These are the 12 best high-yield savings accounts available in Canada in 2025. In 2025, as Canadians continue to navigate an evolving economic landscape characterized by inflation, fluctuating interest rates, and a growing emphasis on financial security, high-yield savings accounts (HYSAs) have become an increasingly popular option for individuals seeking to maximize their savings. These accounts offer higher interest rates than traditional savings accounts, allowing savers to grow their money faster while maintaining liquidity and security.
This deep dive explores the 12 best high-yield savings accounts available in Canada in 2025, providing a comprehensive analysis of each option to help you make an informed decision about where to park your hard-earned cash.
12 best high-yield savings accounts in Canada 2025
1. Wealthsimple Save
Overview:
Wealthsimple, a prominent Canadian fintech company, offers the Wealthsimple Save account, which has gained popularity for its competitive interest rates and user-friendly platform.
Key Features:
- Interest Rates:
- As of April 2025, Wealthsimple Save offers a competitive interest rate of 4.50%.
- The rate is subject to change based on market conditions and the Bank of Canada’s policy rate.
- The interest is calculated daily and compounded monthly, allowing your savings to grow faster.
- Account Fees:
- Wealthsimple Save is a no-fee account, meaning there are no monthly maintenance fees, minimum balance fees, or hidden charges.
- However, keep in mind that withdrawals may take a few days to process, which could impact your access to funds in urgent situations.
- Accessibility:
- The account can be managed entirely online through the Wealthsimple app or website, offering a seamless user experience.
- You can link your external bank account for easy transfers and withdrawals.
- The account is CDIC-insured up to $100,000, providing peace of mind regarding the safety of your deposits.
- Additional Features:
- Wealthsimple offers a referral program that allows you to earn additional interest on your savings when you refer friends and family.
- The platform also provides a savings calculator to help you set savings goals and track your progress.
Pros:
- Competitive interest rate
- No account fees
- User-friendly digital platform
- CDIC-insured
- Referral program for additional earnings
Cons:
- Limited branch access (primarily online)
- Potential delays in withdrawals
- Interest rates may fluctuate
Who is it best for?
Wealthsimple Save is ideal for tech-savvy individuals who prefer managing their finances online and are comfortable with a digital-only banking experience. It is also suitable for those who prioritize competitive interest rates and are willing to forgo branch access.
2. EQ Bank Savings Plus Account
Overview:
EQ Bank, a subsidiary of Equitable Bank, has established itself as a leader in the high-yield savings account space in Canada. The Savings Plus Account is one of their flagship products.
Key Features:
- Interest Rates:
- The Savings Plus Account offers a highly competitive interest rate of 4.50% as of April 2025.
- The rate is among the highest in the market and is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees, minimum balance requirements, or hidden charges.
- However, there is a limit of 5 free withdrawals per month. Additional withdrawals incur a fee of $5 per transaction.
- Accessibility:
- The account can be managed online or through the EQ Bank mobile app, offering a convenient and secure banking experience.
- You can link external bank accounts for easy transfers and set up automatic transfers to automate your savings.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- EQ Bank offers a joint account option, allowing you to share the account with a partner or family member.
- The platform provides a Goal Savings Account feature that allows you to set up multiple savings goals and track your progress towards each one.
Pros:
- High interest rate
- No monthly fees
- Joint account option
- Goal-setting feature
- CDIC-insured
Cons:
- Limited to 5 free withdrawals per month
- No physical branches
- Withdrawal fees for exceeding the limit
Who is it best for?
The EQ Bank Savings Plus Account is ideal for individuals who prioritize high interest rates and are comfortable with managing their finances online. The joint account option and goal-setting feature make it a great choice for couples or those saving for specific goals.
3. Tangerine Savings Account
Overview:
Tangerine, a subsidiary of Scotiabank, is a well-established online bank in Canada that offers a range of financial products, including a high-yield savings account.
Key Features:
- Interest Rates:
- Tangerine offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change and may include promotional periods with higher rates.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals, making it a convenient option for frequent transactions.
- Accessibility:
- The account can be managed online or through the Tangerine mobile app.
