The interest rates noted in this post were updated on August 5, 2025, but may change in the future.
Here is a fully updated list of all the highest interest rates on savings accounts in Canada currently available. As you’ll note, these are all online banks because none of the brick-and-mortar big banks in Canada made the cut.
As you’ll also see in the chart, unfortunately, not all banks are available to Quebec residents (sorry!).
Top High-Interest Savings Accounts in Canada
| Bank | Interest Rate | Insured By | Available in Quebec |
|---|---|---|---|
| Achieva Financial | 2.10% | DGCM | Yes |
| Alterna Bank | 1.25% | CDIC | Yes |
| Canadian Tire Bank | 2.40% | CDIC | No |
| CI Direct Investing | 1.75% | CIPF | Yes |
| EQ Bank | 1.25% (or 3.5%) | CDIC | No |
| Hubert Financial | 2.30% | DGCM | No |
| MAXA Financial | 1.95% | DGCM | Yes |
| Motive Financial | 2.25% | CDIC | No |
| Oaken Financial | 2.80% | CDIC | Yes |
| Outlook Financial | 1.95% | DGCM | Yes |
| PC Financial | 3.10% | CDIC | No |
| People’s Group | 1.75% | CDIC | Yes |
| Saven Financial | 2.80% | FSRA | No |
| WealthOne Bank | 3.10% | CDIC | No |
| Wealthsimple Chequing | 1.75% (up to 2.75%) | CDIC | Yes |
Achieva Financial
Achieva Financial is a division of Cambrian Credit Union and has been around since 1998. For that reason, Achieva is considered one of the first online banks in Canada.
Since Cambrian Credit Union is a Manitoba credit union, deposits with Achieva Financial are protected under the Deposit Guarantee Corporation of Manitoba.
Details
- No monthly fees
- No minimum balance required
- Free deposits and one free cheque, direct transfer or pre-authorized payment every month
- $1 per month paid to you when you choose to receive your documents electronically
Deposit protection: Insured by DGCM
Interest rate: 2.10%
Alterna Bank
I mentioned Alterna Bank as a great no-fee bank in Canada in a previous blog post, but they also offer fairly high interest on their savings accounts too! Alterna Bank launched in 2000 and is a subsidiary of Alterna Savings, an Ontario credit union. They are CDIC insured.
Details
- No monthly fees
- No minimum balance required
- Free, unlimited bill payments, transfers, and debits
- Free, unlimited Interac® e-Transfers
Deposit protection: Insured by CDIC
Interest rate: 1.25%
Canadian Tire Bank
Did you know Canadian Tire offers more than just lawnmowers, air fryers, and camping equipment? Yup, through their Canadian Tire Bank arm of the business, they also offer savings accounts with some decent interest too. Moreover, their website recently went through an overhaul (the last website was ancient looking) so they are really stepping up their game. They are also CDIC insured so your deposits are protected.
Details
- No monthly fees
- No minimum balance required
- No lock-in period
- Easy to transfer funds online or by phone
- 24/7 Online banking
- Telephone customer service between the hours of
8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday
Deposit protection: Insured by CDIC
Interest rate: 2.40%
Available to customers in all provinces excluding Quebec.
CI Direct Investing
This is a relatively new savings account that’s become available in Canada. You may be more familiar with CI Direct Investing for their robo-advisor and discount brokerage platforms, but in September 2020 they launched their savings account product and since then have offered one of the highest interest rates around.
However, they are not a bank. Instead, they themselves do not hold your money, their three custodians do: CI Investment Services Inc., Credential Qtrade Securities Inc., and National Bank Independent Network.
In terms of deposit protection, these custodians are members of the Canadian Investor Protection Fund (CIPF) , which means if any of these custodians goes bankrupt, your money is insured for up to $1 million per account type.
Details
- No monthly fees
- No minimum balance required
- Unlimited deposits and withdrawals
- 24/7 Online banking
- Telephone and email customer service between
Monday to Friday 8 AM – 8 PM Eastern
Deposit protection: Insured by CIPF via partner banks
Interest rate: 1.75%
EQ Bank
I used EQ Bank for my savings accounts for over 6 years, but I’ve got to say, I’ve been pretty disappointed with their rates lately. They haven’t budged from 2.50% interest in a few years, and only offer 4% interest if you direct deposit your pay into your account. If they really wanted to stay competitive, they would offer 4% to all customers, or simply offer a cash bonus for anyone who linked their work’s direct deposit to their account. Ultimately this is why I no longer user EQ Bank for my savings as there are better options out there. EQ Bank is CDIC insured.
