HISA Calculator Canada
Project Canadian High-Interest Savings Account growth with monthly compounding and after-tax interest. Compare EQ Bank, Oaken, Wealthsimple, Tangerine, and Big 5 banks.
Fully CDIC insured
Sept 2026: 0.30–2.80% standard; 4.5–4.6% only as 3–5 month new-client promos
Set to 0% for TFSA, full rate for non-registered
Ending Balance
$43,666.82
After 5 years at 2.75%
Total Contributions
$40,000.00
Your deposits
Total Interest Earned
$3,666.82
Tax on Interest
$1,100.04
At 30% marginal
After-Tax Interest
$2,566.77
Canadian HISA Comparison (2026 Posted Rates)
| Provider | Rate | Interest Year 1 |
|---|---|---|
Oaken Financial Savings No promotion, no conditions | 2.80% | $364.00 |
EQ Bank Personal Account 2.75% with $2,000+ a month of direct deposit | 1.00% | $130.00 |
Wealthsimple Chequing 1.75%–2.25% on higher tiers or with direct deposit | 1.25% | $162.50 |
RBC High Interest eSavings (Big 5) New clients: 4.60% for 90 days | 0.55% | $71.50 |
CIBC eAdvantage Savings New clients: 4.60% for 90 days | 0.30% | $39.00 |
Tangerine Savings New clients: 4.50% for 5 months | 0.30% | $39.00 |
High-Interest Savings Accounts in Canada: Where to Park Cash in 2026
A High-Interest Savings Account (HISA) earns interest on idle cash while keeping funds fully liquid. With the Bank of Canada’s policy rate at 2.25%, standard HISA rates in September 2026 run from about 0.30% at Tangerine and the big banks to 2.80% at Oaken; 4.5%–4.6% appears only as a new-client promotion lasting three to five months. All major HISAs are eligible for Canada Deposit Insurance Corporation (CDIC) coverage up to $100,000 per depositor per eligible deposit category, meaning your savings, joint, RRSP, TFSA, and RESP balances are each insured separately.
The better standard rates come from online-only banks (EQ Bank, Oaken Financial) and fintech platforms (Wealthsimple, KOHO); Motive Financial no longer takes new clients after National Bank’s takeover of its parent. These institutions pass on overhead savings to depositors in the form of higher rates and lower fees. The Big 5 (RBC, TD, BMO, Scotia, CIBC) pay extremely low standard rates on their core savings products but often offer aggressive promo rates to new clients (in September 2026, 4.60% for 90 days at RBC and CIBC). Strategic savers move funds between promotional offers, an approach sometimes called “rate chasing.”
Canadian HISA Landscape, September 2026
| Provider | Standard Rate | Promo (typical) |
|---|---|---|
| EQ Bank Personal Account | 1.00% | 2.75% with $2,000+/mo direct deposit |
| Wealthsimple Chequing | 1.25% | Up to 2.25% (Generation tier or direct deposit) |
| Tangerine Savings | 0.30% | 4.50% for 5 months, new clients |
| Big 5 bank savings (RBC, TD, CIBC) | 0.30%–0.55% | 4.60% for 90 days, new clients |
| Oaken Financial Savings | 2.80% | — |
To maximize after-tax returns, hold HISA cash inside a Tax-Free Savings Account whenever possible. Interest is fully taxable at your marginal rate in a non-registered account — at the top Ontario bracket (53.53%), a 2.75% HISA yields just 1.28% after tax. The same 2.75% inside a TFSA keeps the full yield. For emergency funds, balance accessibility against return: most Canadians keep 3–6 months of essential expenses in HISAs, then move surplus to GICs or invest in diversified ETFs once the buffer is established. Avoid keeping more than $100,000 at any single CDIC-member institution unless you have multiple eligible deposit categories that each qualify for separate insurance.
Frequently Asked Questions
Are HISAs CDIC insured?
Is HISA interest taxable?
How is HISA interest calculated?
What is the difference between HISA and GIC?
Official Data Sources
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.