Best High-Interest Savings Accounts (HISAs) in Canada for November/December 2025

If you’re looking to park your cash in a savings account that actually earns something (and stays safe and accessible) here are 3 top-picks for Canadians. I’ve updated this list AFTER the Bank of Canada’s latest rate cut, so you know it’s current.

On October 29, 2025, the Bank of Canada lowered its overnight policy rate to 2.25%, a 0.25 percentage-point drop. That rate drop matters for savings accounts: as the benchmark rate changes, so does what banks offer on “parked” cash.

Let’s break down each account: what you get, what it means for you, and what to keep an eye on. 👇

1. Wealthsimple (Chequing / Savings Hybrid)

What you get

• With Wealthsimple’s chequing-type account, you can earn up to 2.25% interest depending on your status (Core, Premium, Generation).

• No monthly account fee and no minimum balance required.

• Big perk: You can use the same Wealthsimple app for both saving your cash and investing, which means less juggling between apps or banks.

• Also: no foreign transaction (FX) fees when spending abroad using the card.

What this means for you

• If you already use Wealthsimple for stocks/ETFs, this is super convenient: everything in one app.

• It makes your “save now” and “invest later” life simpler. You’re not bouncing between bank, investment platform, savings account.

• Ideal for a “cash-reserve” or “emergency fund” that you want accessible but still earning something.

• Because no minimum or monthly fee, it’s beginner-friendly.

Things to watch / Cons

• To get the top rate (2.25%) you need higher status (assets or direct deposit), if you’re just starting out you might earn a lower rate (like 1.25%) according to recent update.

• As with any savings/chequing account: Rate is subject to change based on the Bank of Canada’s benchmark rate. So the “high” rate today might decrease.

• If your priority is maximum rate regardless of convenience, there may be accounts that pay a little more but with more conditions.

2. EQ Bank (Digital Bank – Personal Account)

What you get

• Base interest rate is 1.00% for the Personal/Joint account.

• But if you set up recurring direct deposits of at least $2,000/month, you can qualify for a bonus rate of 2.75% (+1.75%).

• No monthly fee, no minimum balance required.

• Also: Free withdrawals from any ATM in Canada (and when you use your EQ Bank Card, they’ll even reimburse the fees that others charge).

What this means for you

• If you’re comfortable with a fully digital bank (no physical branches) and you’re willing to set up direct deposit, this can give you very strong rate relative to “normal” savings accounts.

• Great for your savings bucket that you might not need today but you want accessible:

  • e.g., short-term goal, emergency fund.

• If you shop online internationally or travel, the no FX fee is a nice bonus.

Things to watch / Cons

• The higher rate (2.75%) comes only if you meet the condition of $2,000+ direct deposits monthly. If you don’t, you earn the base rate (1.00%). So check if you can meet that rule.

• Rate is still subject to change with the Bank of Canada’s benchmark rate, always check “current rate” before you commit.

• Digital only: if you want in-person service or branches, this might not be ideal.

3. PC Financial – PC Money Account

What you get

• With the PC Money Account’s “savings feature”, you earn 2.2% interest on your savings balance.

• But if you set up direct deposits, you can qualify for a bonus rate of 2.9% (+0.7%).

• No monthly fee, no minimum balance, and free unlimited transactions.

• Big extra bonus: Earn PC Optimum points on your spending (e.g., 10 points per $1 at certain stores like Loblaws, Shoppers Drug Mart) while your savings balance earns interest.

• No foreign exchange fees when you make transactions in a foreign currency & simple everyday bank + save setup.

What this means for you

• This account is ideal if you want the best blend of saving and everyday spending rewards.

• Because you don’t have to meet big conditions or lock in your money, it’s very beginner-friendly.

• If you shop often at PC Optimum partner stores, this gives you extra “value” beyond just interest.

• It could be your “go-to” account: savings growing plus you’re spending anyway:

  • i.e. you maximize points and interest.

Things to watch / Cons

• The 2.2% rate, while strong, is still subject to change with the Bank of Canada’s benchmark rate, always check “current rate” before you commit.

• The higher rate (2.9%) comes only if you meet the direct deposit conditions during the promo period.

• The value of PC Optimum points depends on how much you shop and where, if you don’t shop at those partner stores, you may not fully utilize the reward potential.

• You’ll still want to make sure you treat the “savings feature” part right (i.e., activate it, transfer into that bucket) so you actually earn the interest.

🎯 Quick Comparison & Which One to Pick

Here’s a quick decision-breaker for you:

• Want one‐app convenience (save and invest) + solid interest rate?

  • Choose Wealthsimple.

• Want a pure “savings” bucket with a high rate (and you’re okay with direct deposit rule)

  • Pick EQ Bank.

• Want a “save & spend” combo account with interest and rewards points + zero deposit rules?

  • Go for PC Financial’s PC Money Account.

✅ Final Tips for Canadian Savers

• Always check the current interest rate at the moment you open or move money. Savings rates change with the BoC’s benchmark.

• Make sure you understand whether any conditions apply (direct deposit minimums, minimum balance, etc.).

• Ensure your institution is CDIC-insured (meaning your deposits are protected up to certain limits).

• Use your savings account for your short-term goals (emergency fund, big purchase, cash-reserve). If you’re investing for long term you’ll also want other tools like ETFs or stocks.

• Let your priority guide your choice:

  • Do you care most about highest rate?

  • Fewest conditions?

  • Rewards for spending?

  • Investing + saving in one place?

Choose accordingly.

At the end of the day, it’s not about chasing every tiny bit of interest… it’s about choosing a place that fits your lifestyle and goals.

Whichever account you go with, the key is simple: keep your money moving, not sitting.