Saven Financial Top everyday rate
2.85% everyday
Banking · Savings rates
Best high-interest savings rates in Canada
Everyday savings rates from 9 Canadian banks and credit unions, ranked on the rate you actually keep — not a teaser that expires. CDIC and provincial coverage spelled out on every row, and no issuer pays for a higher spot.
2.85% Top everyday rate · Saven Financial
4.60% Top promo rate · new money, limited time
Rates as of June 13, 2026
Compare high-interest savings accounts
Oaken Financial
2.80% everyday
EQ Bank
2.75% everyday
Hubert Financial
2.30% everyday
Neo Money
2.25% everyday
Achieva Financial Unlimited coverage
1.80% everyday
Wealthsimple Cash Best hybrid spend/save
1.75% everyday
Tangerine
0.30% everyday 4.50% promo
Simplii Financial
0.30% everyday 4.60% promo
Ranked high→low on the everyday rate. Promo rates, where shown, apply only to new money for a limited time before reverting to the everyday rate. Compiled by hand and stamped June 13, 2026 — confirm the live rate on the issuer's site before moving money. How we build this table.
Not sure which to use?
A HISA keeps cash liquid — a GIC locks in the rate
Use a savings account for money you might need and a GIC for money you can commit. Most savers hold both. See exactly when each one wins, side by side.
How to choose
Reading past the headline rate
The top rate isn't always the best account. Once two savings rates are close, deposit insurance, fees, minimum-balance gotchas, and a tax-free TFSA version matter more than a 0.10% edge.Once two savings accounts are within a fraction of a point, the rate stops being the deciding factor. These four things do — and they're all on the table above.
- Everyday rate, not the teaser. A promo rate is a short-term bonus on new money, not the rate you live with. Tangerine and Simplii advertise eye-catching promos that revert to well under 1%. Rank on the everyday rate — that's the one that compounds month after month.
- Deposit insurance. A bank caps CDIC coverage at $100,000 per category. A Manitoba credit union (Achieva, Hubert) guarantees deposits with no dollar limit, and Wealthsimple Cash spreads balances across several partner banks for coverage well beyond $100,000. For a large cash balance, that can matter more than a 0.10% rate edge — see our CDIC guide.
- Fees and minimums. The accounts in our table charge no monthly fee and have no minimum balance to earn the rate. Watch for big-bank "high-interest" accounts that pay the top rate only above a balance threshold, or claw it back with transaction fees.
- A registered (TFSA) version. Savings interest is fully taxed, so a TFSA version of the account — tax-free interest — is often the better home. The table flags who offers one.
Why online banks and credit unions pay more
A higher savings rate from an online bank or credit union isn't riskier — the deposit insurance is identical in strength. They simply pay more because they have to compete for your deposit.The big-five banks pay near-zero on standard savings because they don't have to compete — they already have your chequing account. Online banks and credit unions compete on rate: lower overhead, no branch network, and a need to win deposits, so they routinely pay several times the big-bank rate on an everyday account. The deposit insurance behind them is just as real (CDIC for banks, a provincial guarantee for credit unions), which makes the higher rate a genuinely better deal, not a riskier one. That's why this table leans toward the challengers.
Savings terms, decoded
Savings accounts hide a few gotchas in the fine print — teaser rates, balance tiers, and how interest is paid. Hover any term below for the plain-language version.Every savings account is sold with the same handful of words. Here's what each one means for your money — and why the highest number isn't automatically the best account.
- Everyday vs. promotional rate
- The everyday rate is the one you keep; a promotional (teaser) rate is a limited-time bonus, usually on new money only, that drops to a low everyday rate after a few months. This table ranks on the everyday rate — the one that actually compounds.
- Tiered / minimum-balance rate
- Some "high-interest" accounts pay the headline rate only above a balance threshold, or on just part of your balance. Every account here pays its rate on every dollar with no minimum — watch for tiers and balance caps elsewhere.
