Investment funds

High interest
savings account

Grow the money lying dormant in your bank account securely with this simple savings option that you can access at any time.

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What is a high interest savings account?

A high interest savings account (HISA) allows you to earn higher returns on your savings with a higher interest rate than a chequing account.

Simple and accessible, this option is ideal for people who want to save risk free. For example, you can use it to build an emergency fund, save for a project or protect your money from market volatility until the time is right to invest.

At iA, opening a high interest savings account requires no minimum investment and you can access your savings at any time. Our HISA also includes all the benefits available with segregated funds, such as quick settlement in the event of death and possible creditor protection.

What are the benefits of the high interest savings account?

Overall benefits

  • Offers higher returns than a chequing account
  • Reduces the risks associated with market volatility
  • Available in all types of registration (RRSP, TFSA, etc.)
  • Improves portfolio diversification
  • An excellent option for building an emergency fund

Benefits specific to iA’s HISA

  • Can provide protection against creditors
  • No estate settlement costs
  • Allows for quick and easy payment in the event of death
  • No minimum investment required
  • Allows withdrawals at any time and at no cost
  • No management fees

How to invest in a high interest savings account?


Speak with an advisor

Contact a financial security advisor to discuss your investment goals. They could help you determine your investor profile and do a needs analysis.


Open an account

Following analysis of your financial situation and needs, your advisor will propose the investment vehicle best suited to your situation: RRSP, TFSA, non-registered, etc

Discover the savings plans

Adapt your savings strategy

Reassess your financial goals periodically with your advisor. This will ensure that your savings strategy is in line with your changing needs.

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Frequently asked questions

The high interest savings account is for savers who are looking for a higher return than a traditional savings account would provide. It’s ideal for risk-free saving for a big purchase or to keep as an emergency fund, as it allows you to accumulate interest and have access to your money at any time.

The interest rate for high interest savings accounts is applied to the full balance of your account. It is calculated daily but paid monthly.

Ideally, you shouldn’t use a high interest savings account for your day-to-day banking. The purpose of this type of account is to let your money grow risk free.

Yes, it is possible to have several HISA accounts. For example, you could have one registered in an RRSP and another registered in a TFSA.

You can ask your advisor to make the transfer or you can make a contribution directly using the iA Mobile app or My Client Space.

To make a withdrawal, all you need to do is contact your advisor and make a request.

Note that if your HISA is registered in an RRSP, the withdrawals will be added to your taxable income and you’ll have to pay tax on them.

There is no minimum age to open a non-registered account. However, there may be a minimum or maximum age for opening a registered account. For example, you must be 18 or older if you want your high interest savings account to be registered as a TFSA.

A HISA offers better returns thanks to higher rates than a traditional savings account.

Yes, however, interest is calculated daily and paid monthly.

There are no management fees for the high interest savings account.

Yes, it is possible to open a high interest savings account with another account holder, such as a spouse.

You can make withdrawals at any time with no penalties. However, if your high interest savings account is registered as an RRSP or an FHSA you should be aware that non-qualifying withdrawals from these plans can have tax implications.

Interest accumulated in your account is added to your taxable income in the case of non-registered savings. If your account is in a registered plan, such as an RRSP, TFSA or FHSA, it will benefit from the tax advantages associated with the plan and returns will not be taxable.

These benefits are possible through the designation of a beneficiary, which allows for a transfer of assets without going through the normal estate settlement process in the event of death.

In the event of the death of a person with a HISA, the amounts invested are therefore paid directly to the designated beneficiary(ies). Settlement is fast and free of charge. Conversely, the normal estate settlement process can be lengthy and costly.

The capital paid can help relatives cover financial commitments for the deceased without having to compromise their personal finances while waiting for the estate to be settled.

As with most life insurance products and segregated funds, your investments in a high interest savings account can be protected from creditors.

For this coverage to be valid, however, you must ensure that:

  • At least one “preferred” or irrevocable beneficiary was designated
  • Your investments must be made in good faith, without any intention of fraud towards potential creditors

Please also note that if you declare bankruptcy within five years of opening a high interest savings account and it is proven that you would not have been able to repay your debts without the transferred funds, the coverage may be invalidated.