Best High Interest Savings Accounts 2023

The best high interest savings accounts for 2023 combine a mix of high interest rates (getting higher weekly it seems) with elite usability and a wide variety of features.

A quick note before we get to your high interest savings accounts comparison: If you don’t need to access your money in the next 6+ months, you should definitely check out our Best GIC Rates in Canada Comparison.  If you can put up with locking in your money for a bit longer, there are some great deals out there right now given how high interest rates have shot up.

That said, our top high interest savings accounts are the perfect short term investment vehicle for saving that vehicle downpayment, for a trip, or maybe the final few months of a housing down payment.

While you can do a quick compare of our 2023 Best High Interest Savings Accounts below, it’s probably worth reading on to find out just all the cool features our top recommendations have in addition to the consistently high interest rates. We’ll keep this article fully updated as we head into 2023 and interest rates continue to creep upwards.

Compare Canada’s Best High Interest Savings Accounts

Have a look at the comparison below of Canada’s leading online banks’ saving accounts. Want to know how online banks compare to Canadian big banks? We’ve got you covered.

Star Rating4.9 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Canada's Best Online Bank. Excellent savings interest rates, superb platform, incredible value.
Star Rating4.4 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Runner up to EQ Bank. Used to have better rates. Good credit card options.
Star Rating4.4 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

New and very promising product with excellent interest rate - need time to see how it holds up.
Star Rating4.1 / 5
Free Monthly Transactions

Unlimited - but with monthly account fee

Interest Rate

1.35%, with special promo rate of up to 4.50%

No Available Promotion

Best promotion for new savings account in 2023.
Star Rating3.7 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Good all around product, but doesn't excel in any particular area.
Star Rating3.5 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Good option for Quebec residents. Only savings account and GIC with no TFSAs or RRSPs. One of the best rates in Canada currently.
Star Rating3.4 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Great interest rates, but no free Interac eTransfer ($1 each), only allows 2 monthly withdrawals and has a terrible mobile app.
Star Rating3 / 5
Free Monthly Transactions


Interest Rate


No Available Promotion

Excellent chequing account but not the best savings account option, lower rates overall with GICs in particular.

Canada’s Best Saving Accounts List by Interest Rate

View our simple saving account interest rates comparison below.

  1. EQ Bank2.50% – Best Rated Savings Bank Account
  2. Oaken Financial (CDIC insured) – 3.40 % Currently, subject to change without notice, but consistently decent.
  3. Motive Bank – As high as 3% – but with very high transaction fees
  4. Outlook Financial (DGCM insured) – 3.35%
  5. BMO Savings Builder – (CDIC insured) 0.50%, up to 1.90% (requires $200/month deposit)
  6. Canadian Big Banks ~ 0.20% – 0.50%
  7. Scotiabank Momentum PLUS Savings Account- 1.35% for Preferred package / 1.45% for Ultimate, Up to 4.50% promo rate for first 5 months.
  8. Alterna Bank (CDIC insured) – 2.50%
  9. Tangerine – 1%
  10. Simplii (CDIC insured) – 0.40% with 5.25% teaser rate until March 31st 2023.
  11. Motusbank– 2.50%
  12. Neo Financial – 2.25%

High Interest “Teaser Rate” vs “Everyday Rate”

If you are shopping around and comparing Canada’s top saving accounts, you should know there are two types of rates:

  1. The ‘teaser rate‘ (often granted for six monthly or less, to get your money in the door).
  2. The everyday rate

The reason these teaser rates are so popular is that the banks are betting that you’ll simply see the highest interest rate number, and go there.  Even if you intend to switch over after your six months, it’s generally a good bet to assume that you’ll be too lazy to.  This is why subscriptions and streaming services are so profitable!

So when you see an online bank such as Tangerine offer an eye-popping rate that is higher than anything else out there – just understand that this is a temporary rate. There is nothing wrong with taking advantage of that rate – and we think Tangerine is a very solid banking option (read our full Tangerine review) – but just be aware.

The most notable thing to take from this list is that Canada’s major banks simply are not offering a competitive high interest savings account product at the moment. They are banking on the massive strength of their brands and the convenience of their retail banking locations to attract Canadians – not competitive interest rates.

