Continuing a recent trend, there has been very little action in GIC rates. One of the exceptions is Wealth One Bank of Canada, with some standout rates until October 30: 1-year at 4.68%, 2-year at 4.88%, 3-year at 5.08%, 4-year at 5.08%, and 5-year at 5.18%. Its 1-year GIC rate of 4.68% trails Peoples Trust (at 4.80%) as well as Oaken Financial and Tangerine Bank (both at 4.70%), but the rest of its rates top our GIC comparison chart.
Savings account interest rates have still been increasing, but slower than previously. Since the Bank of Canada’s September 7th key interest rate hike of 75 basis points, only about half of the financial institutions on our savings account comparison chart have increased their savings account interest rates. The average increase is 33 basis points, or 44% of Bank of Canada’s increase. This is a far cry from what happened in the month following the Bank of Canada’s 100 basis points rate hike on July 13th, where the vast majority of savings accounts that we track went up, and by an average 61 basis points increase, or 61% of the Bank of Canada’s increase.
There are now 4 savings accounts offering at least 3.00%, and 3 of them are nationally available at Motive Financial, Oaken Financial, and Wealth One Bank of Canada.
Here is a list of new deposit promos to consider this fall:
- RBC new customers: 4.00% for 3 months in your first RBC High Interest eSavings account if opened before December 15, 2022
- National Bank: 4.25% on new deposits to a High Interest Savings Account for new and existing customers between September 15 and December 13, 2022
- Tangerine Bank’s latest targeted new deposit promo for existing customers is 4.30%, although for 3 months (previous such promos were for 5 months)
Mergers, credit card surcharges, and more deals
- Carpathia Credit Union (parent of Ideal Savings) is in talks to merge with Access Credit Union? Access Credit Union (the parent of AcceleRate Financial) recently merged with Noventis Credit Union and Sunova Credit Union (the parent of Hubert Financial).
- Canadian businesses can now add a surcharge if you use your credit card. But will they?
- Visit our cash back site and get $225 back for successfully signing up for the Scotiabank Momentum Visa Infinite Card, Scotiabank Gold American Express Card, or Scotiabank Passport Visa Infinite Card