Savers Roundup December 2019: another 3.30% savings account

LBC Digital: A second 3.30% savings account from Laurentian Bank

Just a few months after unveiling B2B Bank with a 3.30% savings account interest rate, Laurentian Bank has now launched LBC Digital with yet another 3.30% savings account, as well as a no-fee chequing account. LBC Digital has separate CDIC coverage from B2B Bank. The 2 financial institutions are quite similar, although LBC Digital is not officially available in Quebec yet, whereas B2B Bank is. (People have reported that you can still open an LBC Digital account in Quebec if you register through its English site.) If you already have a B2B Bank account, you must use a different e-mail address to sign up with LBC Digital.

Some forum members have had a smooth experience with LBC Digital so far, but others have reported problems logging in, errors in the online interface and features, and struggles to even open an account. For the time being at least, the bottom line is that both B2B Bank and LBC Digital offer a 3.30% interest rate that tops our comparison chart and beats all of the numerous new deposit and new account promos we track. Read more about other people’s experiences (and share yours) with LBC Digital on our forum.

GIC leaders and non-standard GIC terms

With its latest across-the-board GIC rate increases, Oaken Financial is the current outright leader on our GIC chart for 1-year (2.55%), 2-year (2.65%), 3-year (2.70%), 4-year (2.80%), and 5-year (2.90%) terms. It also has a 2.60% 18-month GIC.
If you live in Ontario, you might want to look into Buduchnist Credit Union, which has the only GIC promos that beat the Oaken Financial rates, albeit for some non-standard terms: 11 months (2.50%), 23 months (2.70%), and 44 months (2.85%) if you open the GICs before January 11, 2020.

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