Best Saving Accounts in Canada for 2023 – Detailed Reviews:

#1 EQ Bank – Our Top Canadian High Interest Savings Account

EQ tops the chart of our review of Canada’s best high interest savings accounts. There are more than a few good reasons we recommend it, namely for its high interest rate and low fees. Let’s take a closer look at what makes it great:

EQ’s Savings Plus Account 

Interest Rate: 2.5%

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $0

Other Benefits: Free bill payment, free electronic fund transfers. We’ve got even more information on our top rated HISA option in our EQ Bank Review. Not only is it our top HISA choice, but it’s also one of our top Canadian online bank picks. Find out why in The Best Online Banks in Canada 2023.

#2 Scotiabank Momentum PLUS Savings Account – The Best Big Bank High Interest Savings Account

In the financial world, there are seemingly limitless options when it comes to where to save and earn on your money, so we can understand why some like to keep things simple. 

If that’s you, and you already have an account at Scotiabank, then you just might want to open up a Scotiabank Momentum PLUS account to make things easy, and earn a few bucks while you’re at it.

Scotiabank Momentum PLUS Savings Account 

Interest Rate: 1.35% regular interest + earn a potential 4.50% interest when you take advantage of their current promotion.

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $1

Other Benefits: Unlimited self-service transfers, automatic savings deposits available

When you couple Scotiabanks HISA offer with the fact that it’s one of The Best Canadian Chequing Accounts, it’s a very competitive option.

While you’re at it, you can add the Momentum credit card to your Scotiabank bucket, and earn some cash back from them too. See our full review of the card at Scotia Momentum Visa Infinite Card Review.

#3 Tangerine High Interest Savings Account – The Former Champ

Once upon a time, Tangerine, formerly owned by ING, was the hottest name in the HISA game. Over the years as competition has grown, it hasn’t necessarily been able to keep up.

That doesn’t mean it’s not worth a look, as Tangerine does have some definite advantages to take note of, including its current promotional offer.

Tangerine Savings Account 

Interest Rate: 1%

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $0

Other Benefits: Free daily chequing transactions, automatic savings deposits available.

While the regular interest rate alone isn’t the most attractive on our list, the added promos and convenience for Tangerine customers definitely increase its appeal.

Tangerine also happens to be one of our top choices for Best Canadian Chequing Account. Check out more about Tangerine and what they offer at our full Tangerine Bank Review.

#4 Oaken Financial High Interest Savings Account

Like some of its other competitors, Oaken Financial specializes in online banking, so you won’t easily find physical branches if you happen to need one. That is what keeps the fees low and the interest rates high with online banks. 

Oaken Financial is still a good option in our opinion because of its strong interest rate and low fees. Plus, it offers Guaranteed Investment Certificates (GICs), which allows you to earn a higher rate if you are willing to give up access to your money for a certain period of time, if that’s something you’re interested in.

One of the drawbacks of Oaken compared to some of those higher on the list is that it does not offer chequing, and it only offers limited registered account investment options, and does not offer any non-registered investment options.

Oaken Savings Account 

Interest Rate: 3%

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $0

Other Benefits: Unlimited free transactions, automatic contributions

Oaken is definitely a top choice here for its winning combination of a competitive interest rate and the fact that it has relatively few fees overall.

#5 Motive Financial High Interest Savings Account

Motive’s interest rate has gone through its ups and downs, and right now, it’s up. Its 3% teaser interest rate makes it one of the most competitive savings rates in Canada.

While its interest rate is great (currently), we’ve received comments that its platform and app are, so if you don’t want a side of frustration with your savings, it might be better to avoid Motive Financial for now.

Motive Savvy Savings Account 

Interest Rate: 3% with a balance up to $5,000,000, and 0.50% for balances over $5,000,000

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $1

Other Benefits: 2 free monthly withdrawals 

Find out more about Motive Financial’s banking services in our full Motive Financial Review.

#6 Motusbank High Interest Savings Account

To end our list, we’ll take a look at another online bank, motusbank, which is a fairly new addition, launching in 2019. The good news is that it’s backed by Meridian Credit Union, not to mention the fact that it’s fully CDIC insured, so you have an element of safety to balance that out.

Another added bonus motusbank offers is a 0.50% interest earning chequing account, which is not a common feature of either online banks or Big Banks.

Motusbank Savings Account 

Interest Rate: 1.85%

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $0

Other Benefits: Unlimited e-transfers, automated savings feature

motusbank also offers great rates on registered accounts, making it an attractive option for your savings, chequing, TFSA and RRSP accounts. Have a look at our full Motusbank Review to find out more about its offerings.

