How Often Do High Interest Savings Account Rates Change?

There’s no fixed schedule for high interest savings account (HISA) rates.

They’re variable, which means they can go up or down at any time—sometimes several times a year, sometimes not at all for long stretches.

Banks and fintechs usually adjust rates when:

• The Bank of Canada changes its policy rate

• Competitors change their rates and they want to stay attractive

• A promotional rate ends and reverts to a lower, ongoing rate

That’s why it’s important to check your rate regularly instead of assuming it will stay the same.

How KOHO Essential Helps You Save While Rates Move

If you want a no fee account that also helps you earn on your balance, KOHO Essential:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.

• Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).

Why HISA Rates Change

High interest savings rates move because they’re not guaranteed long term.

Common triggers:

• Central bank moves: When overall interest rates in the economy change, HISA rates often follow.

• Competition: If other banks bump up their savings rate, providers may respond.

• Promos ending: Limited-time “teaser” rates can drop after a set promo period.

• Funding costs: If it becomes more expensive or cheaper for a bank to raise money, it can adjust what it pays savers.

The key takeaway: a “high” rate today might not be high a year from now.

How to Stay on Top of Rate Changes

• Check your app or account page once in a while to confirm your current rate.

• Note whether your rate is promotional (for a limited time) or standard.

• Avoid making decisions based only on a short-term rate—also consider fees, access, and how you use the account day to day.