EQ Bank’s new US dollar account
EQ Bank has launched a USD account with a 1.00% interest rate. By comparison, Tangerine Bank’s USD account interest rate is 0.10%, and Hubert Financial’s USD account interest rate is 0.25%. (USD balances are typically included in Tangerine Bank’s promos for new and existing customers, so you might be able to get a much higher rate from them.)
There’s no telling how long the 1.00% interest rate will last, although EQ Bank’s splashy 2.30% TFSA and RRSP account interest rates lasted a full 6 months.
The new USD account does not currently support joint accounts or GICs. But you can transfer funds to and from other USD accounts in Canada, as well as internationally through its partnership with Wise (formerly TransferWise). You can also convert currency at a competitive rate — EQ Bank’s spread against the mid-rate appears to be about 1.5%.
Savings account interest rates down; GIC rates up
Our savings account comparison chart has seen a few rate drops over the past month, at Bridgewater Bank (from 1.45% to 1.20%), LBC Digital (from 1.20% to 1.15%), and MAXA Financial (from 1.10% to 1.00%). 1.00% remains the floor for the financial institutions that we track. At the top of the list is Canadian Tire Bank, with a regular savings account and TFSA interest rate of 1.55%.
By contrast, our GIC rates comparison chart has seen a few increases lately. Several of Oaken Financial’s GIC rates have increased, including its 5-year GIC rate to 2.20%. Motive Financial and EQ Bank’s GIC rates have also ticked up. While Oaken Financial has the highest 5-year, 4-year (2.00%), and 3-year (1.70%) GIC rates on our chart, it’s Achieva Financial and Wealth One Bank of Canada with the highest 2-year GIC rate at 1.55%, and Achieva Financial with the highest 1-year GIC rate at 1.50%. See the next section for some promotional GIC rates, especially at Wealth One Bank of Canada.
Promos promos everywhere
Some of the newest listings on our promotions page include the following:
- Tangerine Bank targeted offer for existing clients: 1.5% on new deposits from June 9 to October 31, 2021
- Coast Capital has a chequing account promo: up to $350 sign up bonus for customers in BC (expires June 29, 2021)
- Wealth One Bank of Canada has a GIC promo expiring June 30 if you use the code “GIC35”: 1.80% for a 3-year GIC, 1.88% for a 4-year GIC, and 2.08% for a 5-year GIC
- Tandia Credit Union (Ontario only) has a 2.00% 90-day GIC