In this article, I will highlight the Best High interest savings accounts in Canada that have high interest alongside no monthly fees and easy access to funds.
If you’re saving for a short term or building a sustantial amount of wealth, these accounts will allow dollars to grow at a swift pace without putting in much effort.
Key Points & Best High Interest Savings Accounts In Canada List
| Institution / Account | Key Point |
|---|---|
| Scotiabank | Offers multiple savings options, including MomentumPLUS with tiered interest |
| CIBC | Smart Account offers occasional fee waivers and basic savings tools |
| BMO Savings Amplifier Account | Higher interest on new deposits with no monthly fee |
| RBC | Offers NOMI Find & Save, an AI-driven automatic savings tool |
| Tangerine Savings Account | Competitive interest with no fees or minimum balance |
| KOHO | Hybrid account with spending and saving, cashback, and interest |
| Simplii Financial | No-fee banking with competitive interest on savings |
| Alterna Bank HISA | Online-only bank with consistently high savings rates |
| ATB Financial High Interest Savings Account | Alberta-based, offers tiered interest and easy provincial access |
| Bridgewater Bank Smart eSavings™ Account | No fees, no minimum balance, competitive rates |
| Canadian Tire High Interest Savings® Account | High interest, good for those using Triangle Rewards |
| CI Direct Investing High Interest Savings Account | Cash alternative for investors using CI’s online platform |
| EQ Bank’s Personal Account | High interest with free Interac e-Transfers and bill payments |
| FirstOntario Credit Union High Interest eSavings Account | Ontario-only with strong community-based service |
| Hubert Financial Happy High-Interest Savings Account | Manitoba-based with consistently top-tier rates |
| ICICI Bank HiSAVE® Savings Account | Competitive rates, with international banking access |
| Kindred Credit Union High Interest Savings (Ontario only) | Faith-based institution offering ethical financial solutions |
| Laurentian Bank High Interest Savings Account | Quebec-based with digital options available |
| Manulife Bank Advantage Account | Hybrid account with interest on every dollar and flexible access |
| MAXA Financial High Interest Savings Account | Strong rates, online-only, Manitoba-based institution |
20 Best High Interest Savings Accounts In Canada (2025)
1.Scotiabank
The MomentumPLUS Savings Account is the auto-teller machine savings account offered by Scotiabank and it is quite popular among Canadians thanks to the tiered interest features.
Garden Variety Scotiabank Customers can readily enhance their banking portfolio using MindBlogger, allowing affiliation with pre-loaded loans, savings tools, flexible goal savings, and tracking access.
Keeping MomentumPLUS on phone is bonus access integrated through Scotiabank’s charge-free app. It also features self-imposed restriction and savings technology. Its award for loyalty having low-interest disburses additional fortune for customers saving toward desires enabling these goals.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Base + bonus tiers (up to 1.60% or more) |
| Minimum Balance | None |
| Accessibility | Online, mobile, in-branch |
| Notable Feature | Higher rates the longer you save (90 to 360 days) |
| Extras | Linked to Scotiabank ecosystem |
2.CIBC
One of the bank’s flagship accounts is the eAdvantage Savings Account, which is specially tailored for high-interest earners. It has strong promotional rates, maintains zero monthly fees, and allows for complimentary transfers to other CIBC accounts.
Clients can also take advantage of no-fee interest if they meet certain deposit milestones. The bank’s strong digital tools enhances bang for the buck, including mobile cheque deposit, tiered savings functionality, and integrated cheque depositing.
While other transactions such as bill payments aren’t allowed to be paid directly from the account, it does function well as a pure savings vehicle. Overall, CIBC stands out as decisively user-friendly, retaining clients deposits in a mix of safety and technology.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Promotional + base rate |
| Minimum Balance | None |
| Accessibility | Online, mobile, in-branch |
| Notable Feature | Bonus interest when you save $200+ monthly |
| Extras | Free transfers to CIBC accounts |
3.BMO Savings Amplifier Account
BMO Savings Amplifier Account, you can earn higher interest on incremental deposits without monthly fees, which increases interest when new funds are deposited. This account is best suited for individuals with a BMO checking account, as it does not allow direct transactional use.
For emergencies or short term savings, it is convenient for fund transfers within BMO accounts and new users usually receive promotional interest rates.
In conclusion, the account is most beneficial for users who require a savings account due to its enhanced interest rates compared to regular BMO accounts.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Higher on new deposits |
| Minimum Balance | None |
| Accessibility | Online and mobile only (linked to BMO chequing) |
| Notable Feature | Boosts interest on fresh deposits |
| Extras | Requires BMO chequing account |
4.RBC
RBC’s High-Interest eSavings Account was designed for digital-first savers who desire a no-hassle experience devoid of fees. It earns competitive interest on every dollar, does not charge monthly fees, and offers free transfers to other RBC accounts online.
