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ADVICE-Updated September 19, 2025

Discover our High Interest Savings Account (HISA).

Discover our High Interest Savings Account (HISA).

Let your savings work for you.
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3-minute read

Dreaming of the trip of a lifetime? Planning to purchase that cottage? Laying a brand-new patio next year? Then the right move could be to get your money earning for you in a Laurentian Bank High Interest Savings Account (HISA), bringing your dreams that much closer within reach.

With its competitive interest rate,1 a HISA may be the right savings solution for you. That said, you probably have lots of questions. Here are answers to the most common ones.



Is a HISA a safe investment?


100%, since your returns are protected from the ebbs and flows of markets. That means it's never a bad time to save—the earlier you start, the more you earn.


Plus, up to $100,000 of what you save is covered by the Canadian Deposit Insurance Corporation (CDIC).2



What happens if I need to make a withdrawal?


You never lose access to your money, especially when you need it most. Simply transfer funds from your HISA3 to your chequing account.



How is interest paid out?1


Interest is calculated using the minimum daily balance of your account for 30 days and it's paid monthly.


As your returns grow with the capital you invest, every dollar saved is an opportunity to earn more.


To calculate monthly interest on your own, all you have to do is divide the annual interest rate by 365 days (1 year), then multiply that number by your account balance (1,000 in this example) and once again by 30 (1 month).



Are promotional interest rates always your best bet?

The following chart demonstrates how crucial calculating annual interest is to finding out which rate really earns you more.



Performance Comparison


Promotional rate versus annual interest rate


Performance Comparison graph. Two lines, Laurentian Bank in dark blue and other financial institutions in sky blue. Dark blue ascending to $10,300. Sky blue ascending to $10,200. Laurentian Bank is represented in dark blue on the graph. Other financial institutions are represented in sky blue on the graph.


Laurentian Bank Annual interest rate: 2.2%1


Other financial institutions

Promotional rate for 3 months: 5.00% Regular rate for 9 months: 1.00%



How can I save faster?


The best way to save faster is to set up recurring transfers. The first step is to draft a budget that clarifies your income and expenses. After you know how much money is coming in and going out, you'll know exactly how much you can transfer to your HISA every month.


The next step is to set up automatic deposits into your HISA to help you grow your savings effortlessly. Already have a Laurentian Bank chequing account? Then you're just minutes away with LBCDirect.3



What kinds of transactions can I do with a HISA?


Unlike a chequing account that can service your everyday banking needs, a HISA is more like a piggybank—it's all about savings. So when you open a HISA, no card will be issued. That said, you can use it to transfer funds between accounts, financial institutions, and via Interac e-Transfer®.3,4



Can I open a HISA with my partner?


Totally, especially since it's such a great way to save for that cruise you've been dreaming of for so long. If you're more inclined to keeping your feet on dry land, opening a joint HISA can also help you budget for property-related expenses, or start a rainy day fund for life's little surprises.

To open a joint account, both you and your partner must be current Laurentian Bank customers. Simply stop by your branch to see your advisor.



Are the returns generated by my HISA taxable?


Since our HISA is considered a non-registered savings account, annual interest is considered taxable. Tax slips are issued when the annual interest credited exceeds $50. It is your responsibility to declare all interest income for tax purposes.



I don’t have a lot of cash on hand. Can I invest in a HISA?


Since there's no minimum balance required, the interest clock starts ticking with the first dollar saved, which makes a HISA a fantastic option for every budget.

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Laurentian Bank: Laurentian Bank of Canada.

  1. Some terms and conditions apply. The annual interest rate is subject to change at any time. Rates in effect are: Balance up to $100,000: 2.20%. $100,000.01 to $5,000,000: 3.20%. $5,000,000.01 and over: 1.00%. Simple interest is calculated on the daily minimum balance and is paid monthly based on the tiers. Laurentian Bank reserves the right to change the annual interest rate by posting a general notice in each of its branches and on the current rates page.

  2. This product is eligible for deposit insurance from the Canadian Deposit Insurance Corporation (CDIC), up to the maximum limit for coverage from the CDIC, and subject to applicable conditions. For more information about CDIC deposit protection, visit cdic.ca.

  3. For more information on this product and banking rates, please consult My Money guide (PDF, 593 KB) online or in-branch.

  4. Interac e-Transfer is a registered trademark of Interac Corp. Used under licence.

The content of this article is for information purposes only and does not constitute an invitation to purchase the products or services of Laurentian Bank or its subsidiaries (collectively the “Bank”). This information is general in nature and does not constitute financial investment, accounting, legal or tax-related advice and should not be used for such purposes. Mathematical calculations, examples or projections are provided for illustrative purposes only. The information provided is, to the Bank’s knowledge, accurate at the time it is presented. However, the Bank cannot guarantee that the information is or will be accurate or complete at all times. Please consult qualified professionals who will advise you based on your needs, investor profile and financial situation. Each product or service is subject to an agreement containing the terms and conditions applicable to it.

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