#7 Neo Savings High Interest Savings Account

Interest Rate: 2.25%

Monthly Fees: $0

Minimum Balance: None

Interac E-Transfer Fees: $0

Other Benefits: Neo is CDIC insured, free bill payments, free mobile bank to bank transfers, no minimum balance.

On top of offering a great rate, Neo Financial (Neo MoneyTM) was voted the best savings account in Canada in 2021 by the Financial Post. Neo Financial also happens to offer the Neo Card Mastercard, which has loads of benefits. Read all about it in our Neo Financial Mastercard Review.

High Interest Savings Account in Canada – Pros & Cons

Here are the pros and cons of HISAs. 


  • Offers a safe way to earn interest
  • Interest compounds daily instead of annually
  • Your money will be easily accessible


  • The interest rates do not offer a way to build long-term wealth
  • You may be charged high fees when you withdraw money from your HISA
  • Interest rates may go down with no warning

While we definitely recommend things like Dividend Investing or Canadian ETFs as a better long-term alternative to HISAs, basic savings accounts have their uses for short term goals such as saving for a car or vacation.

Other Criteria for Judging Canada’s Best Saving Accounts for 2023

While EQ is head and shoulders above the field when it comes to ease of use, customer service, and high interest savings account rates, as well as the best GIC rates, those aren’t the only criteria one should use when choosing a high interest bank account.

The good news is that all of the options listed above are “safe” in every sense a bank account can be safe.  They all employ excellent security features and are guaranteed by solid insurance backing.  The Manitoba-based credit union options are backed by the Deposit Guarantee Corporation of Manitoba (DGCM), whereas the larger online banking options (including EQ Bank) are backed by the Canadian Deposit Insurance Corporation. 

These insurance agreements mean that even if the banks were to go bankrupt, your money is insured and will get back to you.  In the case of the DGCM there is no account limit, whereas for the CDIC there is a $100,000 limit per account.  Some folks like to skirt this rule by having a high-interest account for themselves, their significant other, a TFSA account for each, a GIC for each, etc.  All of these are considered separate accounts by the CDIC.

Long story short: They’re All Really Safe!

Some people want to keep much of their banking in one place (even though it’s quite fast and easy to shift money back and forth with online banking) and so being able to offer loans and/or mortgages, plus accessing a debit card becomes important.

Another comparison point is fees for services like eTransfers, foreign exchange currency transfers, overdraft fees, or fees for automated bill payments.

When it comes to our most recommended option of EQ Bank, they simply cannot be beat on the low fee and high interest rate side of things.  They even launched a joint account option recently.  However, they do not offer certain services such as a debit card at the time of this writing.

Check out our in-depth EQ Bank Review to see how we use Canadian banking hacks to maximize our credit card rewards points, our high interest savings account earnings, and the utility of a broader bank account in tandem with EQ.

How to Open a High Interest Savings Account

Canada’s high interest savings accounts are relatively easy to open, and the best online banks specifically have made it easier to quickly open accounts in 10 minutes or less from the comfort of your own home.

What you’ll need in most places (and it’s easier to snag all this before you sit down to open your your high interest savings account application) is:

1) Your mailing address.  Sometimes proof of this such as a utility bill or tax bill is required.

2) Government proof of your identity. Passport, Citizenship Card, or a combination of birth certificate and driver’s license.  

3) Your Social Insurance Number.

4) The email address that you wish to use for correspondence (for online banks).

Of course if you wish to open a high interest savings account in person, you can definitely do that at one of the big banks in Canada – you just won’t get quite as a good an interest rate as the options we note above.

Notably, it is much more difficult to open a Canadian high interest savings account if you are not a resident of Canada.

Your Tax Free Savings Account (TFSA) Is Really a TFIA

A lot of folks seem to place an abnormally high value on being able to hold their high interest savings account within a TFSA or an RRSP.  

This doesn’t make a ton of sense the vast majority of the time.  If you’re looking at investing for the long-term, you should be building a bonds/stocks portfolio to shelter in your RRSP or TFSA.  In fact, I’ve been saying for years that calling the fun financial tool a Tax Free Savings Account was a massive branding mistake on the part of the government.  It should have been called a Tax Free Investment Account.  Just that small name change – when combined with Canada’s collective financial illiteracy – has been enough to encourage broad misuse of the tax advantages.

