Savers Roundup August 2021: New rate leaders, and tips for making a will

New to our comparison chart: Saven Financial

As requested by many of our site visitors, we have added Saven Financial to our high interest savings account comparison chart. It currently boasts a 1.55% interest rate, which tops our list for non-registered savings accounts (and would still be the top rate if a speculated drop to 1.35% turns out to be true). August 16 update: Today, the Saven Financial rate actually dropped to 1.35%.

The catch? It’s the first Ontario-only financial institution we’ve added to the chart. As a result, we’ve now added the ability to filter our comparison chart by province, so you can review only the accounts that are relevant to you.

Do you have an account with Saven Financial? Please share your experiences in our Saven Financial discussion forum.

Rate decreases, including our previous rate leader

Canadian Tire Bank had held the top interest rate on our savings account comparison chart for a whole year. However, on July 19, it decreased its regular savings account and TFSA interest rate from 1.55% to 1.25%. That dropped it into a 5-way tie for the regular savings account interest rate, behind Neo Financial at 1.30%. Wealth One Bank of Canada is still our top TFSA interest rate at 1.50%.

The past month has also seen interest rate decreases at Achieva Financial (from 1.20% to 1.10%), Peoples Trust (from 1.15% to 1.10%), and Implicity Financial (from 1.30% to 1.10%). Implicity Financial’s interest rate now matches the rate of proposed merger partner Outlook Financial.