High-interest savings accounts (HISAs) offer a secure way to grow your savings while maintaining easy access to your funds. This month's roundup features accounts with rates up to 5.10% and various features to suit different saving styles.
What are High-Interest Savings Accounts?
HISAs are banking products that offer higher interest rates than traditional savings accounts. They combine the security of a regular savings account with enhanced earning potential, making them ideal for emergency funds or short-term savings goals.
Best High-Interest Savings Accounts in Canada This Month (February 2025)
1. Scotiabank MomentumPLUS Savings Account
Leading the market with exceptional promotional rates and flexible saving options, Scotiabank's offering stands out for both short and long-term savers.
- Promotional Interest Rate: Up to 5.10% for first 3 months
- Regular Rate: 0.75%
- No monthly fees
- Free Interac e-Transfers
2. Simplii Financial High Interest Savings Account
Simplii Financial combines digital convenience with competitive rates, making it an excellent choice for online banking enthusiasts.
- Promotional Rate: 3.9% for first 5 months
- Regular Rate: 0.30%-2.00%
- No account or transaction fees
- CDIC insured through CIBC
3. KOHO Earn Interest Account
KOHO's hybrid approach combines high-interest savings with spending features, offering a modern banking solution.
- Interest Rate: Up to 4.00%
- Cashback: 1-2% on purchases
- No account fees
- Premium perks available ($14.75 monthly fee)
4. EQ Bank Notice Savings Account
EQ Bank's digital-first model enables consistently competitive rates without promotional periods, ideal for long-term savers.
- Interest Rate: 4.00% (30-day notice)
- Alternative Rate: 3.00% (10-day notice)
- No account fees
- No minimum balance required
5. Motive Savvy Savings Account
Motive Financial balances attractive promotional rates with solid regular rates for sustained savings growth.
- Promotional Rate: Up to 4.75% for 120 days
- Regular Rate: 2.75%
- Unlimited transactions
- No account fees
6. Tangerine Savings Account
Tangerine offers a user-friendly digital experience with competitive promotional rates.
- Promotional Rate: Up to 4.50% for 5 months
- Regular Rate: 0.30%
- No account fees
- Full online and mobile banking features
7. Manulife Bank Advantage Account
Manulife's account combines high interest with comprehensive banking features.
- Interest Rate: Up to 4.70%
- No monthly fees
- CDIC insured
- Integrated checking features
8. PC Money Account
Perfect for PC Optimum members, this account offers both high interest and reward points.
- Interest Rate: Up to 3.50%
- Free transfers and Interac e-transfers
- No minimum balance
- PC Optimum points on purchases
Summary of Best High-Interest Savings Accounts (February 2025)
| Bank | Account Type | Promotional Rate | Regular Rate |
|---|---|---|---|
| Scotiabank | MomentumPLUS | 5.10% | 0.75% |
| Simplii Financial | High Interest | 3.90% | 0.30-2.00% |
| KOHO | Earn Interest | 4.00% | 4.00% |
| EQ Bank | Notice Savings | 4.00% | 3.05% |
| Motive | Savvy Savings | 4.75% | 2.75% |
| Tangerine | Savings | 4.50% | 0.30% |
| Manulife | Advantage | 4.70% | 4.70% |
| PC Financial | Money Account | 3.50% | 3.50% |
Final Words
The best high-interest savings account depends on your specific needs and saving habits. Consider factors like promotional periods, regular rates, and account features when making your choice. For more financial insights, explore our guides on reducing energy bills and investment apps for beginners.
Looking to learn more about smart money management? Check out our comprehensive guide on making more money while spending less.
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Frequently Asked Questions About High-Interest Savings Accounts
What is the difference between a regular savings account and a high-interest savings account?
High-interest savings accounts (HISAs) typically offer significantly higher interest rates than regular savings accounts, often 2-5% compared to 0.01-0.05%. However, they may have certain conditions like minimum balances or limited withdrawals to maintain the high rate.
Are high-interest savings accounts in Canada safe?
Yes, high-interest savings accounts at Canadian banks are very safe. They're protected by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per eligible deposit category, per institution.
Should I choose a promotional rate or a consistent interest rate?
It depends on your savings goals. Promotional rates can be great for short-term savings, but if you're planning to save long-term, look for accounts with competitive regular rates. Consider factors like minimum balance requirements and any fees that might affect your returns after the promotional period ends.
How often do interest rates change on high-interest savings accounts?
Interest rates on HISAs can change at any time, typically following changes in the Bank of Canada's policy rate. Promotional rates usually have a fixed duration (often 3-6 months), while regular rates may fluctuate with market conditions.