- Tangerine offers a network of free ATMs across Canada, allowing you to withdraw cash without incurring additional fees.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Tangerine offers a referral program that allows you to earn additional interest on your savings when you refer friends and family.
- The platform provides a Savings Goal Tracker to help you set and achieve your savings goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- Access to free ATMs
- Referral program
- CDIC-insured
Cons:
- Interest rates may fluctuate
- No physical branches (except for Scotiabank branches for certain services)
Who is it best for?
The Tangerine Savings Account is a great option for individuals who value convenience and accessibility. The absence of fees and access to free ATMs make it a convenient choice for those who prefer managing their finances online but still want the ability to withdraw cash without incurring fees.
4. Simplii Financial Savings Account
Overview:
Simplii Financial, a subsidiary of CIBC, is another popular online bank in Canada that offers a high-yield savings account with competitive rates and no fees.
Key Features:
- Interest Rates:
- Simplii Financial offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change and may include promotional periods with higher rates.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees, minimum balance requirements, or hidden charges.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Simplii Financial mobile app.
- Simplii offers a network of free ATMs across Canada, similar to Tangerine.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Simplii offers a referral program that allows you to earn additional interest on your savings when you refer friends and family.
- The platform provides a Savings Goal Calculator to help you plan and track your savings.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- Access to free ATMs
- Referral program
- CDIC-insured
Cons:
- Interest rate may fluctuate
- No physical branches (except for CIBC branches for certain services)
Who is it best for?
The Simplii Financial Savings Account is a solid choice for those who want a high-yield savings account with no fees and access to free ATMs. It is also a good option for CIBC customers who want to keep their banking within the same financial institution.
5. Motusbank Savings Account
Overview:
Motusbank, a subsidiary of Meridian Credit Union, is a relatively new entrant to the Canadian banking scene but has quickly gained popularity for its competitive rates and commitment to transparency.
Key Features:
- Interest Rates:
- Motusbank offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees, minimum balance requirements, or hidden charges.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Motusbank mobile app.
- Motusbank offers a network of free ATMs across Canada through the Exchange Network.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Motusbank offers a savings booster feature that allows you to earn a higher interest rate on your savings by linking your chequing account and maintaining a minimum balance.
- The platform provides a Goal Savings Account feature to help you save for specific goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- Access to free ATMs
- Savings booster feature
- CDIC-insured
Cons:
- Interest rates may fluctuate
- No physical branches
- The savings booster feature may have additional requirements
Who is it best for?
Motusbank Savings Account is a good option for individuals who want a high-yield savings account with no fees and access to free ATMs. The savings booster feature makes it an attractive choice for those who want to earn a higher interest rate by maintaining a minimum balance.
6. Alterna Bank High-Interest Savings Account
Overview:
Alterna Bank, a subsidiary of Alterna Savings, is a smaller financial institution that offers a range of banking products, including a high-yield savings account.
Key Features:
- Interest Rates:
- Alterna Bank offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- However, there is a limit of 3 free withdrawals per month. Additional withdrawals incur a fee of $5 per transaction.
- Accessibility:
- The account can be managed online or through the Alterna Bank mobile app.
- Alterna Bank offers a network of free ATMs across Canada through the Interac network.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Alterna Bank offers a savings accelerator to help you plan your savings goals.
Pros:
- Competitive interest rate
- No monthly fees
- Access to free ATMs
- CDIC-insured
Cons:
- Limited to 3 free withdrawals per month
- Withdrawal fees for exceeding the limit
- No physical branches
Who is it best for?
The Alterna Bank High-Interest Savings Account is a suitable option for individuals who prioritize high interest rates and are comfortable with a limited number of free withdrawals. It is also a good choice for those who want access to free ATMs and are comfortable with managing their finances online.
7. Oaken Financial High-Interest Savings Account
Overview:
Oaken Financial, a subsidiary of Home Trust, is another smaller financial institution that offers a high-yield savings account with competitive rates.
Key Features:
- Interest Rates:
- Oaken Financial offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Oaken Financial mobile app.
- Oaken Financial offers a network of free ATMs across Canada through the Allpoint network.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Oaken Financial offers a savings calculator to help you plan your savings goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- Access to free ATMs
- CDIC-insured
Cons:
- No physical branches
- Limited customer service options
Who is it best for?
