Best high-interest savings accounts in Canada (2026)
If your savings are sitting in a regular bank account, you're almost certainly earning close to nothing on them. Here's what the good accounts actually pay in 2026 — and the promo-rate catch nobody explains.
The list (mid-2026)
| Account | Rate (approx.) | Notes |
|---|---|---|
| EQ Bank Personal Account | ~2.75% | No fees, no minimum, CDIC-eligible, earns on every dollar |
| Neo Money | ~2.00–2.75% | Tiered by balance, no fees/minimums |
| Wealthsimple Cash | ~1.25%+ | Higher tiers for Premium/Generation clients |
| Tangerine (promo) | ~4.50% for ~5 mo | Then reverts to base rate; check current offer |
| Simplii (promo) | ~4.60% for ~5 mo | Then reverts to base rate; check current offer |
| Big-bank savings | ~0.01–0.10% | The one you probably have right now |
What 0.01% is actually costing you
Say you have $3,200 sitting in a big-bank "savings" account at 0.01%. That earns you about 32 cents a year. The same $3,200 at 2.75% earns roughly $88 — and on a promo at 4.5%, closer to $60 over five months before it reverts. Same money, same risk (CDIC-insured either way), just a different account. That gap is one of the most common quiet leaks we see.
Everyday rate vs promo rate — the catch
Promotional rates (like ~4.5% for 5 months) are great for a lump sum you won't touch — but they revert to a much lower base rate when the promo ends, and banks are betting you won't notice or move it. Two honest rules:
- For money you want to set and forget, a consistently high everyday rate (like EQ's ~2.75%) often beats chasing promos.
- If you do take a promo, set a calendar reminder for the day it ends and reassess. This is exactly the kind of thing people forget — and the bank keeps the difference.
HISA vs where the rest of your money should be
A high-interest savings account is for cash you might need soon — an emergency fund, a near-term goal. It is not where long-term money should sit; that's what registered accounts (TFSA/FHSA/RRSP) and investing are for. But step one is simple: stop letting your short-term cash earn 0.01%.
The reason idle cash costs Canadians money isn't the rate — it's not looking. Looni is being built to watch your accounts, flag when your savings are earning nothing, and tell you exactly where to move it. Canadian, and we only win when you keep more.