HISA & Bank Account Comparison
Canadian savings and chequing accounts side by side, regular rates vs teaser promos, fees vs waivers, with the interest math done on your actual balance.
Rate by account
Sorted by what the account actually pays or costs, never by referral commissions.
The accounts, best first
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How this is calculated
Savings view: interest per year = balance × rate. With promos on, the first-year figure blends the teaser: balance × promo rate × (promo months ÷ 12) + balance × regular rate × (remaining months ÷ 12), which is why a 5% five-month promo on a near-zero regular rate can still lose to a steady 2.75%.
Tiered and direct-deposit rates: a few accounts whose provider states explicit balance tiers earn marginally, so each dollar earns the rate of the band it falls in (e.g. the first $5,000 at 2.00%, the next slice at 2.50%, the rest at 2.75%), not one flat rate on the whole balance. When your balance crosses a band, the account card's effective-rate stat shows the blended rate alongside the interest, and the expanded breakdown lines out how it was reached. Toggle "I direct-deposit my pay" to add any provider-stated direct-deposit boost (for example Wealthsimple Cash adds 0.50 points with a $2,000+ deposit); it is off by default, so shared links without it reproduce the plain-rate figures.
Chequing view: ranked by effective annual cost, not sticker fee. For each account we take the cheaper of two honest paths — pay the monthly fee (fee × 12), or keep the fee-waiver minimum parked to wipe the fee out. Parked money can't earn a HISA rate, so its opportunity cost is waiver minimum × reference HISA rate (2.75%, ≈ $110/yr on a $4,000 minimum). We subtract any interest the chequing account itself pays: effective cost = fees after waiver + waiver opportunity cost − interest earned. An account with no balance waiver (you always pay the fee) can therefore rank below one with a higher sticker fee you can waive — the whole point of the comparison.
What this doesn't model: membership or asset-tier rates that aren't a stated balance threshold (Wealthsimple's Premium/Generation rates, KOHO's paid-plan rates), welcome cash bonuses (listed as notes, not math), joint-account nuances, or credit-union provincial insurance differences. Balance tiers and direct-deposit boosts are modelled, but only for accounts whose provider states the exact numbers. Figures are as of and pending verification, treat the ranked list as a shortlist, not gospel.
Bank account FAQ
What is a good HISA rate in Canada right now?
Online banks typically pay ~2.5–3% on regular balances; big-5 savings accounts often pay under 1.5%. Teaser promos of ~5% exist for new clients but last around 5 months.
Is my money safe at an online-only bank?
EQ, Tangerine, Simplii and Oaken are CDIC members ($100,000 per category per institution). Fintechs like Wealthsimple, KOHO and Neo hold your cash at CDIC-member partner banks, sometimes several, which can raise effective coverage. Verify each provider's insurance page.
Are promo rates worth chasing?
Only if you'll actually move the money when the promo dies. Toggle "include promo rates" above to see the first-year blended math, the answer is usually closer than the headline suggests.
Why do big banks still charge chequing fees?
Branch access and bundles, usually waivable with a ~$4,000 minimum balance. But that parked $4,000 earns nothing; at 2.75% elsewhere it's ~$110/yr of forgone interest, often more than the fee.