Rates checked on November 3, 2026

Most chequing accounts at Canada’s big banks pay nothing on your balance. A small group of banks and fintechs now pay between 1% and 2.75% on money you can spend with a debit card or send by Interac e-Transfer. On a $10,000 balance, that gap is worth $100 to $275 a year.

We went through the official rate pages of every Canadian chequing and hybrid account we could find that pays interest. Below you will find the current rate, the exact conditions you have to meet to get it, the fees, how your money is protected, and what you would actually earn in dollars.

High-interest chequing accounts in Canada: rate comparison

Rates are annual, calculated daily and paid monthly unless noted. The “top rate needs” column is the part most comparison sites leave out.

For context: the Bank of Canada raised its policy rate by 0.25 points to 2.50% on October 28, 2026. Several accounts pay more than that level, but only if you meet conditions or move money to a savings balance. The next rate decision is December 9, 2026.

What you would actually earn

Percentages are hard to compare. This table shows roughly what each account pays in one year at three balances, before tax. We used simple interest, so monthly compounding would add a few cents to a few dollars more.

KOHO’s paid plans earn more (3.50% on Everything), but the $14.75 monthly fee is $177 a year. Compared with the free 2% Core account, the extra 1.5% only covers that fee once your balance is above about $11,800. Below that, the plan makes sense only if you also use its higher cash back and other perks.

Detailed reviews

Chequing, hybrid or high-interest savings?

The accounts above fall into three groups, and the difference matters.

• Traditional chequing (Tangerine, Simplii, Alterna, big banks): built for spending. Interest is close to zero.
• Hybrid accounts (EQ Bank, Manulife Advantage, PC Money): a bank account that works like chequing but pays a savings-level rate. This is where the best combination of rate and protection sits right now.
• Fintech spending accounts (KOHO, Wealthsimple, Neo): not banks. Your money is held in trust at CDIC member institutions, and the rates are often high, but the features and protection work a little differently.

If you keep a large emergency fund, a dedicated high-interest savings account or a notice account can still pay more. EQ Bank’s 30 Day Notice Savings Account, for example, pays 2.75% without any direct deposit. Many people keep a no-fee chequing account for bills and a separate savings account for everything else.

The catches to check before you switch

Is your money protected?

The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits at member institutions up to $100,000 per insured category, per member. EQ Bank (Equitable Bank), Manulife Bank, President’s Choice Bank, Tangerine, Alterna Bank and CIBC (Simplii) are all CDIC members.

KOHO, Wealthsimple and Neo are not banks. They hold client money in trust at CDIC member institutions, which extends CDIC protection to you as the beneficiary. KOHO’s coverage applies up to $100,000 once you opt in to interest. Wealthsimple spreads money across up to 10 members for combined coverage up to $1 million. CDIC explains how this works on its page about fintechs and deposit insurance.

Do you pay tax on chequing account interest?

Yes. Interest from any non-registered account is taxable income in the year you earn it, at your full marginal rate. Your bank or fintech sends a T5 slip if you earn $50 or more in a year, but you have to report all interest even if you do not get a slip. If you want tax-free growth on savings, a TFSA savings account is usually the better home for money you do not need every day.

How to choose the right account

1. Can you move your paycheque? If yes, EQ Bank at 2.75% is the strongest ongoing option from a CDIC member bank.
2. Do you want no conditions at all? KOHO Core pays 2% on every dollar with nothing to set up except opting in.
3. Do you still write cheques and keep $1,000 or more in your account? Manulife’s Advantage Account pays 1.65% and waives its transaction fees at that balance.
4. Do you have $100,000 or more to park, or already invest with Wealthsimple? Wealthsimple’s higher tiers and $1 million CDIC coverage are hard to beat.
5. Do you need cheques, cash deposits or free bank ATMs? Wealthsimple, Manulife and Alterna cover more of these than most digital accounts.

Moving to Canada? Our guide to the best credit cards for newcomers pairs well with a no-fee chequing account.

Accounts we left out

• motusbank: wound down in 2025, with accounts moved to Meridian and Coast Capital.
• Motive Financial: now part of National Bank, with clients being migrated.
• Big bank chequing packages: RBC, TD, BMO, Scotiabank and CIBC standard chequing accounts do not pay interest on the balance.

How we compared these accounts

We took every rate from the institution’s own rate page or product page on November 3, 2026, not from other comparison sites. We list the rate you get with no conditions next to the headline rate, because the headline is often tied to a direct deposit, a plan fee or a promotion. We did not receive payment from any institution in this guide, and the links above are not affiliate links. We review the rates every month and update this page when they change.

Frequently asked questions

Which chequing account pays the most interest in Canada?

As of November 3, 2026, the highest rates are EQ Bank’s Personal Account at 2.75% with at least $2,000 a month in payroll direct deposits and PC Money’s savings balance at 2.75%. KOHO Everything pays 3.5% but charges $14.75 a month. Manulife Bank’s 3.00% promotion ended on October 30, 2026, and its Advantage Account now pays 1.65%.

Which chequing account pays interest with no conditions?

KOHO Core pays 2% on every dollar with no direct deposit, minimum balance or monthly fee. PC Money pays 2.75% on money you move to its savings balance, and Manulife’s Advantage Account pays 1.65% on every dollar.

Do big banks pay interest on chequing accounts?

Standard chequing accounts at RBC, TD, BMO, Scotiabank and CIBC do not pay interest on the balance, and many charge a monthly fee unless you keep a minimum balance.

Is a high-interest chequing account safe?

Accounts at CDIC member banks, such as EQ Bank, Manulife Bank and PC Financial, are protected up to $100,000 per insured category. KOHO, Wealthsimple and Neo hold client money in trust at CDIC members, which extends that protection to eligible deposits.

Is interest on a chequing account taxable in Canada?

Yes. It is taxed as regular income. You get a T5 slip if you earn $50 or more in a year, but you must report all interest earned.

Is a chequing account or a high-interest savings account better?

Use chequing for money you spend and a savings account for money you keep. Hybrid accounts like EQ Bank and Manulife Advantage now pay close to savings rates on everyday money, so for many people one account can do both jobs.

Rates and terms change without notice and can differ by province. Confirm the current rate and conditions on the institution’s website before opening an account. This guide is general information, not financial advice.