Best High-Interest Savings Accounts In Canada 2025

Compare top interest rates and find the best no-fee high-interest savings accounts (HISAs) in Canada.

Maximize your short-term savings with the best high-interest savings accounts (HISAs) in Canada. Whether you want easy access to your funds or better returns on your everyday balance, ScoopRate makes it simple to compare competitive rates, fees, and features—all in one place. Start growing your money the smart way with flexible access, secure deposits, and higher returns.

Find the best high-interest savings accounts in Canada with competitive rates, no hidden fees, and flexible access. Whether you’re saving for a short-term goal or just want better returns on your idle cash, ScoopRate makes it easy to compare and choose the right account for your needs.

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Understanding High-Interest Savings Accounts (HISAs)

High-Interest Savings Accounts (HISAs) offer a safe and flexible way to grow your money while keeping it accessible. Unlike standard savings accounts, HISAs pay significantly higher interest—making them ideal for emergency funds, short-term goals, or parking idle cash.

Key Features:

• Higher Interest Rates: Earn more than with traditional savings accounts
• No Monthly Fees: Many HISAs are fee-free
• Flexible Access: Withdraw funds anytime without penalties
• CDIC Coverage: Most accounts are insured up to $100,000 (check issuer eligibility)
• Available in Registered or Non-Registered Forms: Use within a TFSA, RRSP, or as a regular savings account

When comparing HISAs, consider not just the interest rate but also account limitations—such as minimum balances, promotional rates, and transfer fees.

HISA Frequently Asked Questions (FAQs)

1. What is a High-Interest Savings Account (HISA)?
A HISA is a savings account that offers a significantly higher interest rate than a regular savings account, helping your money grow faster while remaining accessible.

2. Are HISAs safe?
Yes. Most HISAs from Canadian banks and credit unions are eligible for CDIC or provincial deposit insurance, which covers deposits up to $100,000 per category, per institution.

3. Are HISAs taxable?
Interest earned in a non-registered HISA is fully taxable as income. However, HISAs held within registered accounts like TFSAs allow your interest to grow tax-free.

4. Can I open a HISA within a TFSA or RRSP?
Yes. Many financial institutions offer registered HISAs, which combine the benefits of tax-sheltered growth with higher-than-average interest rates.

5. Do HISAs have any fees or restrictions?
Most HISAs are free of monthly fees, but some may have minimum balance requirements or limits on the number of transfers per month. Always review the account terms before opening.

📚 More on Saving Smart in Canada

• Best High-Interest Savings Accounts in Canada 2025
  → Compare current top rates, account features, and provider details.
• TFSA vs. HISA: What’s Right for Your Money?
  → Understand how tax-free savings accounts stack up against standard HISAs.
• Where to Park Your Emergency Fund in 2025
  → Learn the best low-risk options for liquidity and security.