Best High-interest Savings Bank Accounts in Canada This September 2025
With inflation continuing to impact Canadians' purchasing power, finding the highest interest rates for savings accounts has become crucial for growing wealth. High-interest savings accounts (HISAs) offer a secure way to earn meaningful returns on cash while maintaining easy access to funds, making them an essential tool for both emergency funds and short-term savings goals. In addition to traditional HISAs, government savings programs can provide complementary ways to maximize your savings potential.
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Summary Table for Best High-interest Savings Bank Accounts in Canada This September 2025
| Account | Interest Rate | Monthly Fee | Min Balance | Open Account |
|---|---|---|---|---|
|
CIBC eAdvantage Savings Account High-Interest Savings |
Regular + Smart Interest (up to $200,000) | $0 | $0 | Open |
|
Scotiabank MomentumPLUS Savings Account High-Interest Savings |
4.85% (up to 4.95% with Ultimate Package) | $0 | $0 | Open |
|
RBC High Interest eSavings High-Interest Savings |
4.70% | $0 | $0 | Open |
|
Bridgewater Bank Smart eSavings High-Interest Savings |
2.80% | $0 | $25 | Open |
|
Canadian Tire Bank High Interest Savings High-Interest Savings |
2.40% | $0 | $0 | Open |
|
Hubert Financial Happy Savings High-Interest Savings |
2.30% | $0 | $0 | Open |
|
Laurentian Bank High Interest Savings High-Interest Savings |
2.20% under $100k, 3.20% $100k-$5M, 1.00% over $5M | $0 | $0 | Open |
|
Motive Financial Motive Savvy Savings High-Interest Savings |
2.25% up to $5M, 0.50% above $5M | $0 | $0 | Open |
|
Alterna Bank High Interest eSavings High-Interest Savings |
1.25% | $0 | $0 | Open |
|
EQ Bank Personal Account Personal Banking |
3.00%' (1.00% base + 2.00% bonus) | $0 | $0 | Open |
1. CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account offers competitive interest rates with no monthly fees and no minimum balance requirement, plus the opportunity to earn Smart Interest when saving $200 or more monthly.
CIBC eAdvantage Savings Account
- Smart Interest earned when saving $200+ monthly
- Free transfers to linked CIBC accounts
- Interest calculated daily and paid monthly
- No minimum balance requirement
Pros
- No monthly fees
- No minimum balance requirement
- Free transfers to linked CIBC accounts
- Interest calculated daily
Cons
- $5 fee per transaction
- Limited free transaction types
- Smart Interest capped at $200,000
Why is it Our Top Pick?
This account stands out for its flexible structure combining regular and Smart Interest rates, with no monthly fees or minimum balance requirements. The ability to earn bonus interest on balances up to $200,000 by saving just $200 monthly makes it an excellent choice for consistent savers.
2. Scotiabank MomentumPLUS Savings Account
The Scotiabank MomentumPLUS Savings Account offers premium interest rates up to 4.85% with a 90-day premium period, plus additional rate boosts for Ultimate Package (4.95%) and Preferred Package (4.90%) holders.
Scotiabank MomentumPLUS Savings Account
- Premium period interest rates up to 4.85%
- Additional rate boost with banking packages
- Unlimited self-service transfers between Scotia accounts
- Multiple savings goals in one account
Pros
- No monthly account fees
- No minimum balance required
- Unlimited self-service transfers
- Mobile and online banking access
Cons
- Cannot receive direct deposits
- Cannot pay Scotia bills directly
- Premium rates require longer commitment periods
3. RBC High Interest eSavings
The RBC High Interest eSavings account offers a competitive promotional rate of 4.70% for the first 90 days, combining high-yield savings with convenient online banking features and no monthly fees.
RBC High Interest eSavings
- Free unlimited online transfers to other RBC accounts
- One free RBC ATM cash withdrawal per month
- Automated savings tools
- Interest calculated daily and paid monthly
Pros
- No monthly maintenance fees
- Competitive promotional interest rate
- Unlimited free online transfers to RBC accounts
- User-friendly online banking platform
Cons
- Fees for non-RBC ATM usage
- Additional transaction fees after first free withdrawal
- Interest rate drops after promotional period
- Limited branch services
4. Bridgewater Bank Smart eSavings
Bridgewater Bank's Smart eSavings account offers a straightforward high-interest savings solution with a competitive 2.80% interest rate, daily interest calculations, and minimal fees for basic banking needs.