Its advantages lie in maximizing returns on unused funds, even if ATM or in-branch withdrawals, as well as a debit card, are not provided. RBC also incorporates smart tools such as NOMI Find & Save, which utilizes AI to detect excess funds and transfer them into savings accounts.
This account is a stable, hands-free option suited for individuals looking to earn interest while avoiding elaborate banking structures.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Moderate |
| Minimum Balance | None |
| Accessibility | Online, mobile |
| Notable Feature | NOMI Find & Save AI tool |
| Extras | Free RBC internal transfers |
5.Tangerine Savings Account
Scotiabank’s digital subsidiary, Tangerine, is known across Canada for its high-interest savings accounts, and for good reason. The account has no monthly fees, no minimum balances, and usually has promotional rates for new clients.
While there are no physical branches, the digital-first approach marks a shift in consumer relations with banks. Efforts in Canada to eliminate branch-centric paradigms and move banking to smartphones and computers has paid off.
According to customers, it is hassle-free, rewarding, and offers a wide variety of saving options. Interest is also paid out monthly instead of being subsidized with account fees, making it easy for savers to grow efficiently. Like the app rated for user experience, the automated features make setting financial off goals easier.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Competitive + frequent promos |
| Minimum Balance | None |
| Accessibility | Online and mobile only |
| Notable Feature | Automatic savings tools |
| Extras | No minimum, daily interest |
6.KOHO
Fintech platforms like KOHO generates a hybrid spending a savings account that earns cash back and interest. Users on KOHO can earn interest from the entire account balance while enjoying prepaid Visa spending and budget tracking tools.
People enrolled in the premium plan are eligible for the KOHO savings feature that offers competitive rates. Primarily focused on helping users maintain financial wellness
KOHO along with other tools is specialized in tracking spending, building credit, and offering automated saving functionalities, setting them apart from traditional banks.
Funds are held with a federally regulated financial institution, and there are no monthly fees for the basic account. KOHO is tailored for spending savvy Canadians looking to combine their savings along with control over spending.
| Feature | Details |
|---|---|
| Monthly Fees | None (optional premium plan) |
| Interest Rate | Varies by plan |
| Minimum Balance | None |
| Accessibility | Mobile app |
| Notable Feature | Hybrid account with cashback |
| Extras | Credit building tools available |
7.Simplii Financial
Simplii Financial, which is CIBC’s digital banking division, provides a High Interest Savings Account (HISA) that offers competitive interest rates with no fees. The account is managed online, with free unlimited transfers to other Simplii accounts, and can be easily linked to a chequing account for easy access.
Simplii frequently offers new deposit promotions, which further boosts the appeal of this simple savings account. Although there are no physical branches, Simplii’s 24/7 digital banking services and mobile app make saving easy and accessible. This is a good option for Canadians who want an online banking service and need a reliable savings account with interest.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Competitive + promos |
| Minimum Balance | None |
| Accessibility | Fully online |
| Notable Feature | No-fee banking + easy CIBC integration |
| Extras | 24/7 mobile and web access |
8.Alterna Bank HISA
As compared to other online banks in Canada, the High Interest eSavings Account held by Alterna Bank offers one of the best rates. There are no monthly fees and the account has no minimum balance, allowing it to maintain a high interest rate without any promotional expiration.
It provides unlimited e-Transfers and mobile cheque deposits which makes this eSavings Account one of the most accommodating in terms of HISA’s. Ensuring deposit safety, Alterna Bank, a federally chartered bank, operates as a subsidiary of Alterna Savings.
Its branch access is quite limited, especially to places outside Ontario, but its digital services are quite dependable. This account is great for a Canadian seeking reliable returns and fees, as well as full digital banking services.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Consistently high |
| Minimum Balance | None |
| Accessibility | Online, mobile |
| Notable Feature | No promo gimmicks |
| Extras | Unlimited free e-Transfers |
9.ATB Financial High Interest Savings Account
Providers of financial services in Alberta, ATB Financial is known for its High Interest Savings account which offers reasonable interest and no monthly fee. It is designed for individuals who wish to save their money in a secure account that accumulates interest.
It is also available to customers with digital banking, including mobile deposit, online transfers, and budgeting applications. The savings account offered by ATB is noted for its customer service and regional focus.
It is primarily beneficial to spare the inconvenience of lengthy queues at a bank while still earning more than a basic savings account offers. Like most savings accounts, it requires a separate checking account to access funds.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Tiered |
| Minimum Balance | None |
| Accessibility | Online, mobile, in-branch (Alberta only) |
| Notable Feature | Best for Alberta residents |
| Extras | Provincial focus |
10.Bridgewater Bank Smart eSavings™ Account
Bridgewater Bank Smart eSavings™ Account customers benefit from strong interest rates, no account fees, and no minimum balance. Bridgewater is a digital-only institution, which allows the bank to keep its operational costs low and offer better rates.
