactions and free Interac e-Transfers, while some other HISAs might charge after your first or second monthly withdrawal.
Monthly Fees
One of the biggest HISA selling points is typically no monthly fees—but always double-check. Some accounts waive fees only if you maintain a minimum balance or complete certain transactions.
Most online banks (EQ, Neo, Tangerine) have eliminated monthly fees entirely, which is one reason they can offer higher interest rates than traditional brick-and-mortar banks.
CDIC Insurance
Make sure your HISA is covered by the Canada Deposit Insurance Corporation (CDIC), which protects your deposits up to $100,000 per account category if the financial institution fails.
All the accounts in our comparison table are CDIC-insured, but it’s always worth confirming, especially with newer fintech offerings.
UX / Mobile App Experience
Let’s be honest—if the app is terrible, you’re less likely to actively manage your savings. Consider:
- Mobile app ratings and functionality
- Easy transfers between linked accounts
- Automatic savings features
- Savings goals or visualization tools
Neo Financial and Wealthsimple are particularly strong in the app department, while EQ Bank has dramatically improved their interface over the past year.
Top High-Interest Savings Accounts (2025 Reviews)
EQ Bank Review
Current Rate: 1.25% base; up to 4.00% with $2,000+ monthly direct deposit
I’ve personally used EQ Bank for years, and what keeps me loyal isn’t just their consistently competitive rates—it’s their lack of gimmicks. Their everyday rate has remained solid even as other banks play the promo game. The recent addition of their tiered rate system rewards regular savers with significantly higher interest when you set up direct deposits.
Pros:
- No temporary promotional rates that nosedive after a few months
- Unlimited free transactions and Interac e-Transfers
- Joint accounts available
- US dollar accounts available (rare for online banks)
- Excellent integration with other financial institutions
Cons:
- No physical branches (though that’s how they maintain higher rates)
- Mobile app is functional but not as slick as some competitors
- GIC rates are sometimes beaten by competitors
Ideal for: Long-term savers who want a reliable rate without constantly chasing promos. EQ works perfectly as an “always-on” savings account that consistently delivers above-average returns.
Tangerine HISA Review
Current Rate: 0.30% base; up to 4.50% promo for 5 months
Tangerine remains the king of promotional rates. They’ve been playing the “high intro rate” game for years, and they’re still aggressive with their new customer offers. The current 4.50% promo is among the highest in Canada—but don’t get too attached to that rate.
Pros:
- Eye-popping promotional rate for new customers
- No monthly fees
- Excellent mobile app experience
- Easy integration with Tangerine chequing and investment products
- Physical access through Scotiabank ABM network
Cons:
- Dramatic rate drop after promotion period (to just 0.30%)
- Need to continually chase new promos or switch providers to maintain high rates
- Customer service can be hit-or-miss since their acquisition by Scotiabank
Ideal for: Short-term savers who don’t mind moving their money when the promotional period ends. Tangerine works well for specific savings goals with defined timelines that align with their promo periods.
Neo Money Review
Current Rate: 3.00%
Neo Financial has been shaking up the Canadian banking scene, and their straightforward 3.00% rate with no promotional gimmicks is refreshing. As a tech-first company, their mobile experience is top-notch, and they’re constantly adding new features.
Pros:
- Competitive everyday rate with no promotional period or tiered system
- Sleek, user-friendly mobile app
- Integration with Neo’s cashback program and credit card
- Quick and easy account opening process
- CDIC insured through their partnership with Concentra Bank
Cons:
- Relatively new player in the banking space
- Limited product ecosystem compared to established banks
- No joint accounts currently available
Ideal for: Tech-savvy savers, particularly millennials and Gen Z, who value a modern digital experience and don’t want to worry about promotional rate periods ending.
Simplii Financial HISA Review
Current Rate: Up to 3.70% promo for 7 months
As CIBC’s online banking division, Simplii combines the security of a major bank with competitive online rates. Their current promotional offer of 3.70% for new clients is among the better deals out there, and their seven-month promotional period is longer than most competitors.
Pros:
- Strong promotional rate that lasts longer than most competitors
- Free access to CIBC ATM network
- No minimum balance requirements
- Integrated chequing, credit cards, and mortgage products
- Established bank backing (CIBC)
Cons:
- Base rate drops significantly after promotional period
- Customer service sometimes feels like a second-tier priority compared to parent bank
- Mobile app is functional but not particularly innovative
Ideal for: Existing CIBC customers looking for a higher-yield alternative, or rate-chasers comfortable moving money when promotional periods end. Also great for those who want the comfort of a major bank behind their online banking experience.
