Best High-Interest Savings Accounts in Canada for 2025
High-interest savings accounts (HISAs) in Canada help your money grow faster than standard savings options. They are ideal for short-term savings goals or holding extra cash securely.
Selection Criteria by NerdWallet Canada
NerdWallet evaluates HISAs using several factors, including:
- Annual percentage yields (APYs)
- Minimum balance requirements
- Fees
- Digital banking experience
Only accounts available in multiple provinces are included in the ranking. Quebec residents are excluded from availability.
Key Features of HISAs
- Typically offer deposit insurance, safeguarding your money
- Allow money to be withdrawn anytime, though transfers can take hours or days
- Most top-rated accounts do not require a minimum deposit to open
Interest Rates Overview
The best HISAs provide better interest rates than regular accounts. Standard savings interest rates in Canada range from 1% to 2.5%, while some banks offer promotional rates above 4%.
"NerdWallet evaluates and selects HISAs based on their overall value. We prefer accounts with better interest rates."
Understanding how these account features fit your financial goals will help you make the right choice.
Author’s summary: High-interest savings accounts in Canada offer competitive rates and safety for short-term savings, with flexible access and no minimum deposit in many cases.