Best High-Interest Savings Accounts in Canada
Last week, the Bank of Canada lowered its benchmark rate, and many banks followed suit. For example, Wealthsimple just dropped their standard interest rate from 1.75% to 1.50%.
With interest shrinking across the board, choosing the right HISA (or hybrid savings account) matters more than ever.
Below are three solid options, based on current published rates.
💰 3 Best HISA Options (Sept 2025)
PC Financial (PC Money savings feature)
Rate: 3.10%
Pros: transparent, easy, no special conditions
Cons: It’s part of a “savings feature” inside their PC Money account, not a standalone HISA
EQ Bank (Personal / Joint Account)
Base Rate: 1.25%
Bonus Potential: up to 3.30% if you do $2,000+ monthly direct deposits
Pros: good upside with condition, flexible, digitally focused
Cons: You need to meet the deposit condition to hit the higher rate
Wealthsimple (Chequing / Hybrid / “Cash”)
Standard Rate: 1.50% (reduced from 1.75% after BoC cut)
Boosted Rates: up to 2.50% if you qualify for Wealthsimple’s Premium tier (requires $100k+ in assets with them) or Generation tier (requires $500k+ in assets) and set up direct deposits.
Pros: integrated with their investment / trading app, good for users already in their ecosystem
Cons: standard rate is low now
*Rates as of Sept 23, 2025
📝 Takeaway:
Rates are moving downward after the Bank of Canada’s cut, so every fraction of a percent matters right now.
Want no conditions and a steady rate? PC Financial’s 3.10% is your best bet.
Willing to set up a direct deposit for a better return? EQ Bank can get you up to 3.30%.
Already using Wealthsimple for investing? Keeping your savings there might be convenient, but the standard rate is lower at 1.50%.
If your cash is just sitting in a chequing account, you’re leaving money on the table. Even with rates trending down, a HISA can still make your savings work harder.
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