Best HISA for Each Use Case (Mini Recommendations)
Best for Emergency Fund → EQ Bank
Your emergency fund needs to be reliable, accessible, and not subject to rate fluctuations that might tempt you to move it around. EQ Bank’s consistent rate policy makes it perfect for this “set it and forget it” scenario. With unlimited free transactions, you can access your money quickly in a true emergency without worrying about fees.
Best for Maximum Interest Short-Term → Simplii or Tangerine
If you have a specific savings goal with a timeline of 3-6 months (wedding, vacation, home renovation), grab one of the promotional rates from Simplii (3.70% for 7 months) or Tangerine (4.50% for 5 months). Just be sure to set a calendar reminder for when the promotional period ends so you can decide whether to move your money.
Best for All-in-One Digital Use → Neo or Wealthsimple
If you’re looking to consolidate your financial life into one sleek digital ecosystem, both Neo and Wealthsimple offer compelling integrations between their savings, spending, and investment products. Neo edges ahead with their higher everyday rate (3.00% vs. Wealthsimple’s 1.75-2.75%), but Wealthsimple’s investing platform is more robust if that’s important to you.
Best for Couples/Family Savings → Joint Account with EQ or Simplii
EQ Bank’s joint savings accounts allow up to four account holders with equal access and visibility—perfect for couples saving toward shared goals or parents managing funds with adult children. Simplii also offers solid joint account options with the backing of CIBC’s infrastructure.
How to Open a High-Interest Savings Account (Quick Steps)
Ready to stop leaving money on the table? Here’s how to get started:
- Choose your provider based on the rates and features that matter most to you (refer to our comparison table above)
- Complete identity verification – most online banks now offer fully digital onboarding:
- Have your SIN, government ID, and proof of address ready
- Expect to take a selfie or video call for verification
- Some banks may require a micro-deposit to verify your linked account
- Link your main account from another institution for easy transfers
- Initial transfers typically take 2-3 business days
- Set up EFT (electronic funds transfer) capabilities in both directions
- Set up automatic transfers – the easiest way to build savings is to automate it:
- Consider the 24-hour rule: transfer a portion of each paycheque immediately
- Start with even a small recurring amount ($25-50 per paycheque)
- Increase gradually as you adjust your spending habits
The entire process usually takes less than 30 minutes, and many accounts can be opened and funded the same day. The hardest part? Actually deciding to start.
Frequently Asked Questions
As of April 2025, the highest widely available rate is Tangerine’s 4.50% promotional offer for new clients (lasting 5 months). For everyday rates without promotional periods, Neo Financial leads with 3.00%, while EQ Bank offers up to 4.00% with qualifying direct deposits.
Yes, HISAs offered by regulated financial institutions are very safe. Look for accounts covered by CDIC insurance, which protects deposits up to $100,000 per insured category if the financial institution fails. All major online banks including EQ, Tangerine, Neo, and Simplii are CDIC insured.
The main catch is that these rates are temporary—usually lasting 3-7 months before dropping significantly. Banks count on customer inertia, knowing many people won’t bother moving their money when the rate decreases. Some promotional offers also require minimum deposits or have other qualifying conditions.
Variable HISA rates can change at any time, though they typically move in response to Bank of Canada policy rate changes or competitive pressures. In 2024-2025, we’ve seen rate adjustments approximately every 3-4 months as the Bank of Canada has modified its policy stance.
Absolutely—in fact, a HISA is ideal for emergency funds because it combines accessibility with some growth to offset inflation. Your emergency fund should be easily accessible without penalties, which is why HISAs work better than GICs or investment accounts for this purpose.
The days of accepting pitiful interest rates on your hard-earned savings are over. With inflation still a concern and interest rates at relatively attractive levels, there’s never been a better time to make sure your cash is earning what it deserves. Whether you’re building an emergency fund, saving for a specific goal, or just trying to make your money work harder, there’s a high-interest savings account that fits your needs.
Remember that while chasing the highest promotional rate might seem tempting, consistency and accessibility often matter more in the long run. The best HISA is ultimately the one that helps you develop and maintain healthy savings habits—because even the highest interest rate won’t help if you’re not consistently putting money aside.
What’s your savings goal for 2025? Whatever it is, getting your cash out of a zero-interest chequing account and into one of these high-interest options is your first step toward making it happen.
