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For newcomers and residents in Canada, finding the right High-Interest Savings Account (HISA) is key to building savings safely while still earning meaningful returns. In 2025, Canadian banks are offering attractive promotional rates that far exceed traditional savings accounts.
Why Choose a HISA?
- Safety: CDIC insurance up to $100,000.
- Liquidity: Access funds anytime without penalties.
- Returns: Promotions range 3.5%–4.5%, compared to standard 0.01%–0.30%.
Table 1: HISA Promotional Rates Comparison
| Bank | Promo Rate | Eligibility | Duration | Limit |
|---|---|---|---|---|
| EQ Bank | 3.50% | Direct deposit $2,000+/mo | Ongoing (if condition met) | No limit |
| Tangerine Bank | 4.50% | New clients | 5 months (153 days) | $1,000,000 |
| Simplii Financial | 4.25% | New clients / within 60 days | 4 months | $100,000 |
Table 2: HISA Long-Term Base Rates Comparison
| Bank | Base Rate Structure | Standard Balance (≤$50k) |
|---|---|---|
| EQ Bank | Conditional rate | 3.50% (if payroll deposit) |
| Tangerine Bank | Flat rate | 0.30% |
| Simplii Financial | Tiered rate | 0.30% |
Who Benefits Most from HISA?
- New immigrants: Saving for PR fees or first rent deposit.
- Families: Building emergency fund.
- Investors: Parking cash before entering markets.
FAQ
Q. Is the interest taxable?
Yes, unless kept in a TFSA HISA.
Q. Are promotional rates permanent?
No, most revert to 0.30–1.25% after the promo period.
Final Thoughts
For 2025, Tangerine and Simplii stand out for short-term promotions, while EQ Bank offers a strong long-term option if you set up direct deposit.