Top High-Interest Savings Account in Canada (2024)!

What is a High-Interest Savings Account (HISA)?

A High-interest savings account (or High Yield Savings Account) is a savings account that earns an above-average return on your money. You get more money from your savings than a traditional savings account.

Should you have a HISA?

Yes for sure, you should have a high-interest account to hold your short-term savings like an emergency fund, sinking fund or other short-term savings goals.

Best High-Interest Savings Accounts

Here are the Best High-Interest Savings Accounts in Canada and the interest rates as of September 2024.

EQ Bank Notice Savings Account (4% - 4.25%)

This is EQ Bank’s newest savings account, where you have to give an advance on withdrawals to benefit from the high rates. There are currently 2 types; a 10-day notice account for 4% and a 30-day notice account for 4.25%. This is a great high-interest savings account but this account is not for you need instant access to your money. I do not recommend for your emergency fund but would be a great option for other savings goals that are time-bound like a travel fund towards a Christmas trip etc.

Motive Savvy Savings Account (4.1%)

The Motive Savvy Savings Account is another high-interest savings account with no fees and it’s CDIC insured. I have used this account and the user interface is not the best, it’s not easy to transfer money into the account. It’s a great account for the rates and if you want to forget your money there to check it at intervals.

Neo Money High-Interest Savings Account (4%)

This is one of my fave HISA because they have been consistent with their rates. The user interface is great and you can have multiple HISA accounts for your different savings goals. I will definitely recommend this account.

Saven Financial High-Interest Savings Account (3.85%)

This is another great option that I recently came across. I have never used this account so I can’t speak to the user interface or experience but a great option for HISAs.

Wealthsimple Cash (3.5% - 4.5%)

One of my favourite accounts because Wealthsimple provides one of the best user experience with all their accounts and as an investment platform. Due to the recent cuts in rates by the Bank of Canada, the rates have dropped by 0.5% to 3.5% for core clients and simultaneously with the other tiers. I recommend this account for a HISA, and you can also open multiple cash accounts.

Oaken Financial Savings Account (3.4%)

I also recently came across this savings account which gives a 3.4% interest rate on savings. I have never used this account but it’s an account worth checking out.

EQ Bank Personal Account (Up to 4%)

This is an honourable mention for EQ Bank’s regular High-Interest Savings Account. You can get a standard rate of 2.25% and get the additional 1.75% if you have a recurring direct deposit of at least $2000/month to this account. You can also use this as a hybrid account for a chequing account.

Promotional High-Interest Savings Account

You may be wondering why none of the big traditional banks have a HISA, it’s because they make money from a lot of mainstream products so this is irrelevant to them. They have savings accounts, however the interest rates are way lower than those mentioned above.

Here is a list of some Promotional High Interest Rates Accounts. I don’t recommend them because, after the promotional period, the interest rates are lower. It is best to put your money in a consistent HISA unless you’re ready to move it around.