Best High-Interest Savings Accounts in Canada 2025

With interest rates where they are, your emergency fund and short-term savings should be working for you. The big banks are still offering 0.01% on standard savings accounts while online banks and fintechs are offering 3–4%. Here's where to put your cash in 2025.

What to Look for in a HYSA

Before diving into specific picks, here's what actually matters when choosing a high-interest savings account:

• Interest rate: The obvious one — higher is better, but watch for promotional rates that drop after a few months
• CDIC insurance: Your deposits should be insured up to $100,000 per category by the Canada Deposit Insurance Corporation
• No fees: Any monthly fee will eat into your interest earnings
• Ease of transfer: You need to be able to move money in and out easily

1. EQ Bank — Best Overall Rate

EQ Bank consistently offers one of the highest everyday savings rates in Canada with no promotional gimmicks. The rate applies to your full balance with no minimum, no maximum, and no monthly fees. CDIC insured. Free Interac e-Transfers make moving money easy.

• Rate: Competitive everyday rate (check site for current)
• Minimum balance: $0
• Monthly fee: $0
• CDIC insured: Yes

2. Neo Money — Best for Cash Back + Savings

Neo Financial's Money account combines a high savings rate with cash back on purchases when you use the Neo card. The combination makes it uniquely attractive if you want both saving and spending in one place. Deposits are held at Concentra Bank and are CDIC insured.

• Rate: Up to 4.00% (check current rate)
• Minimum balance: $0
• Monthly fee: $0
• CDIC insured: Yes (via Concentra Bank)

3. Wealthsimple Cash — Best for Wealthsimple Users

If you're already a Wealthsimple investor, the Wealthsimple Cash account earns a competitive rate and keeps everything in one ecosystem. The Wealthsimple app is genuinely excellent and having savings, investments, and spending in one place is convenient. CDIC insured through Canadian Western Bank and others.

• Rate: Competitive (premium rate for Wealthsimple Premium members)
• Minimum balance: $0
• Monthly fee: $0
• CDIC insured: Yes

4. Oaken Financial — Best for GIC Savers

Oaken Financial (a division of Home Bank) offers some of the best GIC rates in Canada alongside a solid HYSA. If you have money you won't need for a year or more, their GICs often beat any savings account rate. CDIC insured up to $100,000.

What About the Big Banks?

TD, RBC, BMO, CIBC, and Scotiabank all offer "high interest" savings accounts that typically pay 0.01% to 1% — far below what you can get elsewhere. There's no financial reason to use them for savings. Keep your chequing account at the big bank if you need to, but move your savings to one of the accounts above.

Our Recommendation

Open an EQ Bank savings account for your emergency fund and short-term savings. It takes about 10 minutes to set up, earns a competitive rate with no conditions, and your money is CDIC insured. If you're already on Wealthsimple, the Cash account is a convenient alternative.