Canadian High Interest Savings Bank Accounts

Looking at the past three hikes, it would appear that bank savings rates trend upwards with rate hikes. It looks like many banks took a wait-and-see approach after the first hike, but subsequently raised their rates shortly after the second and third hikes (rate data from http://www.bankofcanada.ca/mon…..rest-rate/, and bank savings data from the comparison chart on this site):

Jun 1, 2010: BoC @ 0.5% (First Rate Hike)
Jun 30, 2010: ING @ 1.3%

Jul 20, 2010: BoC @ 0.75% (Second Rate Hike)
Jul 27, 2010: Outlook @ 1.75%
Aug 1, 2010: CTFS @ 1.5%
Aug 5, 2010: Accelerate @ 2.1%
Aug 5, 2010: ING @ 1.5%
Aug 5, 2010: PCFS @ 1.1%
Aug 9, 2010: PCFS @ 1.5%
Aug 19, 2010: ICICI @ 1.6%

Sept 8, 2010: BoC @ 1.0% (Third Rate Hike)
Sept 14, 2010: Accelerate @ 2.2%
Sept 14, 2010: Outlook @ 2.0%
Oct 3, 2010: Achieva @ 2.0%
Oct 21, 2010: MAXA @ 2.0%
Dec 3, 2010: CTFS @ 2.0%

My guess would be that some banks would raise their rates shortly after the next hike, and more would follow once the BoC does it a second time to reconfirm that the overnight rate is heading upward.