About the only exceptions to this rule that I can think of off the top of my head, would be if you are relatively early in your savings journey, and are saving to buy a car or a housing down payment.  In that early savings situation, if you have no long-term investment, and are clearly going to need the money in the next five years, then it makes sense to use your tax shelter for the relatively small returns generated by a high interest savings account.

High Interest Savings Accounts vs RRSP

Generally speaking, Canada’s high interest savings accounts are meant to be used for relatively short term savings goals.  Perhaps you soon want to purchase a car or put a downpayment on a house? A high interest savings account or short-term GIC would be perfect for that.

A Registered Retirement Savings Plan (RRSP) on the other hand is set up with the long term goal of retirement in mind.  Consequently, more risk can be taken within an RRSP because your investment horizon is substantially longer.

There is always a connection between risk and long term return when it comes to investing.  Our top high interest savings accounts pay a solid interest rate (and growing each month as we head into 2023), but it’s still not even close to what would expect to a decades-long investment in Canada’s best dividend stocks for example.

What is the Difference Between a High Interest Savings Account and a Chequing Account?

The difference between a chequing account (sometimes called a current account) and a high interest savings account is that traditionally, a HISA would pay customers a significantly higher interest rate. The tradeoff was that you couldn’t write cheques or get debit cards or pay off credit card bills from your high interest savings account.

These days, online banks such as EQ and Simplii have really blurred these traditional boundaries to the point that there is no real difference between a high interest savings account and a chequing account any longer. With EQ now introducing a prepaid card in 2023, you can do almost everything from their high interest savings account that you can from a chequing account.

I’ve been a big fan for years of using my EQ bank account to pay off my credit cards – so that I could collect the full amount of credit card rewards on all purchases, plus take advantage of EQ’s high interest rate.

High Interest Savings Account Rules In Canada

The rules for your specific high interest savings account will depend on which institution that you choose to open an account with. For example, one of Canada’s big banks will usually want you to have both a high interest savings account and a traditional chequing account (which pays nearly no interest).  Whereas a newer online bank such as EQ or Neo will allow you to use more of an “all-in-one” high interest account – which is much easier to handle over the long run.

In the past, as a general rule, high interest savings accounts didn’t allow customers to transact directly from those accounts to pay bills. Those rules are now basically gone due to the all-in-one style of accounts that I just mentioned.

Other than that, the rules are pretty straightforward. Simply be a Canadian resident, over the age of majority (or have a parent with you), and you should be good to go.

We’ll Let EQ Bank Speak for Themselves

When it comes to consistently rewarding clients with the everyday best high interest savings account rate in Canada, EQ Bank simply stands head and shoulders above their competitors.  Their low fees can’t be beat, as they pass their cost savings on to Canadians. 

If you want to play the teaser rate shifting game, you will likely be able to get a slight edge on the everyday EQ savings rate – but personally, I’ve only got so many hours in each day, and I do not need to spend them constantly opening new bank accounts and shifting money around.

Check out what EQ Bank had to say about their products and future projects when they were interviewed at the Canadian Financial Summit by MDJ’s own Kyle Prevost.

Canadian High Interest Savings Account – FAQ

Choosing Canada’s Best High Interest Savings Account

When it comes to comparing Canada’s best high interest savings accounts for your specific situation, I’d recommend first prioritizing the following:

1) The interest rate.  

2) How convenient is it to use the platform?  Do you get access to everything you want from a bank account?

3) Do you need to be able to go to your bank in person?

4) Monthly fees (should be $0).

5) Customer service.

All of our top high interest savings account recommendations are equally safe, as they are all insured by the CDIC and use the best cyber security standards in the business.

Ultimately choosing the best Canadian high interest savings account for you boils down to what you put the value on.  If you question is what is Canada’s best overall high interest savings account option right now as I see it, then at the moment I’d say that my money is in EQ Bank.

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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2 years ago

I’m happy to see you also recommend EQ! I’ve also had great experiences with them. It’s a pain in the butt to switch bank accounts frequently to try to get the best rate. That’s why I keep an account with EQ. For years they’ve given me an interest rate that’s been very stable and much higher than the average.

2 years ago

Achieva ( at 1.75% is another Manitoba option.