Interest accrues daily and is paid monthly, while account holders with external accounts linked to their bank accounts can access their funds easily. The lack of a mobile app and ATMs can be viewed as a drawback, but it may be suited for those looking to store emergency funds or midterm savings.
Due to its ownership by the Alberta Motor Association, the bank is a trustworthy institution that offers fair value. The Smart eSavings Account is ideal for customers looking to grow their funds with minimal activity on their accounts.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Competitive |
| Minimum Balance | None |
| Accessibility | Online only |
| Notable Feature | Owned by AMA, trusted digital bank |
| Extras | No ATM access |
11.Canadian Tire High Interest Savings® Account
The Canadian Tire High Interest Savings® Account is suitable for users already attached to the Canadian Tire Financial ecosystem since it offers a compelling interest rate. Also, Canadian Tire Financial does not charge a monthly maintenance fee for the account, which makes it a suitable place for customers to park idle funds.
Transfers to and from linked accounts are free, and all balances earn interest from day one. While the account does not permit direct bill payments or ATM access, its integration with other Canadian Tire financial products is a significant strength.
It is best for customers looking to simplify the savings process while earning interest, and who may also benefit from Canadian Tire rewards savings and services
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | High (on par with top rates) |
| Minimum Balance | None |
| Accessibility | Online only |
| Notable Feature | Linked to Canadian Tire Financial services |
| Extras | No ATM or bill pay access |
12.CI Direct Investing High Interest Savings Account
Clients of CI Direct Investing can enroll in a High Interest Savings Account which serves primarily as an investor account cash management account. This savings account is non-traditional retail as it offers greater than average interest on cash held in investment accounts.
Retain access to funds that add to the client’s portfolio while earning strong returns on investment. Accessibility of funds between investments and savings accounts is seamless within CI’s platform.
It fits the needs of Canadians who do not use it for daily transactions, but do value ceaseless liquidity and stability, along with complex cash flow management with regards to a directed or self-directed investment portfolio.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | High (within investment account) |
| Minimum Balance | None |
| Accessibility | Online via CI Direct platform |
| Notable Feature | Best for investors needing liquidity |
| Extras | Cash component within investment portfolio |
13.EQ Bank’s Personal Account
EQ Bank’s Personal Account beats most competitors as a high interest hybrid chequing and savings account because it pays one of the highest, non-promotional interest rates in the country.
The account has no monthly fees, no minimum balance, unlimited free Interac e-Transfers and also accepts bill payments and direct deposits
Which is uncommon for high-interest savings accounts. Interest accrues on the total balance, and funds are kept at a federally regulated institution.
As an online bank, EQ has a mobile app and desktop platform. This account is ideal for Canadians who want high interest cash savings with easy access.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | One of the highest in Canada |
| Minimum Balance | None |
| Accessibility | Online, mobile |
| Notable Feature | Hybrid chequing+savings |
| Extras | Free e-Transfers, bill pay, deposits |
14.FirstOntario Credit Union High Interest eSavings Account (Ontario only)
FirstOntario Credit Union High Interest eSavings Account comes with a strong interest rate and no monthly fees for residents of Ontario. The account is a digital account, which means that banking, transfers, and cheque deposits can be done online and on mobile.
It appeals to members who wish to support a credit union but also want competitive returns on their savings. Although service is restricted to the citizens of Ontario along with the physical branches being located regionally, customer service tends to be more community oriented.
It is best for those who intend to support local financial institutions and value solid interest with simple management through an online account.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Competitive |
| Minimum Balance | None |
| Accessibility | Online + regional branches |
| Notable Feature | Ontario-only access |
| Extras | Community-focused service |
15.Hubert Financial Happy High-Interest Savings Account
Sunova Credit Union out of Manitoba has one of the best products in Canada: Hubert Financial’s Happy High-Interest Savings Account. It offers some of the best rates in Canada with no monthly fees or minimum balance, including non-promotional rates.
The account also comes with unlimited free transfers and pays compound interest monthly. As an online-only institution, Hubert is well-known for their customer service and digital tools. It is popular with savers who are rate-conscious because physical branches are unnecessary.
While it’s based out of Manitoba, the account is available to anyone in Canada, making it an appealing option for Canadians looking for uncomplicated digital savings.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Among highest available |
| Minimum Balance | None |
| Accessibility | Fully online |
| Notable Feature | Strong rates + monthly compounding |
| Extras | Available Canada-wide |
16.ICICI Bank HiSAVE® Savings Account
The HiSAVE® Savings Account offered by ICICI Bank comes with no monthly charges or minimum deposit requirements, and provides Canadian residents with competitive interest rates.
