Pacific Ledger
Best High-Interest Savings Accounts in Canada (2026 Comparison)
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High-interest savings accounts (HISAs) have become one of the easiest ways for Canadians to earn more on their cash without taking on extra risk. With interest rates changing frequently and traditional banks offering as little as 0.01 percent, choosing the right account can make a meaningful difference in your financial progress.
This 2026 comparison outlines the top high-interest savings accounts in Canada, what makes each one stand out, and how to choose the right fit based on your goals.
Why High-Interest Savings Accounts Matter
A high-interest savings account helps you:
Grow your emergency fund faster
Earn competitive interest without locking in your money
Avoid unnecessary banking fees
Separate savings from daily spending
A difference of just a few percentage points can increase your annual interest by hundreds of dollars, even on a modest balance.
What to Look For in a High-Interest Savings Account
Before opening a new HISA, consider the following features:
Interest rate: The most important factor. Look for stable, non-promotional rates.
Fees: Many HISAs have no monthly fees. If fees exist, make sure the benefits outweigh the cost.
Transfer speed: Quick transfers between accounts are essential if you use multiple banks.
Insurance coverage: In Canada, deposit insurance may come from CDIC or provincial equivalents.
Extra features: Mobile app quality, automatic savings tools, virtual cards, and budgeting features.
Top High-Interest Savings Accounts in Canada for 2026
Below are the leading HISAs available to Canadians based on interest rate, ease of use, and overall value.
EQ Bank Notice Savings Account
EQ Bank’s Notice Savings Account takes a slightly different approach compared to standard high-interest savings accounts. With this account you agree to give advance notice for withdrawals—either 10 days or 30 days—depending on the interest-rate tier you select.
Key features:
Interest rates from 2.35% - 2.5% (as of November 14, 2025)
No minimum balance required and no monthly account fees.
Two notice-period options: choose a 10-day notice period at a lower rate or a 30-day notice period at a higher rate.
Unlimited deposits at any time; withdrawals require placing a request, which triggers the notice period before funds become available.
Interest is earned daily on the full balance—including funds scheduled for withdrawal until the notice period ends.
Eligible for deposit insurance protection via CDIC (through Equitable Bank).
Why this matters: If you’re comfortable giving advance notice to access your money (10 or 30 days), you can secure a higher interest rate under this structure compared to instant-access savings accounts. It’s a great option for emergency funds or longer-term cash savings where daily liquidity is less critical.
Neo High Interest Savings Account
Neo’s High-Interest Savings Account allows you to earn one of Canada’s top interest rates while maintaining instant access to your money. It also easily connects to your Neo chequing account that offers 0.10% interest and no fees.
Key features:
Tiered interest rates: 2.25% for balances $0-$4,999.99; 2.50% for $5,000-$19,999.99; and 2.90% for $20,000+ (“your rates increase as your balance grows”).
No lock-in period or withdrawal restrictions; you can move or spend your money anytime.
No transaction fees on the savings account.
CDIC-eligible deposit protection.
Ability to open up to 10 savings sub-accounts within the Neo app to organize savings goals.
Joint account option available: two account-holders share the balance and earn interest on the combined amount, helping reach higher tiers faster.
For Canadians looking for a high-interest savings account with no restrictions on access—but still higher yield than most Big 5 banks—the Neo High-Interest Savings Account is a strong option.
Wealthsimple Chequing Account
Wealthsimple’s Chequing Account is built to combine everyday banking functionality with interest-earning potential, making it more than a typical chequing account.
Key features:
No monthly account fees and no minimum balance requirement.
Interest paid on your full balance from day one, with rate tiers: 1.25 % for clients with under ~$100,000 in assets, 1.75 % for over ~$100,000, up to 2.25 % for clients with ~$500,000+ in assets.
Zero foreign exchange (FX) fees on purchases made abroad, and unlimited fee-free Interac e-Transfers and ATM withdrawals (with reimbursement of eligible ATM fees).
Up to $1 million in deposit protection via the Canada Deposit Insurance Corporation (CDIC) trust framework—significantly higher than many typical banks.
Spending features: includes a physical and virtual prepaid Mastercard, 1% cash back on all purchases, bill-pay functionality, mobile cheque deposit, direct deposit options, and large Interac e-Transfer limits (up to $25,000/day for qualifying clients).
For those with direct deposit of $2,000+ per month or higher client tiers (Core, Premium), there is an additional interest-rate boost.
Recently added and upcoming features: enhanced international money transfers (via Wise integration) for Chequing account holders, global ATM fee reimbursements, mobile cheque deposit improvements, and more.
Best for Canadians who already use Wealthsimple’s investing platform, want to save for travel and spend with zero foreign transaction fees, or want an all-in-one app where their chequing, saving and investing sit together. It’s ideal if you value low fees, simple digital banking, and moderate interest plus flexibility.
Comparison Summary
EQ Bank typically offers the highest consistent interest rate with the best overall flexibility. Neo Money stands out for its blend of chequing and savings features. Wealthsimple Cash is the strongest option for people who already invest with Wealthsimple and want a seamless ecosystem.
Traditional banks rarely offer competitive rates unless tied to a temporary promotion, which means most Canadians earn far less interest than they could.
Who Should Choose Which Account?
Choose EQ Bank if you want the best all-around rate, no fees, and strong features for both saving and daily banking.
Choose Neo Money if you prefer a hybrid chequing-savings setup with rewards, a virtual card, and a clean digital experience.
Choose Wealthsimple Cash if you already invest with Wealthsimple and want quick transfers between accounts without waiting days.
Choose a promotional HISA from a traditional bank only if the bonus rate is significantly higher and you are comfortable switching once the promotion ends.
How to Maximize Your Interest Earnings
To get the most out of a HISA:
Keep your emergency fund in a high-interest account instead of a chequing account
Move unused cash from your everyday banking account into your HISA regularly
Avoid accounts with monthly fees unless they provide additional value
Recheck rates every few months as the market changes
Even small actions, such as transferring extra cash once a week, can multiply your annual interest earnings.
Final Thoughts
High-interest savings accounts remain one of the simplest and safest ways to grow your money in Canada. Whether you choose EQ Bank, Neo Money, Wealthsimple Cash, or another digital-first institution, the key is to avoid leaving cash sitting in low-interest chequing accounts.
With rates in 2026 still favouring digital banks, now is the perfect time to move your savings into an account that actually works for you.
