The best HISA for 2026 belongs to the EQ Bank Personal Account which had one of the highest interest rates on the market for two consecutive years. In addition to their excellent rate, this savings account includes:

• No monthly fees
• No minimum balance requirements
• Free transfers for withdrawals and deposits
• CDIC insurance to cover your balance

Check out Ratehub's Personal Finance Award winners for 2026 to see our opinion of the best accounts on the market today. 

Savings accounts are an essential part of anyone's financial portfolio. While the modest interest earned by them may pale in comparison to the big gains possible through stocks and bonds, they're a solid place to store your funds for future goals big and small.

While risky investments could pay off big, you also may have to sell in the event of market volatility. Savings accounts, on the other hand, will steadily earn you interest on your money over time while also giving you peace of mind that it isn't going anywhere. They're essentially the perfect mix of safety and growth.

Some other types of savings accounts include tax free savings accounts, youth savings accounts and senior savings accounts. Learn more below to see which option is best for you: 

Tax-free savings accounts

Tax-free savings accounts typically earn lower interest rates than high interest savings accounts, but there is no tax on the interest earned.

Youth savings accounts

Many financial institutions offer special savings accounts just for children to teach them how to save money and how to bank.

Senior savings accounts

Some banks offer special savings accounts for Canadians 60 and over that offer lower transaction fees or waive minimum balance requirements.