The Canadian arm of ICICI Bank offers this savings product exclusively online to help customers earn interest with ease and flexibility. It facilitates easy transfer to external accounts and enables the management of funds through a simple mobile application.
Although there are no bill payment or ATM withdrawal features, the account is best suited for earning interest on unused funds. The ICICI Bank brand adds to the credibility and trust that customers require.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Very competitive |
| Minimum Balance | None |
| Accessibility | Online, limited in-branch |
| Notable Feature | Global bank access |
| Extras | Transfers to linked Canadian accounts |
17.Kindred Credit Union High Interest Savings (Ontario only)
Kindred Credit Union Ontario and its other regions can enjoy Ontario’s ethical banking option which exclusively supports Kindred Credit Union High-Interest savings account that allows Ontarians to enjoy competitive interest rates. The account has zero monthly fee payments and both online and physical transactions are supported.
Kindred, being a faith-based institution, offers its customers things like saving accounts and loans through a social and environmental lens that makes them suitable for the concerned customers. Users get a more personalized approach through adaptive saving options and active customer service.
Though only offered to Ontario, the credit union’s strong local presence and values-driven approach make it an attractive option for those seeking both social impact and a mission-aligned banking experience.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Good regional offering |
| Minimum Balance | None |
| Accessibility | In-branch (BC) + digital |
| Notable Feature | Local BC credit union support |
| Extras | Requires membership |
18.Laurentian Bank High Interest Savings Account
For anyone wanting to accumulate savings without the need to maintain a certain balance or pay fees, Laurentian Bank’s High-Interest Savings Account offers a simple, yet effective solution. Though the bank operates primarily in Quebec, the account can be accessed online by customers throughout Canada.
Existing Laurentian Bank clients with online banking will find this account beneficial, as it is supported by an attractive interest rate. Apart from its physical locations, the bank offers customers the convenience of digitally transferring funds and tracking the progress of their savings, using their other accounts from different banks.
For loyal clients of Laurentian Bank, this account is ideal for conservative savers with its combination of security and returns, and is highly convenient for those who prefer managing their finances online.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Competitive |
| Minimum Balance | None |
| Accessibility | Online + in-branch (Ontario) |
| Notable Feature | Faith-based ethical banking |
| Extras | Community reinvestment |
19.Manulife Bank Advantage Account
Like any savings account, it offers interest that is paid out daily which can be accessed via free unlimited debit purchases, transfers and payments. Furthermore, the Manulife Bank Advantage Account combines the convenience of a checking account with a high yield savings account, with no monthly maintenance fees provided a minimum balance is upheld.
Adding to its utility, the account supports mobile banking, cheque deposits, Interac e-Transfers, and even writing cheques.
Compared to a High-Interest Savings Account, this account has less stringent interest rates; however, for those requiring daily access to their money while still wanting to earn interest, the account’s flexibility is an enticing benefit.
| Feature | Details |
|---|---|
| Monthly Fees | Waived with minimum balance |
| Interest Rate | Lower than top HISAs, but interest paid on all balances |
| Minimum Balance | Required for fee waiver |
| Accessibility | Online, mobile |
| Notable Feature | Chequing + savings hybrid |
| Extras | Bill pay, e-Transfers, debit access |
20.MAXA Financial High Interest Savings Account
Simplifying the life of every Canadian saver, MAXA Financial promotes a high-interest savings account that consistently ranks among the best for rates in Canada.
This online-only account has no monthly fees and no minimum balance, allowing for easy transfers to other accounts.
Although based in Manitoba, Canadians from coast to coast can access these services. With competitive interest and outstanding customer care, savers can trust that their funds are in good place.
There are no hidden services, simply a straightforward and secure platform that allows for seamless GIC and savings account management.
| Feature | Details |
|---|---|
| Monthly Fees | None |
| Interest Rate | Among Canada’s highest |
| Minimum Balance | None |
| Accessibility | Online only |
| Notable Feature | Manitoba-based but open Canada-wide |
| Extras | Focused solely on savings & GICs |
Conclusion
To wrap it all up, Canada presents numerous savings accounts with high-interest rates, including digital accounts with high rates and hybrid accounts with more flexibility.
The choice of the account soothes all preferences whether there are no fees, ethical banking, or daily interest payments with low balances. It is important to analyze features and pick the account which corresponds to the set objectives and everyday activities.
FAQ
What is a high-interest savings account (HISA)?
A HISA is a savings account that offers a higher interest rate than traditional savings accounts, helping your money grow faster while remaining accessible.
Are high-interest savings accounts safe in Canada?
Yes, most are protected by CDIC or provincial deposit insurance, which covers deposits up to $100,000 per account type per institution
Do HISAs have fees?
Most HISAs in Canada have no monthly fees. However, some may charge for excess transactions or specific services.
