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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| Account | Rate | Interest on your balance/yr | Notes |
|---|
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%.
Chequing view: sorted by monthly fee. Fee-waiver minimums are checked against your balance, but parking $4,000 at 0% to dodge a fee costs about $110/yr in HISA interest you didn't earn, which this page counts as the real comparison.
What this doesn't model: tiered balance rates, direct-deposit rate bumps, welcome cash bonuses (listed as notes, not math), joint-account nuances, or credit-union provincial insurance differences. Figures are as of and pending verification, treat the table 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 Motive 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.