Savers Roundup February 2020: 3.30% no more; calculating interest on minimum monthly balance; Wealthsimple Cash launch

LBC Digital rate couldn’t last: 3.30% no more

LBC Digital has announced that its savings account interest rate will decrease from 3.30% to 2.80% on March 1, 2020. This comes 3.5 months after its initial launch and drops it into a tie with Motive Financial at the top of our comparison chart.

Third place on the chart is EQ Bank, which recently increased its savings account interest rate from 2.30% to 2.45%. EQ Bank is no stranger to teaser rates, having implemented its first interest rate drop only 3 months after its launch in 2016. However, its rates have been relatively steady since then.

If you’re chasing a 3.00% interest rate, you might want to look into DUCA Credit Union (Ontario only), which currently has a new deposit promo of 3.00% between February 3 and May 30, 2020.

Higher rates but uncommon interest rate calculations

Most savings accounts calculate your interest on the daily closing balance and pay interest monthly. Access Credit Union and Steinbach Credit Union have savings account interest rates starting at 2.40%, and Rosenort Credit Union’s savings account interest rate starts at 2.60%. But all 3 accounts calculate your interest earned on the minimum monthly balance and pay out annually. Is this a deal breaker for you? Our quick Twitter poll said overwhelmingly that it is a deal breaker.

GIC specials on uncommon term lengths

For simplicity, we track 1- through 5-year GIC terms. There are currently plenty of GIC promos for non-standard GIC terms, including:

There are promos for more traditional terms too:

You can track them all on our promotions page.

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