Best High-Interest Savings Accounts in Canada 2026

Current High-Interest Savings Account Rates from Canada’s Big Six Banks (2026)

As of 2026, the Big Six Canadian banks offer a wide range of HISA rates that reflect the Bank of Canada’s evolving rate environment. TD Bank’s High Interest Savings Account sits in the range of 0.50%–1.00% on standard balances, while RBC’s High Interest eSavings Account offers a comparable base rate with periodic promotional bonuses for new deposits. BMO’s Savings Amplifier Account and Scotiabank’s Momentum PLUS Savings Account both hover in similar territory, typically between 0.75% and 1.75% depending on balance tiers and whether you qualify for a bonus rate period.

CIBC’s eAdvantage Savings Account and National Bank’s Savings Account round out the Big Six picture, with rates that can reach up to 2.00%–2.50% during promotional windows for new clients or when linked to qualifying chequing accounts. It is important to note that promotional rates are usually time-limited — often 90 to 180 days — before reverting to a lower ongoing rate. Always read the fine print and mark your calendar so you can reassess or move funds when a promotional period ends.

For context, online banks and credit unions operating across Canada — such as EQ Bank, Oaken Financial, and Tangerine — have consistently offered higher everyday rates than the Big Six, sometimes exceeding 3.00%–4.00% on non-promotional balances. If maximizing your interest income is the primary goal, it is worth looking beyond traditional branch-based institutions, keeping in mind that these providers must still meet CDIC or provincial deposit insurance requirements to be considered low-risk options.

Government Deposit Protection: CDIC and Provincial Schemes

One of the most important factors when choosing any savings account in Canada is understanding how your money is protected. The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that automatically insures eligible deposits at member institutions — which includes all Big Six banks — up to C$100,000 per depositor per deposit category. Key categories include deposits in your own name, joint deposits, RRSP deposits, TFSA deposits, and FHSA deposits, each protected separately up to the C$100,000 limit.

It is crucial to understand what CDIC does and does not cover. Eligible deposits include savings accounts, chequing accounts, and GICs with terms of five years or less, all denominated in Canadian dollars. Foreign currency deposits, mutual funds, stocks, and ETFs are not covered by CDIC. If you hold deposits across multiple CDIC member institutions, each institution provides a separate layer of protection, which is a useful strategy for Canadians with large cash holdings.

For deposits held at credit unions or caisses populaires — which are provincially regulated — protection is provided by provincial deposit insurance schemes such as the Deposit Guarantee Corporation of Manitoba, the Financial Services Regulatory Authority of Ontario (FSRA), or the Autorité des marchés financiers (AMF) in Quebec. Coverage limits and rules vary by province, and in some cases — such as Manitoba — deposits at credit unions are fully guaranteed without a cap. Always verify the deposit protection details specific to your province before opening an account at a non-CDIC member institution.

Tax on Savings Interest: What the CRA Expects from You

Unlike capital gains or Canadian dividends, interest income earned in a regular HISA is taxed by the Canada Revenue Agency (CRA) at your full marginal income tax rate — the same rate applied to your employment or business income. This means that if you are in a 40% combined federal and provincial marginal tax bracket and earn C$1,000 in HISA interest, you will owe approximately C$400 in tax on that income. Your financial institution will issue a T5 slip (Statement of Investment Income) each February for any interest exceeding C$50 earned in the prior calendar year, and you must report this on your annual T1 return.

An important nuance introduced in recent years is that the CRA requires you to report accrued interest annually, not just when you withdraw funds. This means even if you reinvest interest earnings and do not touch your account, you still owe tax on the interest credited to your account during the year. High earners in provinces with elevated tax rates — such as Ontario, British Columbia, or Quebec — can see a significant portion of their HISA returns eroded by tax, which is why tax-sheltered alternatives like the TFSA deserve serious consideration.

Residents of Quebec should also be aware that provincial income tax rules administered by Revenu Québec apply in addition to federal CRA rules, and the combined marginal rate in Quebec can be among the highest in the country. Proper tax planning — including shifting savings into a TFSA where possible — can help Quebec residents and other high-income Canadians retain more of their interest income.

Online vs. Branch-Based Savings Accounts: Which Pays More?

Branch-based savings accounts at the Big Six banks offer convenience, brand familiarity, and seamless integration with existing chequing accounts, but these advantages typically come at the cost of a lower interest rate. Physical branch networks are expensive to maintain, and those overhead costs are reflected in lower deposit rates offered to customers. If you are comfortable managing your finances digitally, online-only savings accounts — whether from online-only banks, digital divisions of established institutions, or credit unions with strong app-based platforms — almost always deliver better ongoing rates with lower or no monthly fees.

The trade-off with online accounts is primarily around accessibility and customer service. Transfers from an online HISA to your primary bank account can take one to three business days via Interac e-Transfer or electronic funds transfer, which may be inconvenient if you need cash quickly. Some Canadians opt for a hybrid approach: keeping a modest emergency buffer in a branch-based account for immediate access while parking the bulk of their savings in a higher-rate online account to maximize returns.

HISA vs. TFSA: Choosing the Right Home for Your Savings

A Tax-Free Savings Account (TFSA) is not a standalone savings product — it is a registered account shell that can hold a wide range of investments, including high-interest savings accounts, GICs, mutual funds, ETFs, and stocks. When you hold a HISA inside a TFSA, all interest earned grows completely tax-free and can be withdrawn at any time without tax consequences. As of 2026, the cumulative TFSA contribution room for a Canadian who has been eligible since 2009 has grown substantially, and annual contribution limits are indexed to inflation and announced each year by the federal government. Using your available TFSA room for a HISA deposit is almost always preferable to holding the same deposit in a taxable account, assuming you have contribution room available.

The key distinction when comparing a standard HISA to a TFSA HISA comes down to three factors: tax treatment, contribution limits, and flexibility. A regular HISA has no contribution limits and no tax advantages — you can deposit and withdraw freely, but interest is taxable. A TFSA HISA caps your total deposits at your available contribution room, but delivers tax-free growth and tax-free withdrawals. Withdrawn amounts are added back to your TFSA contribution room the following calendar year, preserving long-term flexibility. For Canadians who have already maximized their TFSA and RRSP contributions, a taxable HISA remains a solid, CDIC-insured option for surplus cash — particularly when the rate is competitive and the funds are earmarked for a near-term goal such as a vacation, car purchase, or home renovation.

Frequently Asked Questions