How do I open a HISA in Canada?

Opening a HISA in Canada takes about 10–15 minutes online. You need to be a Canadian resident, at least 18 (some provinces allow 16+), and have a Social Insurance Number (SIN). Choose an institution, complete their online application, provide ID and SIN, and link a bank account to fund the new account. Most HISAs are approved instantly or within 1–2 business days.

What do I need to open a HISA in Canada?

To open a HISA in Canada you typically need: a Social Insurance Number (SIN); a government-issued photo ID (passport, driver's license, or provincial ID card); your date of birth; your Canadian mailing address; an existing Canadian bank account (to fund the HISA with an initial deposit). Some institutions may also ask for your employment information.

Can a non-resident open a HISA in Canada?

Opening a HISA in Canada generally requires Canadian residency and a Social Insurance Number (SIN) or Individual Tax Number (ITN). Non-residents typically cannot open a HISA. If you are a new permanent resident, a temporary resident with a SIN, or a student with a SIN, you may be eligible — contact the specific institution to confirm.

Is there a minimum deposit to open a HISA in Canada?

Many HISAs in Canada have no minimum deposit requirement. EQ Bank, Tangerine, and Simplii Financial all allow you to open an account with any amount. Some institutions may require $1 or a nominal minimum. You do not need a large sum to open a HISA — even $100 earns interest from day one.

How to Open a High-Interest Savings Account (HISA) in Canada 2026

Opening a High-Interest Savings Account (HISA) in Canada is one of the simplest financial tasks you can do, and it earns you significantly more than a standard bank savings account while keeping your money accessible.

Before You Start: What You Will Need

Gather these before applying:

Social Insurance Number (SIN) — required by all Canadian financial institutions for tax reporting
Government-issued photo ID — valid driver’s licence, passport, or provincial ID card
Canadian mailing address — institutions mail correspondence and confirmation to a physical address
Your date of birth
Existing Canadian bank account — to link and transfer funds into the HISA (a void cheque or account details)
Email address — for account notifications and verification

Step 1: Choose Your Institution

Not all HISAs are equal — the interest rate varies significantly between banks:

Institution	Type	CDIC Insured?	Minimum to Open
EQ Bank	Online bank	Yes	None
Tangerine	Online bank (Scotiabank)	Yes	None
Simplii Financial	Online bank (CIBC)	Yes	None
Wealthsimple Cash	Fintech	Yes (via partners)	None
Neo Financial	Fintech	Yes (via partners)	None
RBC, TD, BMO, Scotiabank, CIBC	Big 5 (branch or online)	Yes	None–$500

Rate shopping tip: Check the current posted rates before applying. Promotional rates at online banks are sometimes 0.5–1% higher than base rates for the first 3–6 months.

Step 2: Complete the Online Application

Most HISA applications are fully online and take 10–15 minutes:

Go to the institution’s website and click Open an Account or Apply Now
Select Savings Account or High-Interest Savings Account from the account type menu
Choose whether you want a non-registered, TFSA, or RRSP account
Enter your personal information: name, date of birth, SIN, address, phone number, email
Upload or confirm your ID (many platforms use digital ID verification — you may be asked to take a photo of your ID and a selfie)
Review and agree to the account terms
Submit the application

Step 3: Identity Verification

Banks are required to verify your identity under federal Anti-Money Laundering (AML) regulations. Most online institutions offer two options:

Digital verification (fastest): Upload a photo of your ID using your phone camera. The app verifies it instantly using optical character recognition and sometimes a live selfie. Most applicants are approved in minutes.

Manual verification: Some institutions may ask you to mail or visit with original documents. Rare for mainstream online banks.

Step 4: Fund Your Account

Once approved, link an existing bank account:

Log in and navigate to Linked Accounts or Fund Your Account
Enter your existing bank’s transit number, institution number, and account number (found on a cheque or in your bank’s app)
Or provide a void cheque if the institution requests one
Transfer an initial deposit — any amount works if there is no minimum

How long does the transfer take? Typically 1–3 business days via EFT (electronic funds transfer). Some institutions offer faster access through Interac e-Transfer.

Opening a TFSA HISA

If you want the interest to be tax-free, open the account as a TFSA:

During the application, select Tax-Free Savings Account (TFSA) as the account type
Confirm your contribution room (check CRA My Account) before transferring funds
The institution will register the account with the CRA using your SIN
Deposits count toward your TFSA contribution room for the year

TFSA contribution limit 2025: $7,000. Cumulative room for those eligible since 2009: $102,000.

Opening a HISA In-Branch vs. Online

	Online Application	In-Branch
Time to open	10–15 minutes	30–60 minutes
Availability	24/7	Business hours only
Rate	Same as online-only banks	Big 5 branch rates are typically lower
ID verification	Digital (photo upload)	In-person
Best for	Anyone comfortable with digital banking	Those without Canadian credit history or complex situations

For most Canadians, an online application is faster and results in a better rate. In-branch is useful if you prefer face-to-face help or if digital verification fails.

After Opening Your HISA

Set up automatic transfers from your chequing account to build savings consistently (weekly, bi-weekly, or monthly)
Check that the T5 tax slip will be sent to your correct mailing address each February
If you opened a TFSA HISA, confirm the contribution is recorded in CRA My Account (may take several weeks to appear)
Review the interest rate periodically — online bank rates change with the Bank of Canada’s policy rate decisions