Steady or dropping rates
Central bank interest rate news in Canada and the US in July have been about keeping rates steady or perhaps even decreasing them (in the case of the US). Over at Achieva Financial and AcceleRate Financial, they’ve both decreased their regular savings and TFSA interest rates from 2.40% to 2.30%.
On our comparison chart, MAXA Financial remains at 2.45%, while Implicity Financial and Outlook Financial remain at 2.40%, at least for now. The Manitoba credit unions especially have a history of keeping their rates roughly in sync. Will more drops follow?
The regular savings account interest rate leader is still Motive Financial at 2.80%, and the TFSA leader is motusbank at 2.50%.
How to get up to 3.00% in the short term
As per our GIC chart, you’ll need to lock your money in for at least 4 years if you want to get at least a 3.00% annual return outside of a promotion.
motusbank’s 18-month GIC promo for non-registered accounts has decreased from 3.00% to 2.75%, or from 3.10% to 2.85% for the TFSA and RRSP versions.
However, EQ Bank has a current promotion for a 3.00% 3-month GIC. At National Bank, you can get 2.75% in a High Interest Savings Account until September 5, 2019, and if you’re a Simplii Financial customer, you might have received a targeted promo of between 2.50% to 3.00% on new deposits between July 1 and October 31, 2019. Check our promotions page for several more new deposit and new account promotions.
Financial institution online interface screenshots
New on HighInterestSavings.ca are image galleries of financial institution online interface screenshots! Beyond rates, fees, and general features, a key consideration for many people when choosing a new bank or credit union is the usability of its online interface, including account balance listings, sending Interac eTransfers, and more. We’ve started with website screenshots of EQ Bank, Hubert Financial, Motive Financial, and Tangerine Bank. Are there any particular screens that you would like to see? Or are you able to contribute some screenshots from the financial institutions you bank with? Let us know!