Last updated: October 2026
Best High-Interest Savings Accounts in Canada Right Now (October 2026)
If your savings are sitting in a Big Five chequing account earning effectively zero, you’re leaving money on the table. A high-interest savings account (HISA) keeps your cash fully liquid and CDIC-insured while paying a real return.
But there’s a trap in 2026’s HISA market: promotional rates. Many banks advertise eye-catching rates — 4.50% to 5.00% — that quietly collapse to under 1% after three to five months. The rate that matters is the one you’ll earn in month six. This guide compares both.
Promotional rate vs ongoing rate: read the fine print
- Promotional rate: a temporary bonus rate, usually for 90–180 days, often only for new clients and sometimes capped (e.g., on the first $200,000).
- Ongoing rate: what you earn after the promo expires. This is your real long-term return.
A 2.75% ongoing rate held all year beat a 4.60% promo that ended Oct 31, 2026 and dropped to a tiered 0.30%–1.00% after three months. Do the math on your balance and timeline before chasing the headline number.
The best HISAs in Canada for October 2026
Best ongoing rates (no promo games)
EQ Bank Personal Account — 2.75% with at least $2,000 in monthly direct deposits; otherwise 1.00% (rates as of October 2026). No monthly fees, no minimum balance, CDIC-insured. If you can route your paycheque through EQ, this is one of the strongest set-and-forget rates in the country. EQ also offers Notice Savings accounts at 2.35% (10-day notice) and 2.75% (30-day notice) for money you can plan ahead on.
Learn more about EQ Bank on the provider’s website.
Neo Financial Savings — up to 2.75% depending on your Neo membership (rates as of October 2026): the free Essentials membership pays 2.00%, Start pays 2.25% ($0 with payroll direct deposit, otherwise $4.99/month), Build pays 2.50% ($9.99/month), and Grow pays 2.75% ($14.99/month). Since October 1, 2026, rates are set by membership rather than your savings balance. No promo period — the rate is the rate.
Wealthsimple Savings — 2.50% as of October 2026. Simple, no hoops, and convenient if you already invest or bank with Wealthsimple.
KOHO — up to 3.50%, but it requires the Everything plan at $14.75/month. On a $10,000 balance, 3.50% earns $350/year against $177 in plan fees — the fee eats roughly half the interest. It only makes sense at larger balances or if you value KOHO’s other perks.
Best promotional rates (great for short-term cash)
Simplii Financial — 4.60% for five months on eligible deposits up to $200,000, for offers that ended Oct 31, 2026. After the promo ended, the ongoing rate is a tiered 0.30%–1.00% by balance. It is no longer a current promotional option.>
Tangerine — 4.50% for five months for new clients (client number obtained by November 30, 2026), then 0.30%.
RBC High Interest eSavings — 4.60% for three months on a first account opened by October 27, 2026, then 0.55%.
BMO Savings Amplifier — 5.00% for up to 4 months when you pair a Savings Amplifier Account with an eligible BMO chequing account. This limited-time offer is still being advertised in October 2026 (the September 30 deadline from the earlier offer no longer applies, and no new end date is published), then the posted rate of 0.45%.
Side-by-side comparison
| Account | Promotional rate | Ongoing rate | Key condition |
|---|---|---|---|
| EQ Bank Personal Account | None | 2.75% (1.00% without $2k/mo direct deposit) | Direct deposit for top rate |
| Neo Financial Savings | None | Up to 2.75% | Tiered by membership |
| Wealthsimple Savings | None | 2.50% | None |
| KOHO (Everything plan) | None | Up to 3.50% | $14.75/month plan |
| Simplii HISA | 4.60% for 5 months (ended Oct 31, 2026) | 0.30%–1.00% by balance | New clients; up to $200k |
| Tangerine Savings | 4.50% for 5 months | 0.30% | New clients |
| RBC eSavings | 4.60% for 3 months | 0.55% | First account |
| BMO Savings Amplifier | 5.00% for up to 4 months | 0.45% | Eligible chequing account |
Should you lock money in a GIC instead?
If you won’t need the cash for a fixed period, a Guaranteed Investment Certificate (GIC) usually pays more than any HISA. As of October 2026, 1-year GICs from CDIC-insured institutions have been advertised at 3.40% at EQ Bank and 3.50% at Tangerine, with smaller institutions like Oaken Financial sometimes higher.
The trade-off is liquidity: redeemable GICs pay less, and non-redeemable GICs lock your money until maturity. A common hands-off approach is a GIC ladder — splitting savings across 1-, 2-, and 3-year terms so something matures every year — but that adds complexity. For emergency funds and short-term goals, the flexibility of a HISA is worth the slightly lower rate. For money you definitely won’t touch for a year or more, compare GIC rates before settling.
How to pick
- Emergency fund or long-term cash: choose on the ongoing rate. EQ Bank (with direct deposit), Neo, or Wealthsimple.
- Cash you’ll need in 3–6 months (down payment, trip, tuition): grab the best current promo — Tangerine’s — then move the money when it expires.
- Chasing promos repeatedly: some savers rotate between banks every few months. It works, but each move means new account paperwork and transfer delays. Decide if the extra ~1% is worth your time.
A note on safety
HISA deposits at CDIC member institutions are insured up to $100,000 per insured category, per institution. If your savings exceed that at one bank, spread them across institutions. (Our savings account basics guide covers CDIC in more detail.)
Rates are variable and move with Bank of Canada policy — every figure above should be confirmed with the official provider before you open an account, since promos start and end constantly. This is general information, not personalized financial advice; for larger savings decisions, consider speaking with a licensed advisor.
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