A High-Interest Savings Account (HISA) is one of the simplest and safest ways for Canadians to grow their money while keeping it accessible. Unlike a regular savings account, a HISA offers a higher interest rate on your deposits, helping your balance grow faster while still being fully liquid.

At ScoopRate Canada, we track and compare the top HISAs from banks and credit unions across the country. But before you choose the best account, it’s important to understand how HISAs work and what to look out for.

How a HISA Works

A HISA functions like a regular savings account, you deposit money, and the bank pays you interest on your balance. The difference is in the rate: HISAs are designed to offer more competitive returns, sometimes 10x higher than a standard savings account.

• Interest is calculated daily and usually paid monthly.
• Your money remains accessible. You can transfer, withdraw, or use it as needed.
• In most cases, deposits are protected by CDIC coverage (up to $100,000 per insured category).

Benefits of a HISA

✔ Safe growth – Your principal is guaranteed, and CDIC coverage applies at most institutions.
✔ Liquidity – Unlike GICs, you can access your money anytime without penalty.
✔ Competitive returns – HISAs often pay higher rates than standard bank accounts, especially with digital banks and credit unions.
✔ Flexibility – Useful for emergency funds, short-term savings, or as a complement to longer-term investments like GICs.

What to Watch Out For

Not all HISAs are the same. Here are some key features to compare:

• Rates & Promotions – Some accounts offer teaser rates that drop after a few months.
• Fees & Conditions – Look for accounts with no monthly fees; some may limit free transactions.
• Accessibility – Check whether transfers to your chequing account are instant or take a few days.
• Linked Products – Some banks require you to open a chequing account to access their best HISA.

HISA vs. GIC: Which is Right for You?

Both HISAs and GICs are safe, guaranteed options—but they serve different purposes:

• A HISA is ideal for short-term savings and money you may need on demand.
• A GIC works better if you can lock your funds away for a fixed term in exchange for higher rates.

You can explore our full guide on GIC types in Canada if you’re considering both options.

Final Thoughts: Finding the Best HISA

A High-Interest Savings Account is a must-have in any financial plan. It offers safety, accessibility, and competitive returns, making it perfect for emergency funds, travel savings, or short-term goals.

Ready to find the right one? Check out our Best HISA in Canada page, where we compare top accounts across banks and credit unions.