HISAs and hybrid accounts — compared on posted rates, CDIC coverage and sign-up offers.
Take the 30-second match below, or scroll down for each provider's posted rates.
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Wealthsimple: $25 sign-up bonusNew clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.
No monthly fee, 1.25% interest on the Core plan, and eligible deposits held in trust at CDIC member institutions — up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). EQ Bank may still pay more on everyday balances — see below.
You need a valid Referral Link from an existing EQ Bank customer. Open an EQ Bank Personal Account with that link, then fund it with at least $100 within 30 calendar days of account activation. The $20 goes into your Personal Account within five business days of meeting the funding condition. Only new clients qualify: anyone who already had an EQ Bank Personal Account does not, and neither does anyone who signs up through a link to join a joint account. The bonus can't be combined with other offers unless EQ Bank expressly permits it. The terms list no end date: the program runs on an ongoing basis until EQ Bank changes or ends it.
It depends on how you'll use the account, and savings rates change often. Here's what each provider posts on its own site: EQ Bank's Personal Account pays 1.50%, or 2.75% with $2,000 a month in payroll direct deposits. Tangerine pays 4.50% for 153 days (about 5 months) to new clients whose Client Number is created between July 28 and November 30, 2026, then its posted 0.30%. Simplii's promotional rate is 4.60% on HISAs opened August 1 to October 31, 2026 by new clients (within 60 days of becoming a client); its regular rate is 0.30% on balances up to $50,000. Wealthsimple Chequing pays 1.25% on the Core plan, and Wealthsimple's separate Savings account pays 2.5% (available to every client, no tiers). Promotional rates end, so compare what you'll earn after the promo too.
Are HISA interest payments taxed in Canada?
Yes — interest from a regular (non-registered) HISA is fully taxable as income at your marginal rate. Holding the savings inside a TFSA shelters the interest. EQ Bank's TFSA, FHSA and RRSP Cash Savings Accounts pay 1.50%. Tangerine's Tax-Free Savings Account posts 0.30%, and new clients can get a promotional 5.00% for 153 days (about 5 months). At Tangerine, CDIC gives a separate $100,000 each for joint deposits (collectively, not per person), RRSP deposits and TFSA deposits. Wealthsimple's Savings account is available in individual non-registered accounts only for now (Wealthsimple says more account types are coming).
HISA vs GIC — which should I pick?
A HISA pays a variable rate and lets you withdraw any time. A GIC pays a fixed rate for a set term. For example, EQ Bank's posted GIC rates are 3.70% for 1 year and 4.30% for 5 years, and its GICs are non-redeemable, so the money stays locked in until the GIC matures. A HISA suits an emergency fund or a short-term goal. A GIC (or a ladder of GICs with staggered terms) suits money you're sure you won't need before it matures.
Is my money safe in EQ Bank or Wealthsimple Chequing?
Eligible EQ Bank deposits are covered by CDIC up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member). Note that it's one $100,000 limit shared by your individual Personal Account, GICs, US Dollar Account and any other deposits in your name at Equitable Bank; joint deposits are insured separately. Wealthsimple Chequing uses a trust framework: CDIC insures eligible cash balances up to $100,000 per beneficiary, per CDIC member institution, and in total up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). CDIC protects eligible deposits at CDIC member institutions if one of those member institutions fails. For its separate Savings account, Wealthsimple's comparison chart lists the protection as $1M CIPF (data as of August 19, 2026). Always confirm the current coverage on the provider's official disclosure before relying on it.