Details
- No monthly fees
- No minimum balance required
- Unlimited Interac e-transfers
- Unlimited transfers and bill payments
- The maximum balance per customer is $200,000
Deposit protection: Insured by CDIC
Interest rate: 1.25% (3.5% with direct deposit)
Available to customers in all provinces excluding Quebec.
Hubert Financial
Ever heard of Hubert Financial? Me neither! They are an online bank that launched in 2010 and are a division of Sunova Credit Union. Sunova is a credit union based in Manitoba that was established 60 years ago with 13 locations throughout the province. Although Hubert Financial is not CDIC insured, your deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba.
Details
- No monthly fees
- No minimum deposit
Deposit protection: Insured by DGCM
Interest rate: 2.30%
Available to customers in all provinces excluding Quebec.
MAXA Financial
MAXA Financial is an online bank that launched in 2006 and is a division of Westoba Credit Union, a Manitoba-based credit union founded in 1963. Deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba.
Details
- No monthly fees
- No minimum balance required
Deposit protection: Insured by DGCM
Interest rate: 1.95%
Motive Financial
Motive Financial is a bank that has continually offered one of the highest interest rates on savings accounts in Canada since launching in 2017. Motive Financial is a division of Canadian Western Bank, a CDIC-insured financial institution.
Details
- No monthly fees
- Unlimited deposits
- 2 free monthly withdrawals per month ($5 after that)
- Free transfers between Motive accounts
Deposit protection: Insured by CDIC
Interest rate: 2.25%
Available to customers in all provinces excluding Quebec.
Oaken Financial
A bank you may not have heard of but has been around since 2013 is Oaken Financial. They are actually owned by Home Trust Company, which started as a trust company back in 1987. If you bank with Oaken Financial, you can feel safe that your deposits are protected by CDIC.
Details
- No monthly fees
- No minimum balance required
- Unlimited transactions
Deposit protection: Insured by CDIC
Interest rate: 2.80%
Outlook Financial
Outlook Financial is a division of Assiniboine Credit Union, a co-operative based in Winnipeg, Manitoba that has been around for over 75 years. Deposits with Outlook Financial are guaranteed by the Deposit Guarantee Corporation of Manitoba.
Details
- No monthly fees
- No minimum balance required
Deposit protection: Insured by DGCM
Interest rate: 1.95%
PC Financial
PC Financial has been around for a while (since 1996, to be exact), but over the years it has gone through a ton of changes. When it first launched, it was in partnership between Loblaw Companies and CIBC. But cut to 2017, CIBC ended its partnership with them so they could launch their own online bank, Simplii Financial. Up until 2020, PC Financial existed just as a credit card product, that is, until they launched their PC Money Account, which was effectively an online chequing account.
In October 2024, they launched their PC Money Account savings feature, which is basically just a savings account. Don’t you love how financial brands try to be different by using different terminology for a thing that isn’t different at all (just call it a chequing and savings account!). Anywho, as of August 2025, I’m adding PC Financial to this list since their savings account has one of the highest interest rates around right now.
Details
- No monthly fees
- No minimum balance
- Free unlimited transactions for everyday online and in-store purchases
- Free Interac e-Transfer® services
- No foreign exchange transaction fees
Deposit protection: Insured by CDIC
Interest rate: 3.10%
Available to customers in all provinces excluding Quebec.
People’s Group
People’s Group started out as a boutique financial services company in 1985 in Vancouver. Back then, they specialized in mortgages, but now they offer a variety of financial products including their e-Savings Account. For your protection, People’s Group is CDIC insured so your deposits are 100% guaranteed.
Details
- No monthly fees
- No minimum deposit
- Easily transfer funds between your Peoples Trust accounts, or between your linked accounts at other financial institutions
Deposit protection: Insured by CDIC
Interest rate: 1.75%
Saven Financial
Saven Financial, a division of FirstOntario Credit Union, is a relatively new online bank that launched in January 2021. They consistently offer one of the highest interest rates in the country, though there are some major limitations, such as only allowing Ontario residents to open up an account. Still, it may be a good option if you live in Ontario.
Details
- No monthly fees
- No minimum balance
- $25 initial investment to become a Saven member
- Free transfers
Deposit protection: Insured by the Financial Services Regulatory Authority of Ontario (FSRA)
Interest rate: 2.80%
Available to customers in Ontario only.
