Below is the list of Best High Interest Savings Accounts (HISA) for returning readers. If you are new, please read the post once to get a better understanding of the table HISA accounts.

You can also reference Highest Paying Best TFSA Accounts Rates

Update Date: June 25, 2021

June 25: Implicitly Financial increases its HISA from 1.10% to 1.20%
June 17: Hubert Financial increases its HISA from 1.00% to 1.25%
June 07: LBC Digital decreases its HISA from 1.20% to 1.15%
June 01: MAXA Financial decreases its HISA from 1.10% to 1.00%

FI NameHISA RateQC EligibleCoverage1 Year Return
Canadian Tire Bank1.55% No CDIC $10,156.11
Neo Financial1.30% No CDIC $10,130.78
EQ Bank1.25% No CDIC$10,125.72
Hubert Financial1.25% NoDGCM$10,125.72
Motive Financial1.25% No CDIC$10,125.72
Wealth One Bank of Canada1.25% No CDIC$10,125.72
AcceleRate Financial1.20%YesDGCM $10,120.66
Achieva Financial1.20%YesDGCM $10,120.66
Bridgewater Bank1.20%NoCDIC $10,120.66
LBC Digital1.15%Yes CDIC $10,115.61
Oaken Financial1.15%Yes CDIC $10,115.61
Peoples Trust1.15%Yes CDIC $10,115.61
Implicity Financial1.10%YesDGCM $10.110.56
Outlook Financial1.10%YesDGCM $10.110.56
Ideal Savings1.01% NoDGCM $10,101.47
Alterna Bank1.00%Yes CDIC $10,100.46
MAXA Financial1.00%YesDGCM $10,100.46
MotusBank1.00%Yes CDIC $10,100.46
Tangerine Bank0.10%YesCDIC $10,010.00
TD Bank0.05%YesCDIC $10,005.00

What Is Considered High Interest Savings Account (HISA)?

Best High Interest Savings Accounts (HISA) in Canada

The term “High Interest Savings Account” is often used for financial institutes’ highest interest savings accounts regardless of the rate. Unfortunately, HISA became a marketing word to attract new money.

Best HISA accounts are those offering a competitive return for your investment. This used to be around 3% before Covid but nowadays with the low interest rates, anything around 1.5% can be considered good.

The Reason for Creating My Own HISA List

I leave my money in a HISA account (Currently EQ) before transferring to my trading account to invest in the market. Big banks are the worst to invest your money in due to their very low interest rates.

The chart here will serve as a centralized location for Canadians to easily find the highest HISA rates.

The Criteria to be Included in the HISA List

I will include the top 15-20 High Interest Savings Accounts (HISA) in Canada. The list will not include promotional offers which can disappear suddenly. It will also not include targeted offers sent to selected clients.

In addition, the accounts need to be accessible to most Canadians (QC is an exception) directly in a branch or online. This means, I am not including FIs like Saven Financial which is only for Ontario residents.

One important factor to consider is to not invest more than the amount covered by CDIC or the Provincial Credit Union Deposit Insurance. This is to make sure you get your money back in case the bank goes bankrupt.

For reference, DGCM is Deposit Guarantee Corporation of Manitoba. DGCM provides an unlimited guarantee of all deposits in a Manitoba credit union including accrued interest to date of payout. This is a much higher coverage than CDIC’s.

High Interest Savings Accounts (HISA) List in Canada

I will update this list whenever I get informed about a rate change. Please don’t hesitate to report updates in the comment section.

  • Some financial institutes don’t offer new accounts to QC residents which is mentioned on the list.
  • Every financial institute has either CIDC or DGCM coverage which is pointed out on the list.
  • The 1 year Annual Compound Return is based on an initial $10,000 deposit with a monthly payment.
  • For the sake of comparison, I am including TD and Tangerine (Read my Tangerine Bank Review). This will only be their regular rates without any temporary promotion for a new account or new money.

You can also reference Highest Paying Best TFSA Accounts Rates

Update Date: June 25, 2021

June 25: Implicitly Financial increases its HISA from 1.10% to 1.20%
June 17: Hubert Financial increases its HISA from 1.00% to 1.25%
June 07: LBC Digital decreases its HISA from 1.20% to 1.15%
June 01: MAXA Financial decreases its HISA from 1.10% to 1.00%

FI NameHISA RateQC EligibleCoverage1 Year Return
Canadian Tire Bank1.55% No CDIC $10,156.11
Neo Financial1.30% No CDIC $10,130.78
EQ Bank1.25% No CDIC$10,125.72
Hubert Financial1.25% NoDGCM$10,125.72
Motive Financial1.25% No CDIC$10,125.72
Wealth One Bank of Canada1.25% No CDIC$10,125.72
AcceleRate Financial1.20%YesDGCM $10,120.66
Achieva Financial1.20%YesDGCM $10,120.66
Bridgewater Bank1.20%NoCDIC $10,120.66
LBC Digital1.15%Yes CDIC $10,115.61
Oaken Financial1.15%Yes CDIC $10,115.61
Peoples Trust1.15%Yes CDIC $10,115.61
Implicity Financial1.10%YesDGCM $10.110.56
Outlook Financial1.10%YesDGCM $10.110.56
Ideal Savings1.01% NoDGCM $10,101.47
Alterna Bank1.00%Yes CDIC $10,100.46
MAXA Financial1.00%YesDGCM $10,100.46
MotusBank1.00%Yes CDIC $10,100.46
Tangerine Bank0.10%YesCDIC $10,010.00
TD Bank0.05%YesCDIC $10,005.00

The difference between the highest and lowest payer is noticeable even for a $10K. The choice is yours.

Some consideration before opening any account is to know each account’s features such as minimum balance or online banking options, and any other fees. From this list, I know that Bridgewater Bank doesn’t offer Online banking.

What matters to me personally besides the coverage is the ability to transfer funds between my accounts electronically. These accounts should not be considered as the main daily accounts, so the transactions or Interac e-transfer fees are almost irrelevant.

Final Thoughts and Recommendations

I always park my cash money in a HISA account (Currently EQ) before transferring to either Questrade or WealthSimple to buy Stocks or ETFs. HISA also serves as my emergency fund. It can be pulled out in 2-3 days in case of an emergency. It is very important to consider a good HISA, so your cash generates some sort of income.

Wealthsimple is Canada’s first $0 commission trading platform. Sign up now to get $10.

If you aren’t in Quebec, you can choose Canadian Tire, Neo Financial, or my favorite EQ Bank. There are tons of great reviews about EQ bank, but I recommend reading Chrissy’s detailed review of EQ bank. I feel lucky that I got to know and open my EQ accounts years ago while living in NS. I transfer my pay directly to EQ after paying the bills.

Did you know you can pay bills using EQ’s Saving Account? It is a unique feature for a saving account.

If you are an unlucky QC resident, best option would be LBC Digital or Oaken. I personally still have GICs with Oaken (Transferring out upon maturity) and satisfied with their service and customer support.

Thank you for reading and happy investing. Do let me know where you invest your cash which can be your emergency fund. I’d also like to know if you have any suggestions to improve the list.

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