The Oaken Financial High-Interest Savings Account is a good option for those who want a fee-free account with access to free ATMs and a competitive interest rate. It is also suitable for individuals who are comfortable with managing their finances online and do not require extensive customer service support.
8. Implicity Financial High-Interest Savings Account
Overview:
Implicity Financial, a division of Industrial Alliance, offers a high-yield savings account with a focus on simplicity and competitive rates.
Key Features:
- Interest Rates:
- Implicity Financial offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Implicity Financial mobile app.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Implicity Financial offers a savings goal tracker to help you monitor your progress towards your savings goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- CDIC-insured
- Savings goal tracker
Cons:
- No physical branches
- Limited customer service options
- No free ATMs
Who is it best for?
The Implicity Financial High-Interest Savings Account is ideal for those who want a simple, fee-free account with a competitive interest rate. It is also suitable for individuals who are comfortable with managing their finances online and do not require access to free ATMs.
9. LBC Digital High-Interest Savings Account
Overview:
LBC Digital, a subsidiary of the Lebanese Canadian Bank, offers a high-yield savings account with a focus on high interest rates and a user-friendly digital platform.
Key Features:
- Interest Rates:
- LBC Digital offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the LBC Digital mobile app.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- LBC Digital offers a savings calculator to help you plan your savings goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- CDIC-insured
- User-friendly digital platform
Cons:
- No physical branches
- Limited customer service options
- No free ATMs
Who is it best for?
The LBC Digital High-Interest Savings Account is a good choice for those who want a fee-free account with a competitive interest rate and a user-friendly digital platform. It is also suitable for individuals who are comfortable with managing their finances online and do not require access to free ATMs.
10. MAXA Financial High-Interest Savings Account
Overview:
MAXA Financial, a division of Manitoba Credit Union, offers a high-yield savings account with a focus on high interest rates and personalized customer service.
Key Features:
- Interest Rates:
- MAXA Financial offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the MAXA Financial mobile app.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- MAXA Financial offers a savings goal tracker to help you monitor your progress towards your savings goals.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- CDIC-insured
- Personalized customer service
Cons:
- No physical branches
- Limited customer service options
- No free ATMs
Who is it best for?
The MAXA Financial High-Interest Savings Account is ideal for those who want a fee-free account with a competitive interest rate and personalized customer service. It is also suitable for individuals who are comfortable with managing their finances online and do not require access to free ATMs.
11. Brim Financial High-Interest Savings Account
Overview:
Brim Financial, a fintech company, offers a high-yield savings account with a focus on competitive rates and a rewards program.
Key Features:
- Interest Rates:
- Brim Financial offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Brim Financial mobile app.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Brim Financial offers a rewards program that allows you to earn rewards points on your savings.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- CDIC-insured
- Rewards program
Cons:
- No physical branches
- Limited customer service options
- No free ATMs
Who is it best for?
The Brim Financial High-Interest Savings Account is a good option for those who want a fee-free account with a competitive interest rate and a rewards program. It is also suitable for individuals who are comfortable with managing their finances online and do not require access to free ATMs.
12. Mogo High-Interest Savings Account
Overview:
Mogo, a fintech company, offers a high-yield savings account with a focus on competitive rates and a user-friendly digital platform.
Key Features:
- Interest Rates:
- Mogo offers a competitive interest rate of 4.25% as of April 2025.
- The rate is subject to change based on market conditions.
- Interest is calculated daily and compounded monthly.
- Account Fees:
- The account is fee-free, with no monthly fees or minimum balance requirements.
- There are no fees for transfers or withdrawals.
- Accessibility:
- The account can be managed online or through the Mogo mobile app.
- The account is CDIC-insured up to $100,000.
- Additional Features:
- Mogo offers a savings booster feature that allows you to earn a higher interest rate by referring friends and family.
Pros:
- Competitive interest rate
- No account fees or withdrawal fees
- CDIC-insured
- Savings booster feature
Cons:
- No physical branches
- Limited customer service options
- No free ATMs
Who is it best for?
