Canadian HISA Rates

What is a High-Interest Savings Account (HISA)?

A HISA pays a higher rate than a regular savings or chequing account. Online banks and fintechs in Canada typically offer 2–5%, while the big banks still sit at 0.01–0.10%.

Interest accrues daily on your closing balance and gets credited monthly. Your money isn't locked in the way it is with a GIC, so you can take it out whenever you want. Most people use a HISA for their emergency fund, a house down payment, or cash sitting on the sidelines.

CDIC vs. provincial deposit insurance

CDIC covers eligible deposits up to $100,000 per category per depositor at member institutions. Most Schedule I banks, including Tangerine and Simplii, are direct CDIC members.

Fintechs like Wealthsimple and KOHO keep your money at a partner bank that holds the CDIC membership, so you're still covered even though the fintech itself isn't. Manitoba credit unions (Achieva, Hubert, MAXA) fall under the Deposit Guarantee Corporation of Manitoba (DGCM), which offers unlimited coverage but is separate from CDIC.

How to pick a HISA

Rate is the obvious starting point, but also check the deposit insurance, minimum balance, and any conditions on promotional offers. A lot of institutions lead with a high promo rate that drops after a few months, so read the fine print before you move your money.

The rates here are pulled daily from each institution's website. We link to the source page for every product so you can double-check the number before opening an account.