High-interest savings accounts (HISAs) have become a genuinely attractive savings vehicle for Canadians over the past three years, as the Bank of Canada's rate-hiking cycle pushed yields well above the near-zero rates that prevailed through 2021. While the Bank has now cut rates from the peak, the overnight rate at 2.75% still translates to meaningful returns for cash savers who shop around beyond their primary bank.
Plauste has compiled the best available rates as of July 27, 2026, verified directly with each institution. These rates are subject to change without notice, and we recommend confirming the current rate before opening any account.
1. EQ Bank — 3.75% (Savings Plus Account)
EQ Bank consistently ranks as Canada's top digital savings bank and its flagship Savings Plus Account continues to offer one of the highest rates in the country. The account has no monthly fees, no minimum balance, and free e-Transfers. EQ Bank is a subsidiary of Equitable Bank and deposits are CDIC-insured up to $100,000. The 3.75% rate applies to everyday savings; GIC rates are higher.
2. Oaken Financial — 3.65% (Savings Account)
Oaken Financial, a division of Home Trust Company, offers a competitive 3.65% on its online savings account with no monthly fees and no minimum balance. Home Trust is a CDIC member institution, providing the same federal deposit insurance as the major banks. Oaken's GIC rates are among the highest available from a federally regulated institution.
3. Simplii Financial — 3.50% (High Interest Savings)
Simplii Financial, CIBC's direct banking brand, is offering 3.50% on new High Interest Savings Account balances for the first six months for new clients. After the promotional period, the rate reverts to the standard rate, which has typically been 2.25-2.50% in recent months. Worth considering for those willing to move money between institutions periodically to capture introductory rates.
4. Tangerine — 3.40% (Savings Account, Promotional)
Tangerine is offering a 3.40% promotional rate for new savings account clients through August 31, 2026. Tangerine is a subsidiary of Scotiabank and CDIC-insured. The bank's app is among the most user-friendly available in Canada, making it a good choice for those who value digital experience alongside rate.
5. Meridian Credit Union — 3.30% (High Interest Savings)
For Ontarians, Meridian Credit Union offers 3.30% on its High Interest Savings Account with no fees and the additional security of deposit protection through DICO (Deposit Insurance Corporation of Ontario), which provides coverage beyond the CDIC $100,000 limit for eligible deposits. Credit unions also offer a member-owned governance structure that some savers prefer on principle.