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Best High Interest Savings Account in Canada (HISA)

How I find the best high interest savings accounts

I have tested over 100 different high interest savings accounts (aka HISA) that are available in Canada. I do this so you don’t have to! The 4 criteria I’m looking for is; high interest (returns), low fees, mobile app usability, and features.

Warning ⚠️ just having a savings account that gives you a high yield is not enough to make you wealthy. You should first use my free google sheets budget template to make sure you’re spending less than you make.

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TLDR: My Favourite High Return Savings Account in Canada

Compare High Interest Savings Accounts

Money With Mark’s Top 3

Saving Accounts FAQs

Free Google Sheets Budgeting Template

Avoid These HISAs

My Favourite High Yield Savings Account In Canada

I’ve personally tried almost all of the best credit cards in Canada so that you can make an informed decision.

Neo Financial is my go-to favourite Canadian credit card that I use for almost all of my personal spending.

neo financial high interest savings account

Neo Financial

4% Interest rate

Earn 1 – 8% cashback

Very easy app to use

Comparing The Best High Interest Savings Account

When choosing a high yield savings account there is a lot of fine print that you should consider before you signup.

I’ve researched and tried out Canada’s most popular credit cards to help you choose the right one. I found that my favourite overall credit card was Neo Financial.

ReturnsFeesMobile AppMy Rating
Neo Financial4%$0😁⭐️⭐️⭐️⭐️⭐️
KOHO4.5%$0 – $19/mo😍⭐️⭐️⭐️⭐️
TD HISA<1.8%Yes😤⭐️
RBC High Interest esavings1.7%Yes😡⭐️
Laurentian Bank3 – 4%Some😁⭐️⭐️⭐️⭐️
EQ Bank3%$0😁⭐️⭐️⭐️

My Top 3 High Interest Savings Accounts in Canada:

neo financial high interest savings account

Neo Financial

$0 Annual fee

4% interest rate on your savings

19.99% – 26.99% interest on purchases


$0 Annual fee

4.5% interest rate on all money

Multiple Accounts

Laurentian Bank

$0 Annual fee

3 – 4% interest rate

Easy to use app

Newly added to my list!

Wealthsimple High Interest Savings Account

I should have included wealthsimple’s high interest savings account in this video and in my top 3. However they recently just made some changes that I LOVE so I’ve added them as an honroable mention here.

Go watch my Wealthsimple High Interest Savings Account Review here.

wealthsimple card

High Return Saving Accounts FAQ’s

What is a high interest savings account?

A HISA is a savings account that pays you! Just for holding your money in these accounts. Now the amount that you get paid for holding your money there depends on the interest rate. High interest savings accounts use an annualized interest rates and typically pay monthly.

What does HISA stand for?

HISA stands for High Interest Savings Account.

What is a good high interest savings account?

A good high returns savings account in Canada is about roughly 4% right now. HOWEVER, be aware that a lot of big banks will try and deceive Canadians with “promotional rates” that only last for a couple months, then they give you a much lower rate. Always look for the long-term interest rate after promotions.

Want to Improve Your Savings?

Setup my FREE Google Sheet Budget Template so you can gain control of your money, and know exactly where it goes every month!

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Automatically pulls your bank & credit card transactions

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The WORST High Interest Savings Accounts

TD Canada trust logo


Fees everywhere

Most people earn 0.05% interest

App is not great

royal bank of canada logo


Fees everywhere

TEMPORARY promotional rates

Most people only earn 1.7% yields

EQ bank logo

EQ Bank

$0 Annual fee

3% interest rate on all your money

Attempt to sell you on high interest TFSA and FHSA

TD Canada Trust (don’t trust them)

TD High Interest Savings Account

Be very cautious of all the big banks in Canada, they have fees coming out of every where! The TD high interest account charges you $5 for transactions, $2 ATM fees in Canada, and $3 ATM fees in USA / Mexico and $4 ATM fees.

Even with all these fees, TD will ONLY give you interest as follow:

Your first $0 – $5k = 0% ZERO!!!! They’re not paying you anything.
$5k + = 0.05%

This is downright insulting 🤬 while companies like KOHO, Wealthsimple, and Neo Financial are providing interest rates upwards of 3.5 – 4.5%!! TD should be ashamed of themselves, YOU should avoid banking here at all costs.

Royal Bank Of Canada (nothing royal about this scummy bank)

RBC High Interest eSavings

At the time of this writing I’m seeing that RBC “high” interest eSavings account is showing a “big” 5.5% interest promotion..what’s the catch? It only lasts for 3 months 😑

After that you only earn 1.7% annualized returns on your “high” interest savings account. These big banks should change their account names to “rip off” savings accounts.THEN if that’s not bad enough, you have similar transaction and e-transfer fees for this account.

Equitable Bank (the OG of fintech companies)

EQ Bank

EQ Bank is the original rebel in the very thin Canadian financial industry. Their Savings Plus Account is pretty great! At the time of this writing you can earn 3% interest with no monthly fees, unlimited transactions and e-transfers and free withdrawals from any ATM in Canada.

Their app is getting better but the downside is when EQ Bank is trying to sell people TFSA & FHSA accounts as “high interest savings” when in reality these should be investment accounts – not high yield interest.

EQ bank logo

The High Interest Savings Account in Canada Summary

I’ve said it a thousand times, and I’ll say it again. The big banks in Canada suck ballz. They have been stealing money from unknowing Canadians for decades and it needs to end. Unfortunately no government bodies are smart enough to know how to properly restrict the predatory bank fees. So we the people, need to boycott them.

That’s why I recommend going to the next-generation fintech companies like Neo Financial, KOHO, and Wealthsimple. These companies are doing things different – putting people and transparency at the forefront of their products. Not profits.

My Favourite High Returns Saving Account: Neo Financial!

4% interest rate

Earn 1 – 8% cashback

0 fees and a wicked easy app to use!

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Money With Mark is a personal finance speaker, influencer, author and content creator on YouTube, Tik Tok, and Instagram.