WealthOne Bank
WealthOne Bank launched in 2016 and even though they are predominantly an online bank, they also have physical offices in Ontario and British Columbia. Not only that, as referenced on their website, they were born out of a need to better serve the Chinese Canadian community. They are CDIC-insured.
Details
- No monthly fees
- No minimum balance required
- Free unlimited transactions
- 10 free bill payment transactions per month
Deposit protection: Insured by CDIC
Interest rate: 3.10%
Available to customers in all provinces excluding Quebec.
Wealthsimple Chequing
And last but not least, there is Wealthsimple Chequing. Wealthsimple has made various changes to its cash accounts over the years, which, honestly, have been hard to follow. Seriously. Tell me if any of this makes sense!
Starting in 2018, Wealthsimple launched its Smart Savings Account. But then in 2019, they rebranded it to Wealthsimple Save. In 2020, they launched their Wealthsimple Cash account, their version of a chequing account, and at somepoint it was called a Wealthsimple Spend account, but I cannot find a record of it anywhere (but I remember it!). Cut to 2025, and they’ve decided to not only discontinue their Wealthsimple Save accounts, but once again, they’ve rebranded their Wealthsimple Cash account to Wealthsimple Chequing.
For a company that loves to talk a lot about how they are not a bank, Wealthsimple Chequing is the most bank-sounding account ever. No shade to Wealthsimple, I’m just seriously annoyed by how often they’ve renamed things for what seems like no good reason. Maybe just find a name that works and that people recognize and stick to it?
Details
- No monthly fees
- No low-balance fees
- Unlimited free transactions
- No minimum deposit
Deposit protection: Insured up to $1 million by CDIC via partner banks
Interest rate: 1.75 % for all clients, 2.25% for Wealthsimple Premium clients, 2.75% for all Wealthsimple Generation clients.
Hi JESSICA thanks for sharing the list its really informative one.
Glad you found it helpful!
Very useful information. I just started my emergency fund and was on the lookout on where I should keep it. Thank you for specifying which banks serve the province of Quebec, it helped a ton.
FYI, Alterna Bank’s interest rate went down from 1.20% to 1.10% for high interest saving accounts.
Glad you found it useful and thanks for the heads up! Wow, interest rates everywhere seem to change week-to-week!
Hi Jessica,
Which bank with the highest interest saving account in Canada would you recommend?
I have over 300,000 in cash. I know that CDIC covers up to $100,000. Will it be safe if I keep the money in one high interest saving account?
Thank you.
Definitely spread your cash around multiple banks in order for it all to be CDIC insured. That being said, there are different categories for CDIC protection so you may be able to have a joint account and individual account at one bank and cover $200,000, then put the other $100,000 at a different bank. I have personally been using EQ Bank for about 3 or 4 years and have really liked it, but take a look at the interest rates and consumer reviews and make your own decision to see what makes the most sense.
Thank you, Jessica, for your great article. I found it very interesting and informative. Best regards.
Thanks!
Achievea and Implicity are also both down to 1.10.
I was with EQ when they were doing 3.00, it was too good to be true!
I figure somewhere there’s gotta be an algorithym to pull this data daily..
Thanks!
Thanks for the heads up, it’s hard to keep this list up to date since rates keep falling all the time ugh.
Just opened all the ones for Quebec. All have fallen to at lease 1.10, EXCEPT oaken, at 1.15.
Thanks for the links!
Happy to help and looks like I’ll need to update all the rates again (sigh).
Except Saven Financial. They still in 1.35 % for savings accounts and I have a one year GIC with them at 1.55 % . I have spread cash between Oaken and Saven up to 200 K. Is FSRA Trustable Insurance as CDIC ? Thank Jessica
FRSA is similar to CDIC as it does provide deposit insurance for Ontario credit unions. You can find more info here: https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance
Hi Jessica,
Thanks for this info! Upon researching the above banks, I stumbled upon Wyth Financial. They currently offer a 1.55% interest rate on their HISA. Have you heard of this bank before? I was ready to sign up with EQ Bank but Wyth’s higher interest rate is very tempting!
Interesting, never heard of Wyth Financial but looks like they launched in August 2021. But they are simply a trade name for Concentra Bank. Concentra Bank is the wholesale bank and trust company for Canada’s credit unions, which means previously they only served institutions. But it looks like they wanted to branch out and copy what other credit unions are doing by launching a digital-only bank option for retail clients (individuals). Looking on some forums, in the summer they offered 1.55% interest then it dropped to 1.35%. But on their website, it’s back up to 1.55%. Because of this I’d suspect that they might change that interest rate again in the future as it may be promotional. Some things to consider:
-Concentra is CDIC insured so your deposits will be safe (up untl CDIC’s limits).
