High-Interest Savings Calculator
Compare 19 Canadian savings accounts and calculate your returns
Independent comparison · Partner links may earn a commission.
Savings Parameters
Current High-Yield HISA Offers
Rates verified November 2, 2026Compare leading high-interest savings accounts in Canada with verified yields on $10,000 savings.
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How to Calculate Your HISA Returns
Four steps to compare Canadian savings accounts and project true compound earnings.
Set your deposit
Enter your starting principal or pick a preset balance to model your baseline.
Add contributions
Add regular monthly savings to project how recurring deposits compound over time.
Select your timeline
Adjust the savings term from 1 month to several years to see total interest earned.
Compare bank returns
View promotional bonus yields alongside base rates to pick the highest net payout.
Canadian HISA Rate Comparison Table
Side-by-side rates, promotional terms, and direct bank details
| Financial Institution | Offer Details | Action | ||
|---|---|---|---|---|
| KOHO | — | 3.5% | Everyday standard | Review & Guide |
| Saven Financial | — | 2.85% | Everyday standard | Review & Guide |
| Oaken | — | 2.8% | Everyday standard | Review & Guide |
| EQ Bank | 2.75% | 1.5% | Everyday standard | Review & Guide |
| Meridian | 4.4% | 0.85% | 6 months promo | Review & Guide |
| Simplii Financial | 5% | 0.3% | 5 months promo | Review & Guide |
| NEO Financial | — | 2.25% | Everyday standard | Review & Guide |
KOHO
Saven Financial
Oaken
EQ Bank
Meridian
Simplii Financial
NEO Financial
About This Savings Calculator
Our Canadian High-Interest Savings Account (HISA) calculator enables savers and investors to model realistic growth scenarios across both everyday base rates and time-limited promotional bonuses.
Unlike basic calculators that apply simple interest or assume a single static rate, this tool uses the exact Canadian banking convention: interest is calculated daily on the closing balance (Balance × Rate ÷ 365) and paid monthly into your account to compound each month ((1 + Rate ÷ 12)^12). For promotional offers, it models the promotional rate for the exact bonus window and automatically transitions to the bank's ongoing base rate afterward.
Frequently Asked Questions
Everything you need to know about Canadian savings accounts, tax rules, and CDIC deposit insurance.
What is a high-interest savings account?
A high-interest savings account (HISA) offers a significantly higher interest rate than a traditional branch savings account while keeping your cash 100% liquid. Interest is calculated daily on your closing balance and paid monthly into your account. Current regular rates for Canadian HISAs range from 0.20% to 3.50%, with limited-time promotional rates reaching up to 5.00%.
How do Canadian banks calculate HISA interest?
Canadian banks and credit unions calculate HISA interest daily on your closing balance using the formula: Daily Interest = (Daily Closing Balance × Posted Annual Rate) ÷ 365. Those daily amounts do not compound day-to-day; instead, they are summed at the end of the month and deposited into your account as a single monthly payment. Once deposited, that interest earns interest in subsequent months (monthly compounding), giving an Effective Annual Yield (APY) of (1 + Rate ÷ 12)^12 − 1.
How do promotional HISA rates work over a full year?
When a bank advertises a promotional rate (such as 5.00% for 3 to 6 months), you earn that higher rate compounded monthly only for the promotional window. Once the promo expires, your balance automatically drops to the bank's regular posted base rate for the remaining months of the year. Our calculator models both phases month-by-month so you see your true 12-month dollar return.
What is the difference between a savings account and a chequing account?
A savings account is designed for holding cash reserves, emergency funds, and short-term goals while earning daily interest. A chequing account is built for everyday transactions like bill payments, payroll deposits, and debit purchases, and typically pays 0.00% to 0.05% interest.
Are high-interest savings accounts taxable in Canada?
Yes, in a non-registered account, 100% of HISA interest is taxed at your marginal income tax rate. Your financial institution issues a CRA T5 slip if you earn $50 or more in interest in a calendar year, though all interest must be reported on Line 12100 of your return. Holding your HISA inside a TFSA or FHSA makes the interest 100% tax-free.
What is the difference between a TFSA, an RRSP, and a non-registered HISA?
A HISA is the deposit product itself, which can be held in a non-registered account (taxable), a Tax-Free Savings Account (TFSA, where all interest and withdrawals are 100% tax-free), or a Registered Retirement Savings Plan (RRSP, where contributions are tax-deductible and interest grows tax-deferred until withdrawal).
What is the difference between a GIC and a high-interest savings account?
A HISA offers a variable interest rate that can change whenever the bank adjusts rates, but lets you deposit or withdraw money anytime without penalty. A Guaranteed Investment Certificate (GIC) locks in a guaranteed fixed rate for a set term (typically 1 to 5 years), with multi-year terms compounding annually, in exchange for locking up your principal until maturity.
Are Canadian high-interest savings accounts insured?
Yes. Eligible deposits at federally regulated Canadian banks are insured up to $100,000 per eligible category by the Canada Deposit Insurance Corporation (CDIC). Deposits at provincial credit unions (such as Saven Financial, Meridian, and DUCA in Ontario) are covered by provincial deposit insurers like FSRA up to $250,000 for non-registered accounts and 100% (unlimited) for registered accounts.
How do I choose the best high-interest savings account?
Compare the full 12-month dollar return rather than the headline rate alone. A 3- to 5-month promotional offer pays more upfront but drops to a low base rate afterward unless you move your funds, whereas an everyday high-rate digital bank or credit union pays a consistent rate year-round with no minimum balance or monthly fees.