Top HISA Options in Canada: Which Account Maximizes Your Deposits in 2025

The HISA Landscape: Finding Better Returns for Your Money

Traditional savings accounts in Canada pay next to nothing. If you’re serious about earning real returns on your deposits rather than letting your money sit idle, a high-interest savings account (HISA) is no longer optional—it’s essential. We’ve analyzed the top HISA providers across the country to help you identify which ones deliver the most competitive rates and best features for your financial goals.

The Current HISA Rate Tier System

The HISA market breaks down into distinct tiers. At the premium end, you’ll find introductory rates reaching 4.75% or higher for the first few months. Mid-tier HISAs hover between 2.2% and 2.85% as their standard rates. Here’s how the major players stack up:

Top-Tier Promotional Rates:

• Scotiabank MomentumPlus: Up to 4.75% for 3 months (then 0.40% base)
• Simplii Financial: 4.50% for 4 months (then 0.30%-1.00%)
• Tangerine: 4.50% for 5 months (then 0.30%)

Competitive Standard Rates:

• Saven Financial: 2.85% (no time limit)
• EQ Bank Personal Account: 2.75%
• EQ Bank Notice Account: 2.50% with 30-day notice
• Neo Savings Account: 2.25%
• Wealthsimple Cash: 2.25%
• LBC Digital: 2.20%
• Maxa Financial: 1.75%

The Real Impact: How Compound Interest Works in Your Favor

Consider this practical scenario: someone earning $60,000 annually who commits to saving 10% monthly ($500) can reach $100,000 in less than 15 years with a 3.5% HISA rate. That’s meaningful wealth accumulation driven purely by interest compounding—something traditional savings accounts simply can’t offer.

Product-by-Product Analysis: Which HISA Fits Your Needs

EQ Bank Personal Account (2.75%) EQ Bank, backed by Equitable Bank’s 50+ year history, offers no minimum balance, unlimited free transactions, and unrestricted Interac e-Transfers. The account includes CDIC protection up to $100,000. The main limitation: a $200,000 maximum balance per customer.

EQ Bank Notice Savings Account (2.50%-4.5%) A newer option that broke ground in Canada. Choose between 10-day notice (earning 4.5%) or 30-day notice (earning 5%). Withdraw anytime with no penalties—the notice period only determines when funds become accessible. No fees, no minimum deposit, and eligible for CDIC insurance. Note: unavailable in Quebec.

LBC Digital High-Interest Savings (2.20%) Laurentian Bank expanded nationwide through LBCDigital.ca. No minimum, no monthly fees, and transfers between LBC Digital accounts are free. You can link to an LBCDigital chequing account for unlimited free Interac e-Transfers. Heads up: early account closure (within 90 days) incurs a $25 penalty.

Neo Savings Account (2.25%) A hybrid spend-and-save solution offering unlimited transactions, no fees, and a mobile app-first experience. You’ll earn cash back rewards on purchases and access unlimited Interac e-Transfers. Maximum balance caps at $200,000; unavailable in Quebec.

Saven Financial High Interest Savings (2.85%) Often overlooked but impressive—this online-only HISA delivers 2.85% with no time restrictions. Operated by First Ontario Credit Union (established 1939), it requires a one-time $25 membership fee but offers free transfers afterward. Available only to Ontario residents and protects deposits up to $250,000.

Scotiabank MomentumPlus (Up to 4.75%) Structured like a GIC with bonus interest for keeping money untouched: +0.20% after 90 days, +0.25% after 180 days, +0.30% after 270 days, and +0.45% after 360 days. The welcome rate of 4.75% applies to the first 3 months. Premium account holders earn an extra 0.05%.

Simplii Financial (4.50% promotional, then variable) Strong entry-level offer: 4.50% for the first four months on eligible deposits. Afterward, rates range from 0.30% to 1% depending on balance. Zero fees across the board regardless of account size.

Tangerine Savings Account (4.50% promotional) Flexible and straightforward: 4.50% for the first 5 months with no minimum balance and no fees. Set up an automated savings program through the app, access your funds anytime, and enjoy surcharge-free ATM access at Scotiabank and Global ATM Alliance machines.

Wealthsimple Cash (2.25%) A fintech approach combining chequing and savings functions. Earn 2.25% on deposits, plus 1% cash back on Mastercard purchases. You can reinvest cash back rewards or convert them to crypto. Integration with other Wealthsimple accounts (TFSA, RRSP) makes contributions seamless.

Strategic Considerations When Choosing Your HISA

For Maximum Short-Term Gains: If you have a lump sum to deposit for the next few months, the promotional rates at Scotiabank (4.75%), Simplii (4.50%), and Tangerine (4.50%) deliver outsized returns temporarily. Plan to move funds when promotional periods expire.

For Consistent, Reliable Returns: Saven Financial’s 2.85% and EQ Bank’s 2.75% have no promotional gimmicks—these are permanent rates that make sense for ongoing savings.

For Transaction Flexibility: EQ Bank, Neo, and Wealthsimple all offer unlimited free transactions, making them ideal if you need regular account access.

For Regional Availability: If you’re in Quebec, options narrow significantly. Both EQ Bank’s Notice Account and Neo are unavailable there. Ontario residents have the most choices, including Saven’s competitive 2.85% rate.

The Bottom Line: HISA Matters More Than Ever

In an inflationary environment, letting money sit in a traditional savings account earning near-zero interest amounts to a hidden tax on your wealth. The difference between a 0.5% account and a 2.85% HISA is substantial over time. By selecting the right HISA—whether you prioritize promotional bonuses, consistent rates, or transaction flexibility—you reclaim purchasing power and accelerate your financial goals.

The Canadian HISA market offers genuine choice. Start by assessing your timeline and balance size, then match yourself to the account that serves your situation best.