Highest flat rate
Savings Account
Editor's pick★★★★★ 4.7
Oaken's 3.40% is consistently among Canada's top HISA rates -- no promo games, no teaser periods.
- Rate
- 3.40%
Best High-Interest Savings Account Rates Canada 2026
Compare the highest HISA rates from EQ Bank, Oaken Financial, Wealthsimple, and more. Updated monthly.
The quick answer
Oaken Financial pays the best ongoing HISA rate we track — 3.40%, no fees, just a $1,000 minimum to hit it. Don't have a grand sitting around? EQ Bank pays 1% base with exactly $0 minimum, and qualifying recurring direct deposits unlock a higher bonus rate. Every provider on this page is CDIC-insured, either directly or through a partner bank — your money's protected the same way no matter which one you pick.
- Best ongoing rate: Oaken Financial at 3.40%, $1,000 minimum to qualify.
- Best with no minimum: EQ Bank — 1% base, bonus rates available with qualifying direct deposit.
- Nobody on this table charges an annual fee — that's table stakes for a HISA in 2026, not a perk.
- Every provider tracked is CDIC-insured, directly or via a partner bank.
Centsable's editorial team, fact-checked and updated July 2026.
Key takeaways
- Oaken Financial pays the highest ongoing HISA rate we track (3.40%), with no promo tricks — just a $1,000 minimum.
- EQ Bank's Personal Account (1% base, bonus rates with qualifying direct deposit) doubles as a full chequing-style account with free e-transfers and bill pay.
- None of the providers tracked here charge a monthly fee, so rate and minimum balance — not cost — are the real differentiators.
- Every account on this page is CDIC-insured, directly or through a partner bank, so deposit safety doesn't vary between them.
Our Picks
Our editors' top picks from the full list below, based on rate, fees, and real-world value.
Best all-in-one digital account
Personal Account
★★★★★ 4.5
EQ Bank's 1.00% base rate rises to 2.75% with a qualifying direct deposit -- worth setting up if you're paid by direct deposit anyway, since it turns a below-average base rate into a competitive one.
- Rate
- 1.00%
High Interest eSavings Account
★★★★☆ 4.0
- Rate
- 0.55%
Full Comparison — July 2026
All providers we track, sorted by rate. Click any column header to re-sort.
| Provider | Rate | Promo Rate | Annual Fee | Min. Balance | CDIC | Apply |
|---|---|---|---|---|---|---|
| Oaken Financial | 3.40% | None -- rate is always competitive | $0 | $1,000 | Yes (Home Bank) | Open → |
| EQ Bank | 1.00% | Bonus rate to 2.75% available with qualifying recurring direct deposit of $2,000+/month | $0 | None | Yes | Open → |
| RBC Royal Bank | 0.55% | 4.60% for 3 months for new eSavings clients only, up to $1,000,000 balance; expires 3pm EST Oct 27, 2026 | $0 | $0 | CDIC insured | Open → |
| National Bank | 0.55% | — | $0 | $0 | CDIC insured | Open → |
| Tangerine | 0.30% | 4.60% for 5 months on new deposits (RSP/TFSA/RIF only) | $0 | $0 | CDIC insured | Open → |
Rates as of July 23, 2026. Promotional rates apply to eligible new deposits only.
Our Top Picks — July 2026
Ranked by rate, fees, CDIC coverage, and overall value for Canadians.
Editor's Pick
#1
Oaken Financial Savings Account
3.40% per year
🎁 None -- rate is always competitive
Best for: Highest flat rate
★★★★★4.7
Oaken's 3.40% is consistently among Canada's top HISA rates -- no promo games, no teaser periods.
Open Account →#2
EQ Bank Personal Account
1.00% per year
🎁 Bonus rate to 2.75% available with qualifying recurring direct deposit of $2,000+/month
Best for: Best all-in-one digital account
★★★★★4.5
EQ Bank's 1.00% base rate rises to 2.75% with a qualifying direct deposit -- worth setting up if you're paid by direct deposit anyway, since it turns a below-average base rate into a competitive one.