- How interest is paid
- Savings interest is normally calculated daily on your closing balance and paid monthly. A higher posted rate paid less often can earn slightly less, but among everyday HISAs the difference is tiny.
- CDIC vs. provincial coverage
- CDIC insures bank savings to $100,000 per category if the bank fails. Credit-union accounts use provincial insurance instead — unlimited in Manitoba — so a credit union can protect a large cash balance better than a bank. See our CDIC guide.
- Registered (TFSA) savings
- Savings interest is taxed at your full marginal rate — the least favourable treatment of any income. Holding the account inside a TFSA makes that interest tax-free; an RRSP defers it. The table flags which issuers offer a registered version.
Frequently asked questions
Short answers to what savers ask most — best rate, promo vs everyday, deposit safety, HISA vs GIC, and tax.What is the best high-interest savings account rate in Canada right now?
As of June 13, 2026, the highest everyday HISA rate we track is 2.85% from Saven Financial. We rank on the everyday rate — the one you keep — not on temporary promotional rates. Online banks and credit unions like Saven, Oaken, EQ Bank, and the Manitoba credit unions consistently top the table, far above the big banks' standard savings accounts. Always confirm the live rate on the issuer's site before you move money.
Promo rate vs everyday rate — which one matters?
Both, but for different reasons. A promotional rate (Tangerine and Simplii often run rates near 4.60%) applies only to new money for a few months, then drops to a low everyday rate. A promo is great for a short, deliberate move — park a lump sum, collect the bonus, move on before it expires. But if you want a place to leave money for the long haul, the everyday rate is what actually compounds, which is why this table ranks on it. We show the promo where one exists so you can use it on purpose, not get parked on a 0.40% account after it ends.
Is my money safe in an online savings account?
Yes — the same deposit insurance that protects a big-bank account protects these. Bank accounts (EQ Bank, Neo, Oaken, Wealthsimple Cash via its partner banks) are covered by CDIC up to $100,000 per depositor, per insured category, per member. Credit-union accounts (Saven, Achieva, Hubert) are covered by provincial deposit insurance — unlimited in Manitoba, and unlimited on registered money in Ontario. A smaller, unfamiliar name is not a riskier deposit; the insurance behind it is identical in strength. See our CDIC guide to insure well beyond $100,000.
HISA or GIC — which should I use?
Use a HISA for money you might need — an emergency fund, a near-term goal, cash waiting to be invested — because it stays liquid and the rate floats. Use a GIC to lock in a rate on money you won't touch for a set term, which usually pays a bit more in exchange for giving up access. Many savers use both: a HISA for the flexible cash, a GIC ladder for the rest. Our GIC vs HISA guide walks through the decision in full.
Do I pay tax on HISA interest?
In a regular (non-registered) account, yes — savings interest is fully taxed at your marginal rate, the least favourable treatment of any investment income, and you owe it every year. The fix is to hold the savings inside a registered account: a TFSA makes the interest tax-free, an RRSP defers it. Several issuers in the table (EQ Bank, Achieva, Hubert, Tangerine, Simplii) offer a TFSA version of their savings account. If you're choosing between a TFSA and an RRSP, see our RRSP vs TFSA guide.
How current are these rates?
These are everyday posted rates compiled by hand from each issuer's own website, last checked June 13, 2026. Savings rates float and can change with no notice, and promos come and go — so treat the table as a starting shortlist, not a quote. Always confirm the current rate and conditions on the issuer's site before moving money. Read our methodology for how we keep the table fresh and how we make money.
This page is for educational purposes only and is not financial advice. Savings rates, fees, and deposit-insurance limits vary by institution and change frequently; rates shown are everyday posted rates compiled by hand and last checked June 13, 2026, and promotional rates are time-limited. CDIC coverage applies only to eligible deposits at member institutions, and provincial credit-union coverage differs by province. Confirm current rates and conditions on the issuer's website before opening an account. See our methodology for how we choose products, keep rates current, and make money.