Bridgewater Bank Smart eSavings
- Interest calculated daily and compounded monthly
- One free withdrawal per calendar month
- Easy transfer of funds from other institutions
- Simple online banking platform
Pros
- No monthly account fees
- Daily interest calculation
- Simple account structure
- Easy fund transfers
Cons
- $5 fee for additional withdrawals
- Minimum opening deposit required ($25)
- Limited withdrawal flexibility
- Limited branch access
5. Canadian Tire Bank High Interest Savings
Canadian Tire Bank offers a no-fee High Interest Savings Account with daily interest calculation and no minimum balance requirements, making it an accessible option for Canadians looking to grow their savings with a trusted retail bank.
Canadian Tire Bank High Interest Savings
- No lock-in period
- Interest calculated daily and paid monthly
- Easy fund transfers online or by phone
- 24/7 online banking access
Pros
- No monthly fees
- No minimum balance required
- Flexible access to funds
- Online and phone banking available
Cons
- Lower interest rate compared to some competitors
- No welcome bonus offered
- Limited branch access
6. Hubert Financial Happy Savings
Hubert Financial offers a compelling online savings solution with competitive rates and 100% deposit guarantee through the Deposit Guarantee Corporation of Manitoba, making it a secure choice for Canadians seeking high-yield savings options.
Hubert Financial Happy Savings
- Interest calculated daily and paid monthly
- 100% deposit guarantee by DGCM
- Simple online application process
- Subsidiary of Access Credit Union
Pros
- No monthly fees
- 100% deposit guarantee
- Easy online account management
- Accessible customer service via phone and email
Cons
- $5 membership share required to join
- $15.01 fee for incoming Canadian wire transfers
- Limited to online banking only
7. Laurentian Bank High Interest Savings
Laurentian Bank's High Interest Savings Account offers tiered interest rates up to 3.20% with no monthly maintenance fees, making it an attractive option for those looking to maximize their savings returns while maintaining easy access to their funds.
Laurentian Bank High Interest Savings
- Tiered interest rates based on balance
- No minimum balance requirement
- Free electronic statements
- Interac e-Transfer capability
Pros
- No monthly maintenance fees
- Competitive interest rates for higher balances
- No minimum balance requirement
- Free electronic statements
Cons
- $1.00 fee per Interac e-Transfer sent
- $3.00 monthly fee for paper statements
- Lower rate (1.00%) for balances over $5M
- Basic interest rate (2.20%) for balances under $100k
8. Motive Financial Motive Savvy Savings
The Motive Savvy Savings Account combines the flexibility of a checking account with the growth potential of a savings account, offering a competitive 2.25% interest rate with unlimited transactions and no monthly fees.
Motive Financial Motive Savvy Savings
- Unlimited transactions and deposits
- No minimum balance requirement
- Free access to THE EXCHANGE® Network ATMs
- High interest rate on balances up to $5M
Pros
- No monthly fees
- Unlimited transactions
- Competitive interest rate
- No minimum balance requirement
Cons
- Lower rate (0.50%) for balances over $5M
- Limited to Canadian financial institutions
- $50,000 transaction limit per 24-hour period
- $10 minimum transaction amount
9. Alterna Bank High Interest eSavings
The Alterna Bank High Interest eSavings account offers high-yield savings with no monthly fees or minimum balance requirements, providing unlimited free transactions for bill payments, transfers, and Interac e-Transfers.
Alterna Bank High Interest eSavings
- Free, unlimited bill payments and transfers
- Free, unlimited Interac e-Transfers
- Interest earned on every dollar
- No monthly account fees
Pros
- No monthly fees
- Unlimited free transactions
- No minimum balance required
- Secure CDIC coverage
Cons
- ATM withdrawals not free
- Cheque clearing fees apply
- Lower interest rate compared to some competitors
10. EQ Bank Personal Account
The EQ Bank Personal Account combines everyday banking with high-interest earning potential, offering a unique hybrid solution that functions as both a checking and savings account with no monthly fees and unlimited transactions.
EQ Bank Personal Account
- Free unlimited Interac e-Transfers
- Free bill payments and direct deposits
- Free ATM withdrawals across Canada
- Multiple sub-accounts available
Pros
- No monthly fees
- High interest rate on all balances
- Free ATM withdrawals nationwide
- Unlimited free transactions
Cons
- Online-only bank
- No physical branches
- Must be age of majority to open account
- Canadian residents only
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
