HISA & Bank Account Comparison

Savings view: interest per year = balance × rate. With promos on, the first-year figure blends the teaser: balance × promo rate × (promo months ÷ 12) + balance × regular rate × (remaining months ÷ 12), which is why a 5% five-month promo on a near-zero regular rate can still lose to a steady 2.75%. All figures are simple interest; monthly compounding would add a little to each (about 4% more interest on a steady 2.85% over three years).

Rate chart: each bar is the rate the account pays on your balance (blended over the first year when promos are on), in ranked order. The yardstick, drawn as a dashed line where the chart has room, is FP Canada's 2.1% long-run inflation assumption for financial planning (as of July 2026), not this month's CPI. A rate below it loses buying power even before tax, and HISA interest is fully taxable outside a TFSA or RRSP.

Teaser promo vs steady rate: the line chart adds up interest month by month for the two promo accounts that pay the most in the first year on your balance and the best account without a promo: balance × promo rate ÷ 12 for each promo month, then balance × regular rate ÷ 12, plus any direct-deposit boost. Month 12 of each line matches the first-year interest the ranked list shows with promo rates included. Each marker is the exact month the steady account's running total catches up with a promo account's: solve steady rate × m = promo rate × promo months + regular rate × (m − promo months) for m. That catch-up only happens if you leave the money where it is; move it to the steady account when the promo ends and the teaser keeps its head start for good.

Tiered and direct-deposit rates: a few accounts whose provider states explicit balance tiers earn marginally, so each dollar earns the rate of the band it falls in (e.g. the first $5,000 at 2.00%, the next slice at 2.50%, the rest at 2.75%), not one flat rate on the whole balance. When your balance crosses a band, the account card's effective-rate stat shows the blended rate alongside the interest, and the expanded breakdown lines out how it was reached. Toggle "I direct-deposit my pay" to add any provider-stated direct-deposit boost (for example Wealthsimple Cash adds 0.50 points with a $2,000+ deposit); it is off by default, so shared links without it reproduce the plain-rate figures.

Chequing view: ranked by effective annual cost, not sticker fee, against one yardstick: your balance is cash you could keep anywhere, and whatever does not need to sit in the chequing account earns the reference HISA rate (2.75%, EQ Bank's everyday rate). For each account we take the cheapest of three ways to hold it: keep only spending money there and pay the fee (fee × 12); park the fee-waiver minimum to wipe the fee out, which gives up waiver minimum × (reference rate − account rate) in interest (about $110/yr on a $4,000 minimum at 0%); or, for an account paying more than the reference, keep the whole balance there and count only the extra, balance × (account rate − reference rate). So effective cost = fees after waiver + waiver opportunity cost − interest above the reference. A chequing account paying less than the reference gets no interest credit, because that money would earn more in the HISA. Because a waiver can cost less than the fee it wipes out, an account with no balance waiver (you always pay the fee) can rank below one with a higher sticker fee. The bar chart draws the net figure for every account, printed at the end of its bar and coloured by the part behind it: a fee you still pay, the interest a parked waiver minimum gives up, or interest above the reference (a bar left of zero is a net benefit). Each account's card lines out the parts behind its figure.

What this doesn't model: membership or asset-tier rates that aren't a stated balance threshold (Wealthsimple's Premium/Generation rates, KOHO's paid-plan rates), caps on how much of a balance a promo rate covers and new-money-only promo rules (check each account's note), promo end dates, welcome cash bonuses (listed as notes, not math), tax on interest, joint-account nuances, or credit-union provincial insurance differences. Balance tiers and direct-deposit boosts are modelled, but only for accounts whose provider states the exact numbers. Treat the ranked list as a shortlist, not gospel.

What is a good HISA rate in Canada right now?

Online banks typically pay ~2.5–3% on regular balances; big-5 savings accounts often pay under 1.5%. Teaser promos of ~5% exist for new clients but last around 5 months.

Is my money safe at an online-only bank?

EQ, Tangerine, Simplii and Oaken are CDIC members ($100,000 per category per institution). Fintechs like Wealthsimple, KOHO and Neo hold your cash at CDIC-member partner banks, sometimes several, which can raise effective coverage. Verify each provider's insurance page.

Are promo rates worth chasing?

Only if you'll actually move the money when the promo dies. Toggle "include promo rates" above to see the first-year blended math, the answer is usually closer than the headline suggests.

Why do big banks still charge chequing fees?

Branch access and bundles, usually waivable with a ~$4,000 minimum balance. But that parked $4,000 earns nothing; at 2.75% elsewhere it's ~$110/yr of forgone interest, often more than the fee.