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 October 22, 2026Compare leading high-interest savings accounts in Canada with verified yields on $10,000 savings.
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 |
| TD Direct Investing | 3.15% | 1.8% | Everyday standard | Review & Guide |
| Motive Financial | — | 3% | 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 |
| Wealthsimple | 2.25% | 1.25% | Everyday standard | Review & Guide |
KOHO
TD Direct Investing
Motive Financial
Saven Financial
Oaken
EQ Bank
Wealthsimple
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 assume a single static rate, this tool factors in tiered promotional periods, ongoing post-promo rates, and monthly compounding schedules. All bank rates and promotional terms are checked regularly against official Canadian financial institution rate sheets.
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 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 regular rates for Canadian HISAs generally range from 0.05% to 3.50%, with top promotional rates reaching up to 4.65%.
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.