-You get only 1 free Interac e-Transfer® per month
-You get free transfers for withdrawals and deposits to your external linked account.
-The 1.55% interest rate only applies to deposits up to $150,000. No interest is paid on deposits over $150,000.
-Wyth is not available in Quebec
Thanks for letting me know, will have to update this article to include it!
Hey Jessica!
Found your YouTube channel several weeks ago & purchased your Budget for employees w/ a side hustle (after watching your intructional video). I’m about to start using it… seems awesome & completely set up. Thank you so much!
I was wondering about the Canadian Tire High Interest Savings Account you’ve mentioned a couple of times. I signed up online & just got their mailing to sign the DTA & tax declaration & send back but noticed they have a few accounts that I didn’t see on their site at the time (there’s not much info there): the HISA, GIC (regular & tax free), & also a Tax-Free HISA. Which do you recommend? Can you give me the rationale for why you wouldn’t go tax-free HISA? I am planning on using this as a well for the proceeds from my side hustle (just in the process of setting it all up) until I decide how else to invest further. I’ve never done a side biz. SO much to learn… your shared knowledge is invaluable. So glad I found you!
Hi Robin, so the HISA is the high-interest savings account that I mentioned in the blog post. A GIC isn’t an account but instead a type of investment product that you could house inside an account like an unregistered (taxable) account or registered account (i.e. TFSA, RRSP). And a tax-free HISA would be a TFSA account that you can house cash inside, instead of investments which is what TFSAs are in my opinion better suited for. The reason I’m not a fan of using a TFSA for cash savings is because your overall tax liability on the interest you earn on your savings is so minimal, a better idea is to preserve your TFSA room to house investments to build wealth over the longterm since those investments can grow so much more than the little interest on a savings account and you pay zero tax on any income or growth earned on those investments inside your TFSA. Hope that clears things up.
This article was very helpful in finding a high-interest savings account in Canada. Thank you for sharing!
I’m so glad!
Very thorough round up!
Thanks!
Hi! I m so glad you exist…lol… I became an instant fan! Your the first YouTuber I subscribe to… Ok 2 things; info and a question… I live in Quebec been with Koho over a year… I think you have some sort of love hate relionship with Koho…lol… So I have 5% interest with them they give free credit score cash back roundups… I love it and it has become the foundation for my financial plan… Hope this helps… And my question is: acording to your link to etf market insight (I subcribed to them to) they seem to think that high interest will be around for another 6 months to 2 years possibly…maybe more.. Did I get that right? Love to hear from you! Mark
Lots of economists agree that we’ll continue to live in this high interest environment for a while yet so it’s best to have those expectations too just to be more prepared (and if interest rates go down earlier, happy days!). And I also use KOHO (the free version), mainly to help my husband and I keep our joint variable spending in line with things like eating out, groceries, household supplies. Thanks so much for subscribing to my YouTube channel! Hoping to have the capacity to make more videos in the new year once I’ve finished my book’s manuscript.
Hi Jessica! This is always my go to when rates fall and I’m trying to find a more profitable home for my cash. Thank you for keeping us updated each year!
I have been using WS for a few years now and I agree…I’m not very satisfied. I transferred all my accounts to cash and I am still being charged monthly management fees! Not a fan anymore.
One thing I noticed is that Tangerine offers 4.5% for 5 months. Is there a reason you excluded them? Just curious if there’s a red flag I’m missing.
I’m also curious (and of course no worries if you’d like to keep that private) which bank you would go with and why?
This is only includes banks that offer the highest interest, no promotions. Tangerine does often offer higher rates, but typically just for new customers or for select customers, and always for a limited amount of time. I wanted to only list banks that consistently offer the higher rates without any promotional rates.
Great insights on high-interest savings accounts for 2025! It’s fascinating to see how interest rates are evolving and what options are available. I’m particularly interested in your recommendations for maximizing returns while keeping funds accessible. Keep up the informative content!
Nice roundup of high-interest savings accounts in Canada! I’m curious, how often do these interest rates change? Also, any tips on which bank tends to keep the rates stable over a longer period?
Typically sometime after the Bank of Canada changes its key interest rate.