Open Account →#3
RBC Royal Bank High Interest eSavings Account
0.55% per year
🎁 4.60% for 3 months for new eSavings clients only, up to $1,000,000 balance; expires 3pm EST Oct 27, 2026
Best for:
★★★★★4.0
Open Account →
National Bank #5
Tangerine Savings Account
0.30% per year
🎁 4.60% for 5 months on new deposits (RSP/TFSA/RIF only)
Best for:
★★★★★4.0
Open Account →
Rates as of July 23, 2026. Rates subject to change without notice. Promotional rates apply to new eligible deposits only. Centsable may earn a commission if you apply through our links — this does not affect our ratings.
In-Depth Reviews
Our full take on each pick — who it's for, what we like, and what to watch out for.
Oaken's 3.40% is consistently among Canada's top HISA rates -- no promo games, no teaser periods.
Best for: Highest flat rate | Rate: 3.40% | Fee: $0 | CDIC: Yes (Home Bank)
✓ Pros
- 3.40% flat rate, no promo period required
- CDIC insured through Home Bank
- No monthly fees
✗ Cons
- $1,000 minimum balance required
- Digital-only, no branch banking
EQ Bank's 1.00% base rate rises to 2.75% with a qualifying direct deposit -- worth setting up if you're paid by direct deposit anyway, since it turns a below-average base rate into a competitive one.
Best for: Best all-in-one digital account | Rate: 1.00% | Fee: $0 | CDIC: Yes
✓ Pros
- No monthly fees, unlimited transactions
- Free Interac e-Transfers
- CDIC insured
✗ Cons
- 1.00% base rate is low without the direct-deposit bonus
- No physical branches
Best for: | Rate: 0.55% | Fee: | CDIC: CDIC insured
Best for: | Rate: 0.55% | Fee: | CDIC: CDIC insured
Best for: | Rate: 0.30% | Fee: | CDIC: CDIC insured
Frequently Asked Questions
Everything you need to know, answered clearly.
A high-interest savings account (HISA) pays significantly more interest than a standard bank savings account. Canadian digital banks like EQ Bank and Oaken Financial regularly offer 3%+ — vs 0.01–0.10% at big-6 banks. Your money stays accessible and is typically CDIC insured.
Yes, as long as your HISA is at a CDIC member institution. CDIC protects eligible deposits up to $100,000 per depositor category. EQ Bank, Tangerine, Simplii, and Oaken are all CDIC members. Credit union HISAs often have unlimited provincial coverage.
As of June 2026, Oaken Financial leads with a 3.40% flat rate (minimum $1,000). EQ Bank offers 3.30% with no minimum. Tangerine offers 5.50% for 5 months on new deposits for new clients. Best choice depends on whether you want a promo boost or a consistently high ongoing rate.
Yes — a HISA is one of the best emergency fund vehicles. Your money earns a competitive rate, is fully liquid, and is CDIC insured. Most financial experts recommend 3–6 months of expenses in a liquid account like a HISA.
Most HISAs have variable rates that move with Bank of Canada decisions. If you want a guaranteed rate, a GIC locks in your rate for a fixed term. For flexibility with a competitive rate, a HISA is the right choice.
Yes — HISA interest is taxable income in a non-registered account (T5 slip if over $50/year). To shelter interest from tax, hold your HISA inside a TFSA (tax-free) or RRSP (tax-deferred).
How We Pick and Rate Best High-Interest Savings Account Rates Canada 2026
Our editorial team researches and updates this page on a monthly basis. We evaluate products on five criteria: interest rate (weighted most heavily), fees and minimums, CDIC deposit insurance, ease of use, and additional account features. We do not accept payment to rank products — our recommendations are editorially independent. We may earn a commission if you apply through our links; this does not influence our ratings or which products appear on this page.
Data sources: We pull rates directly from each institution's website and verify them on the date shown. Promotional rates are noted separately and sourced from the institution's published offers at time of writing.
Read our full ratings methodology or browse our related guides.