Wyth Financial is here with a top rate outside of Ontario
Wyth Financial’s high interest savings account is open to the public now (except for Quebec, unfortunately) with a 1.40% interest rate. Wyth Financial is the new brand name for Concentra Bank, and its savings account was previously available only to those who held its GICs.
A natural comparison is to Neo Financial, whose Neo Savings account is provided by Concentra Bank. (In fact, if you have both Wyth Financial and Neo Financial savings accounts, your deposits are combined when calculating CDIC coverage limits.) The Neo Savings account has a 1.30% interest rate, so it’s not as appealing as a pure savings account. However, Wyth Financial has a few limitations indicative of a pure savings account: only one free e-Transfer per month (versus unlimited at Neo Financial) and no bill payments (whereas Neo Financial has bill payments). Lastly, Wyth Financial also offers mortgages and GICs, which Neo Financial does not.
More increases for savings account interest rates
Amidst a trend of general rate increases, last month Outlook Financial decreased its regular savings account and TFSA interest rate from 1.10% to 1.00%. However, we also saw Oaken Financial increase its regular savings account interest rate from 1.20% to 1.25% (after increasing it from 1.15% to 1.20% just a couple of weeks earlier). As well, Saven Financial (Ontario only) increased its regular savings account interest rate from 1.35% to 1.50%, putting it on the top of our comparison chart for those who are in Ontario.
Up to a 3.00% rate in promos
Tandia Credit Union (Ontario only) has a standout new deposit promo, although it expires on Friday, December 17: 3.00% in a savings account until March 31, 2022.
Our promotions page lists plenty of other offers, including these newest ones:
- BMO targeted offer for existing clients: 1.75% on new deposits in a Smart Saver Account between November 15, 2021 and March 15, 2022
- CIBC: 1.50% interest rate for 120 days when you open your first eAdvantage Savings Account
- Tangerine Bank targeted 2.00% new deposit promo for existing customers until April 30, 2022
GIC rates moving up
GIC rates are on the rise at many of the financial institutions on our GIC comparison chart. In particular, GIC rates at EQ Bank, Motive Financial, Oaken Financial, Wealth One Bank of Canada, and Wyth Financial have all shot up such that some combination of them share the lead for 1- through 5-year GICs:
- 1.80% for a 1-year GIC
- 2.05% for a 2-year GIC
- 2.30% for a 3-year GIC
- 2.40% for a 4-year GIC
- 2.60% for a 5-year GIC
We’re also tracking GIC broker rates at the bottom of our GIC comparison chart where you can get even better rates for 2- through 5-year GICs.
More headlines: TFSA contribution limit, Costco Mastercard, USD accounts at Wealthsimple
- The TFSA contribution limit for 2022 remains at $6,000
- The CIBC Costco Mastercard transition from the Capital One Costco Mastercard includes a 1% cash back base rate on all purchases instead of 0.5%, but fewer insurance benefits than before
- Wealthsimple to offer USD accounts, although with a $10 per month Plus subscription
- New to our cash back site is the HSBC World Elite Mastercard: up to 100,000 bonus points, no annual fee for the first year, no foreign currency exchange fee, and $105 cash back