Savings accounts are flat; GIC rates continue to rise
Over the past month, we’ve seen no notable savings account interest rate changes for the financial institutions we track. The savings account interest rate leaders are still EQ Bank (2.30%), Hubert Financial (2.10%), AcceleRate Financial (2.05%) and Alterna Bank (2.05%). The TFSA leaders are similar: Hubert Financial (2.10%), Alterna Bank (2.10%) and AcceleRate Financial (2.05%). The Bank of Canada kept its key interest rate unchanged on April 18, although with inflation rates consistently above 2.0% this year (among other factors), we’ll be watching for the next interest rate announcements on May 30 and July 11.
However, we’ve seen plenty of interest rate increases on our GIC rates comparison chart. Motive Financial raised most of its GIC rates 4 times over the past 1 month, is the current 5-year GIC leader at 3.47% (although note that Meridian Credit Union currently has a 3.50% 5-year GIC promo for new deposits only), and along with Oaken Financial, has all of its 2- to 5-year rates at or above 3.00%. Oaken Financial is the current 1-year GIC leader at 2.80%. Peoples Trust, Implicity Financial, Tangerine Bank have all increased their rates as well since the middle of April.
Check our promos page for additional GIC rates, including a 3.00% 1-year GIC from Ontario-only Omnia Direct.
Alterna Bank unlimited Interac e-Transfers
Starting on June 1, 2018, Alterna Bank’s no-fee chequing account will offer unlimited Interac e-Transfers. Its chequing and savings accounts previously came with 2 tree Interac e-Transfers.
Is this becoming a welcome trend? Unlimited Interac e-Transfers was a key feature of the Simplii Financial launch back in November, and EQ Bank offers 5 free e-Transfers per month.
Other than that, it’s been relatively quiet for savers lately! Here are some of the stories we’re tracking:
- Tangerine Bank: targeted net new deposits savings account promotion extended through November 30
- Rogers World Elite Mastercard coming soon: no annual fee, 4% back on forex purchases, 1.75% back on other purchases; better than recently devalued Rogers Platinum Mastercard but with higher income requirement
- Simplii Financial GIC rates improving, including 2.50% 1-year GIC