The best high-interest savings accounts (HISAs) in Canada for 2026

Most high-interest savings accounts advertise their best rate. What they don't lead with is when that rate expires.

In 2026, the Canadian HISA market is full of promotional rates—some as high as 4.6%—that reset to under 1% after 90 to 180 days. The ongoing rate is what actually grows your money for the long haul. This guide cuts through the noise, comparing the best HISAs in Canada on the rate that matters: what you earn after the honeymoon period ends.

Comparison: The best HISA in Canada for 2026

Here's a look at some of the most competitive HISAs in Canada. Two columns matter: the promotional rate (temporary, often 90 to 180 days) and the ongoing rate (what you actually earn after that). 

HISA rates in Canada don't move randomly. Interest rates on savings accounts are affected by multiple factors like Bank of Canada policy, deposit supply and demand, and competition between financial institutions. 

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How to find the best HISA rate in Canada

The best HISA rate isn't always the biggest number on the page. Here's how to compare accounts in a way that actually holds up over time.

How to find the best HISA rate in Canada

The best HISA rate isn't always the biggest number on the page. Here's how to compare accounts in a way that actually holds up over time.

Compare financial providers

Not all financial institutions price their accounts the same way. Before settling on one, compare a few across both rate and stability. A rate that's competitive today and stays competitive tomorrow is more valuable than one that spikes briefly and drops.

Consider online-only providers

Online-only providers and fintech companies tend to offer higher ongoing rates than traditional financial institutions.

Keep an eye out

Found a better ongoing interest rate elsewhere? Consider making the switch. Many accounts can be opened in minutes with no fees to close or transfer.

Compare different types of savings accounts

Some accounts are designed for specific goals—and the right account type can affect how your money grows and how it’s taxed. Here’s a breakdown: 

• HISA exchange-traded funds (ETF): These pool investors' money to buy high-interest savings accounts in bulk from financial institutions. This can secure higher interest rates than individual accounts and trade on the stock market like shares, making them a popular option for savers. Learn more about HISA ETFs.
• Tax-free savings account (TFSA): Interest is earned tax-free, making it one of the most effective ways to grow savings.
• First Home Savings Account (FHSA): Contributions are tax-deductible and growth is tax-free if used toward a qualifying first home purchase.
• Registered Retirement Savings Plan (RRSP): Contributions reduce your taxable income now, and withdrawals are taxed later.

Maximize your savings with Neo

You've done the comparison. Neo's ongoing rate doesn't require a promotional window, a paid plan, or a balance you have to chase. Instead, we deliver ongoing interest rates that grow with you: 

• 2.75%¹ interest on account balances over $20,000
• 2.5% interest on account balances between $5,000 to $19,999.99
• 2% interest on account balances between $0 to $4,999.99

Open a Neo Savings account in minutes and start earning more on what you've already saved. Track your savings progress and see how much interest you earn each month by logging into the Neo app.

Frequently asked questions about high-interest savings accounts in Canada

What is the best HISA rate in Canada right now?

As of 2026, the most competitive ongoing HISA rates in Canada range from 2.75% to 3.5%. KOHO offers up to 3.5% but charges a $14.75/month subscription fee. Neo Savings offers up to 2.75% with no subscription fee and no promotional window—just a consistent ongoing rate.

Is a HISA better than a GIC?

It depends on your goals. A HISA gives you full access to your money at any time, while a GIC locks your funds in for a fixed term in exchange for a guaranteed rate. If you need flexibility, a HISA is the better choice. If you're saving toward a set date and want rate certainty, a GIC may offer a competitive locked-in rate.

Is my money safe in a HISA?

Most HISAs at Canadian banks and credit unions are covered by the Canada Deposit Insurance Corporation (CDIC) or a provincial equivalent up to $100,000 per depositor per insured category. Neo Financial is a CDIC member institution, so eligible deposits are protected.

What's the difference between a HISA and a regular savings account?

A high-interest savings account (HISA) pays a significantly higher interest rate than a standard savings account. Traditional bank savings accounts often pay as little as 0.01% to 0.5%, while competitive HISAs pay 2% or more in ongoing rates. Both give you flexible access to your money, but a HISA is specifically designed to maximize what your idle savings earn over time.