Savers Roundup March 2021: Which bank has the easiest online opening account process?

Motive Financial headlines savings account rate drops

The first savings account rate changes on our comparison chart in 2021 are decreases: First, Outlook Financial decreased its regular savings account and TFSA interest rate from 1.20% to 1.10%. This was most recently followed by equivalent decreases at MAXA Financial (from 1.20% to 1.10%). Peoples Trust has decreased its savings account and TFSA rates from 1.30% to 1.20%. Most notably, Motive Financial decreased its Savvy Savings account and TFSA interest rate from 1.55% to 1.25%.

Canadian Tire Bank is still our savings account rate leader at 1.80%, followed by Bridgewater Bank at 1.55% and EQ Bank and Wealth One Bank of Canada at 1.50%. EQ Bank still has the top TFSA (and RRSP) rate at 2.30%, although time will tell how long those rates will last.

Does EQ Bank have the easiest online account opening process?

Last summer, our forum members highlighted a few financial institutions with fully online account opening processes. This month, there’s been a new discussion about which financial institutions have the easiest online account opening process. EQ Bank takes the crown according to our forum members, with Tangerine Bank and Hubert Financial garnering some mentions as well.

GIC rates are mostly unchanged

Generally, GIC rate changes have been few and far between to start 2021.

Motive Financial has decreased its chart-leading GIC rates, leaving Wealth One Bank of Canada as the 5-year rate leader at 1.90%. Wealth One is tied for the top 3-year and 4-year GIC rates at 1.65% and 1.70%. Peoples Trust and LBC Digital have the highest 2-year GIC rate at 1.60%, and Peoples Trust has the highest 1-year GIC rate at 1.55%.

Promotions and credit card cash back offers

The latest addition to our promotions page is Tangerine Bank’s targeted 1.50% new deposit promo between March 9 and July 31. If you are a current customer, check your Insights tab to see if you have received the offer.

On our cash back website, we have a few elevated cash back offers for the rest of March: $60 cash back for signing up for a Tangerine Money-Back Credit Card or World Mastercard, and $100 cash back for signing up for one of a trio of Scotiabank credit cards: the Momentum Visa Infinite Card, Passport Visa Infinite Card, and Gold American Express Card.

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