The best Canadian savings account for you.

For most Canadians, EQ Bank offers the strongest combination of everyday rate, CDIC coverage, no fees, and unlimited Interac e-Transfers. Tangerine occasionally posts higher promotional rates for the first 5 months — those are great if you'll move the money once the promo ends. Wealthsimple Cash is the strongest "hybrid" option for people already in the Wealthsimple ecosystem.

Yes — interest from a regular HISA is fully taxable as income at your marginal rate. To shelter the interest, hold a HISA inside a TFSA. Most major HISA providers (EQ, Tangerine, Wealthsimple, Simplii) support TFSA savings accounts with CDIC coverage applied separately to that registered balance.

A HISA gives you a variable rate plus instant access. A GIC locks your money in for a fixed term (3 months to 5 years) for a slightly higher fixed rate. Use a HISA for emergency funds and short-term goals. Use a GIC ladder for money you definitely won't need for 1-5 years and want guaranteed.

EQ Bank is a CDIC member — your eligible deposits are protected up to $100,000 per category. Wealthsimple Cash deposits sit at CDIC-member partner banks, with coverage up to a much higher combined limit (Wealthsimple publishes the current cap on their site). Always confirm the current CDIC details on the provider's official disclosure before relying on them.