Loans Mortgages Cards Banking Investing Tools Locations FX Insurance Learn $25k at the bank. $1,000+ in interest. Big-6 banks pay 0.05% on default savings. Online banks pay 4-5% . Move $25,000 from RBC Day-to-Day to Wealthsimple Cash and you earn $1,238/yr instead of $12. Same liquidity, same CDIC insurance, 100x the return.
HIGH-INTEREST SAVINGS 4.00% APY
BALANCE $25,000
EARNS YEAR 1 +$1,000
AT 0.05% (RBC) +$12
GAP YEAR 1 $988
$300k CDIC INSURED Wealthsimple
★ COMPOUND INTEREST SIMULATOR ★ Your balance. Compounded. Daily compounding, paid monthly. Same math the banks run. Drag the sliders — watch the gap between contribution and balance widen.
★ YOUR BALANCE AT YEAR 10 $ 81,079
$65,000 contributed + $16,079 compound interest
Y 0 Y 5 Y 10
★ LIVE RATE COMPARISON · 9 PROVIDERS ★ Who pays the most right now? Promotional rates marked. Big-6 baseline shown last for perspective.
TNG
Tangerine 5 mo promo · 0.80% regular
6.00% PROMO
SIM
Simplii Financial 5 mo promo · 0.40% regular
6.00% PROMO
KHO
KOHO Earn With paid subscription
5.00%
MOT
Motive Savvy 2 withdrawals/mo
4.10%
WS
Wealthsimple Cash Up to 5% w/ assets
4.00%
NEO
Neo Money No min, no fee
4.00%
SAV
Saven Financial Ontario credit union
3.75%
EQ
EQ Bank Savings+ +0.50% direct deposit
3.00%
RBC
Big-6 Savings BMO/RBC/Scotia avg
0.05%
★ 6 TOP HISA PROVIDERS · DETAILED ★
Pick your provider WS Wealthsimple Cash Wealthsimple
BEST OVERALL RATE Up to 5.00%
CDIC Up to $300,000
Min $0
Fees $0
Tier-based: 4% base, 4.5% with $100k+, 5% with $500k+. CDIC insured. Includes debit card. No fees, no minimums.
Open account → EQ EQ Bank Savings Plus EQ Bank
DAILY BANKING RATE 3.00% + 0.50%
CDIC Up to $100,000
Min $0
Fees $0
Add 0.50% bonus with direct deposit (effective 3.50%). Unlimited free Interac e-transfers. Free ATM withdrawals globally.
Open account → NEO Neo Money Neo Financial
MOBILE-FIRST UX RATE 4.00%
CDIC Up to $100,000
Min $0
Fees $0
Pure mobile bank, no branches. Pairs with Neo cards for cashback. Free Interac e-transfers.
Open account → MOT Motive Savvy Savings Motive Financial
HIGHEST PROMO-FREE RATE RATE 4.10%
CDIC Up to $100,000
Min $5
Fees $0
Online-only credit union division of Canadian Western Bank. Limit: 2 withdrawals/month — best for parking emergency fund.
Open account → TNG Tangerine Savings Tangerine
HIGHEST PROMO RATE 6.00% PROMO
CDIC Up to $100,000
Min $0
Fees $0
5-month promotional rate at 6%. Drops to 0.80% after — schedule a calendar reminder to move money. Big-6 (Scotia) backed.
Open account → KHO KOHO Earn Interest KOHO
SUBSCRIPTION ECOSYSTEM RATE 5.00%
CDIC Up to $100,000
Min $0
Fees $7-19/mo subscription
Highest rate available with paid subscription (Premium $19/mo). Bundles with credit-building service and cashback card.
Open account → YOUR QUESTIONS
HISA · straight answers What's a "high-interest" savings account? − Any savings account paying 2%+ in Canada qualifies in 2026. Big-6 banks (RBC, TD, BMO, CIBC, Scotia, National) pay 0.05-0.10% on their default savings accounts — barely anything. Online banks (EQ, Neo, Wealthsimple) and fintechs pay 3-5%. The gap is real: on $25k parked, the difference is $1,000-1,250/yr in interest. How do "promo" rates work? + Is my money safe in a HISA? + TFSA vs HISA — what's the difference? + Are HISA rates locked in? + How does interest get paid? + Should I use a HISA or invest in ETFs instead? + Are HISA interest payments taxable? +