High Interest Savings Calculator
Find the best savings account and see how much you could earn
Calculate Your Savings
Savings Breakdown
12-Month Return Comparison
- Simplii Financial
- Tangerine
- Motive Financial
- Scotia Bank
- BMO
- RBC
- CIBC
- Meridian
- PC Financial
- EQ Bank
- NEO Financial
- Wealthsimple
Current Offers
Compare the latest high-interest savings accounts in Canada.
Affiliate Disclaimer: we earn from qualifying purchases.
* Rates are subject to change without notice. Last updated: 2/23/2025
How to Use
- Enter your initial deposit amount
- Add any monthly contributions you plan to make
- Select your preferred time period
- Compare different banks' promotional and regular rates
- View the projected growth chart to see potential returns
- Click "Open Account" to visit the bank's website
HISA Comparison Chart - Canada
| Bank | Promo Rate | Regular Rate | Details | Action |
|---|---|---|---|---|
| Simplii Financial | 6% | 0.35% | 5 months promo | Learn More |
| Tangerine | 5.4% | 0.3% | 5 months promo | Learn More |
| Motive Financial | 5.35% | 3.2% | 4 months promo | Learn More |
| Scotia Bank | 5.4% | 1% | 3 months promo | Learn More |
| BMO | 4.75% | 1.55% | 4 months promo | Learn More |
| RBC | 5.1% | 1.15% | 3 months promo | Learn More |
| CIBC | 5.25% | 1.55% | 4 months promo | Learn More |
| Meridian | 5.2% | 1.35% | 4 months promo | Learn More |
| PC Financial | - | 4% | Learn More | |
| EQ Bank | - | 3.75% | Learn More | |
| NEO Financial | - | 3% | Learn More | |
| Wealthsimple | - | 2.75% | Learn More |
Simplii Financial
Tangerine
Motive Financial
Scotia Bank
BMO
RBC
CIBC
Meridian
PC Financial
EQ Bank
NEO Financial
Wealthsimple
* Rates are subject to change. Last updated: 2/23/2025
About This Calculator
Our High Interest Savings Account (HISA or HYSA) calculator helps you compare different savings options in Canada. We track promotional rates and regular rates from major Canadian banks to help you maximize your savings.
The calculator factors in both promotional and regular rates to give you an accurate picture of your potential returns over time. All rates are updated regularly to ensure accuracy.
Frequently Asked Questions
What is a high-interest savings account?
A high-interest savings account (HISA) offers a more attractive interest rate than standard savings accounts. The interest is applied to the entire balance, typically calculated daily and paid out monthly. However, HISAs may offer a lower rate of return compared to other investment options. Current rates for Canadian HISAs generally range from 1% to 2.50%, with some promotional rates above 4%.
What is the difference between a savings account and a chequing account?
A savings account is generally used for funds you don't intend to spend immediately, making it ideal for stashing cash and earning interest. A chequing account, on the other hand, is designed for everyday transactions like paying bills or receiving paycheques. Chequing accounts often have monthly fees and lower interest rates.
How does a high-interest savings account work?
A HISA works like any other savings account, where you deposit money, and the bank pays you interest for keeping your funds with them. The interest is usually calculated daily and paid monthly. Unlike regular savings accounts, HISAs may come with more rules and fewer perks, such as no cheques or debit cards.
How do high-interest savings accounts earn interest?
HISA interest is usually presented as an annual percentage yield (APY), but it's typically calculated daily and paid monthly. This allows you to earn compound interest, helping your savings grow faster.
Are high-interest savings accounts taxable?
Yes, the interest earned in a HISA is considered taxable income by the Canada Revenue Agency. You will need to report the interest earned on your tax return, which can be found on a T5 slip provided by your financial institution.
What is the difference between a TFSA and a high-interest savings account?
A TFSA allows you to save money and invest in other products like stocks, mutual funds, and ETFs, with tax-free returns. In contrast, a HISA is simply an account where you store money and earn a higher rate of interest, but the interest earned is taxable.
What is the difference between a RRSP and a high-interest savings account?
While both HISAs and RRSPs are used to grow savings, RRSP contributions reduce your taxable income, potentially lowering your tax bill. The income earned in an RRSP is tax-free until you withdraw it, at which point it becomes taxable.
What is the difference between a GIC and a high-interest savings account?
A GIC requires you to deposit money for a set period in exchange for a guaranteed interest rate. With a HISA, you can withdraw your money anytime, whereas a GIC may charge penalties for early withdrawal.
Who should open a high-interest savings account?
A HISA is suitable for anyone looking to boost their savings with minimal risk, especially those saving for short-term goals or emergency funds.
How do I choose the best high-interest savings account?
When choosing a HISA, consider factors like minimum deposit requirements, the institution's reputation, interest rates, and service fees. Some accounts offer higher promotional rates or fee waivers based on certain conditions.
How do I open a high-interest savings account?
Opening a HISA is usually quick and easy, often taking just a few minutes online. You'll need to provide personal information, proof of identity, and your SIN. Some institutions may have specific residency or age requirements.