The Mogo High-Interest Savings Account is ideal for those who want a fee-free account with a competitive interest rate and a user-friendly digital platform. It is also suitable for individuals who are comfortable with managing their finances online and are interested in the savings booster feature.
Final Thoughts
When choosing a high-yield savings account in Canada, it is crucial to consider factors such as the interest rate, fees, accessibility, and additional features. While the interest rate is a significant factor, other aspects, such as the number of free withdrawals, access to free ATMs, and the quality of the digital platform, should also be taken into account.
Ultimately, the best HYSA for you will depend on your individual financial needs and preferences. Consider your savings goals, the amount you plan to deposit, and how frequently you need to access your funds when making your decision.
Remember that interest rates are subject to change, so it is important to regularly review your account and compare it with other options available in the market. Additionally, ensure that the financial institution you choose is a member of the CDIC, which provides insurance on eligible deposits up to $100,000.
By carefully evaluating your options, you can find the high-yield savings account that best aligns with your financial goals and helps you maximize your savings.
12 Best High-Yield Savings Accounts in Canada for 2025
| Provider | Interest Rate (as of April 2025) | Account Fees | Minimum Balance Requirement | Withdrawal Limits/Fees | Additional Features | CDIC Insured |
|---|---|---|---|---|---|---|
| Wealthsimple Save | 4.50% | None | None | No limits, but withdrawals may take a few days to process | Referral program, savings calculator | Yes |
| EQ Bank Savings Plus Account | 4.50% | None | None | 5 free withdrawals/month, then $5 per transaction | Joint account, goal savings account, savings booster | Yes |
| Tangerine Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Referral program, savings goal tracker | Yes |
| Simplii Financial Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Referral program, savings goal calculator | Yes |
| Motusbank Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Savings booster, goal savings account | Yes |
| Alterna Bank High-Interest Savings Account | 4.25% | None | None | 3 free withdrawals/month, then $5 per transaction | Savings calculator | Yes |
| Oaken Financial High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Savings calculator | Yes |
| Implicity Financial High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Savings goal tracker | Yes |
| LBC Digital High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Savings calculator | Yes |
| MAXA Financial High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Personalized customer service, savings goal tracker | Yes |
| Brim Financial High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Rewards program | Yes |
| Mogo High-Interest Savings Account | 4.25% | None | None | No fees for transfers or withdrawals | Savings booster, user-friendly digital platform | Yes |
Key Points to Consider:
- Interest Rate: All accounts offer competitive rates, with Wealthsimple Save and EQ Bank Savings Plus Account leading at 4.50%.
- Account Fees: All accounts are fee-free, with no monthly maintenance fees or minimum balance requirements.
- Withdrawal Limits/Fees:
- Most accounts offer unlimited withdrawals, but some, like EQ Bank and Alterna Bank, have limits on free withdrawals.
- Additional withdrawals may incur fees, so consider your withdrawal frequency.
- Additional Features:
- Referral Programs: Wealthsimple Save and Tangerine offer referral bonuses.
- Savings Boosters: Motusbank and Mogo offer higher interest rates for specific actions, like maintaining a minimum balance or referring friends.
- Goal Setting: EQ Bank, Tangerine, Simplii, Motusbank, Implicity, and MAXA offer tools to help you set and track savings goals.
- Rewards Programs: Brim Financial offers a rewards program for savings.
- CDIC Insurance: All accounts are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000, ensuring the safety of your deposits.
Choosing the Right Account:
- High Interest Seekers: If maximizing interest is your priority, Wealthsimple Save and EQ Bank Savings Plus Account are excellent choices.
- Fee-Conscious Individuals: All accounts are fee-free, but consider withdrawal limits if you anticipate frequent transactions.
- Tech-Savvy Users: Wealthsimple, EQ Bank, Tangerine, and Mogo offer robust digital platforms and mobile apps.
- Goal-Oriented Savers: EQ Bank, Tangerine, Simplii, Motusbank, Implicity, and MAXA offer tools to help you save for specific goals.
- Additional Perks: Consider referral programs, savings boosters, and rewards programs if they align with your needs.
Remember to review the terms and conditions of each account and consider your financial habits and goals when making your decision.
