In Part 1, we covered how to cut your monthly bank fees to $0. Now the question is: where should you put the money you’re saving?
Leaving extra cash in a regular chequing account earns you almost nothing in Canada. But choosing the right HISA (High-Interest Savings Account) can get you 2–3%+ per year. Over time, that gap adds up to real money.
⚠️ Note: All rates in this article are based on publicly available information as of June 2026. Interest rates change with Bank of Canada policy decisions — always verify the current rate directly with each institution before opening an account.
What Is a HISA?
A HISA is a high-interest savings account. Unlike a GIC (term deposit), your money isn’t locked in — you can withdraw or transfer at any time. It’s ideal for emergency funds and short-term savings you might need access to.
Big 5 Bank HISA Rates — Honestly Disappointing
| Bank | HISA Rate (2026) | Notes |
|---|---|---|
| TD | 0.01% ~ 1.00% | Essentially zero without a promo |
| RBC | 0.01% ~ 1.05% | Promo rates are temporary |
| BMO | 0.01% ~ 1.10% | |
| Scotiabank | 0.01% | |
| CIBC | 0.01% ~ 1.00% |
Big 5 base HISA rates are effectively meaningless. Promotional bumps appear occasionally, then quietly drop back down.
Better Options
Option 1: EQ Bank
EQ Bank is the most well-known online bank in Canada for savings.
- Base rate: 1.00% / With recurring direct deposit ($2,000+/month): 2.75%
- Monthly fee: $0
- No withdrawal restrictions — transfer anytime
- CDIC insured up to $100,000
- Prepaid Mastercard included — no foreign transaction fees
The catch: no branches, no cash deposits. Everything is done via online transfer. Pair it with a no-fee chequing account like Simplii and it works seamlessly.
Option 2: Canadian Tire Bank
Underrated and often overlooked. Canadian Tire Bank’s HISA is worth a look.
- HISA rate: ~2.40% (variable — check current rate before applying)
- Monthly fee: $0
- CDIC insured
- Bonus: integrates with Triangle Rewards for extra perks
Downside: transfers can be clunky and the app experience isn’t as polished as the Big 5. But the rate makes it worth considering.
Option 3: Oaken Financial
Operated by Home Bank. Less well-known, but consistently one of the highest rates available.
- HISA rate: ~3.40% (as of March 2026 — verify current rate)
- Monthly fee: $0
- CDIC insured up to $100,000
- Strong GIC rates as well
If maximizing interest is your only goal and you don’t need instant access, Oaken is hard to beat among CDIC-insured options.
Side-by-Side Comparison (June 2026)
| Bank | HISA Rate | Monthly Fee | CDIC | Notes |
|---|---|---|---|---|
| EQ Bank | 1.00% base / 2.75% with direct deposit | $0 | ✅ | Most convenient; prepaid card included |
| Canadian Tire Bank | ~2.40% | $0 | ✅ | Triangle Rewards integration |
| Oaken Financial | ~3.40% | $0 | ✅ | Top rate among CDIC-insured options |
| Big 5 (TD/RBC etc.) | 0.01–1.10% | Varies | ✅ | Branches & ATMs, but poor savings rates |
Rates are variable and change with Bank of Canada decisions. Check each institution’s website for the current rate before opening an account.
My Recommended Setup
- Day-to-day spending: Simplii Financial ($0 fees, unlimited transactions)
- Emergency fund (3–6 months): EQ Bank HISA (accessible anytime; 2.75% with direct deposit)
- Long-term savings: Oaken Financial HISA or GIC (highest rate)
Keeping everything in a Big 5 account means earning almost no interest while still paying fees. That’s a double loss.
Final Thoughts
If you want your savings to actually work for you in Canada, the Big 5 HISA isn’t the answer. Moving your savings to EQ Bank, Canadian Tire Bank, or Oaken Financial — even just the portion you don’t need day-to-day — can make a meaningful difference over the course of a year.
Part 3 covers credit card rewards — cash back vs. points, and which welcome bonuses are actually worth chasing.
📌 Related: Paying Canadian Bank Fees Every Month? Here’s How to Get to $0 (Part 1)
📌 Part 3: Cash Back or Points? Choosing the Right Credit Card in Canada as an Immigrant