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Best High-Interest Savings Accounts in Canada

By SCFinance Data Team · edited by SCFinance Editorial TeamUpdated Aug 15, 2026 Fact checkedEditorial integrity

A high-interest savings account should do three things: pay a strong rate on every dollar, charge you nothing to hold it, and keep your money CDIC insured.

Compare at a glance

Provider	Rating	Interest rate	Monthly fee	Minimum to open
EB EQ Bank Personal Account	4.8/5 Best for Overall high-interest savings	3.50%	$0	$0	Read review
W Wealthsimple Cash	4.6/5 Best for Combining spending and saving	2.75% (up to 4.00% at higher tiers)	$0	$0	Read review
T Tangerine Savings Account	4.3/5 Best for Promotional rates	0.70% (promo rates for new clients)	$0	$0	Read review
SF Simplii Financial High Interest Savings Account	4.2/5 Best for ATM access	0.90% (promos available)	$0	$0	Read review

Our picks

Showing 4 results

Our pick for: Overall high-interest savings

EQ Bank Personal Account

SCFinance score4.8

Read review

Interest rate

3.50%

Monthly fee

Minimum to open

Details

Monthly fee: $0
Minimum balance: None
e-Transfers: Free, unlimited

What you get

No monthly fees and no minimum balance
Unlimited free Interac e-Transfers
CDIC insured up to $100,000

Our take

A strong everyday rate that applies to every dollar with no fees, no minimum and no promotional cliff to track.

The downside: There are no branches, so cash deposits aren't an option.

Read our full review

Our pick for: Combining spending and saving

Wealthsimple Cash

SCFinance score4.6

Read review

Interest rate

2.75% (up to 4.00% at higher tiers)

Monthly fee

Minimum to open

Bonus for new depositsCash bonus when you fund a new account. Terms apply.

Details

Monthly fee: $0
Card: Included prepaid card

What you get

Spending and saving in one balance
Rate increases with total assets

Our take

One balance you can both spend from and earn on, with the rate rising as you consolidate assets.

Read our full review

Our pick for: Promotional rates

Tangerine Savings Account

SCFinance score4.3

Read review

Interest rate

0.70% (promo rates for new clients)

Monthly fee

Minimum to open

Promotional rate for new clientsElevated rate for the first months on new deposits.

Details

Monthly fee: $0
ATM network: Scotiabank

What you get

No monthly fees
Access to Scotiabank ATMs

Our take

The promo rates for new clients are among the most aggressive in Canada, just diarize the expiry date.

The downside: The ongoing base rate is low once the promo ends.

Read our full review

Our pick for: ATM access

Simplii Financial High Interest Savings Account

SCFinance score4.2

Read review

Interest rate

0.90% (promos available)

Monthly fee

Minimum to open

Details

Monthly fee: $0
ATM network: CIBC

What you get

No monthly fee
Free access to CIBC ATMs

Our take

CIBC's online arm, with regular promo rates and free access to a large ATM network.

Read our full review

Frequently asked questions

Is my money safe in an online bank?▾

If the institution is a CDIC member, eligible deposits are protected up to $100,000 per category, per member, the same protection a branch bank carries. Credit unions are covered by provincial guarantee schemes instead.

Why did my rate drop?▾

Most Canadian promo rates run for a fixed window on new deposits, then revert to a much lower base rate. Check the base rate before you move money, not just the headline.