Savers Roundup May 2023: Motive Financial widens its lead

Motive Financial already had the top regular savings account interest rate on our comparison chart but widened its lead even further on April 17 with an increase from 3.80% to 4.10%.

Elsewhere, we’ve seen only decreases, which marks a definite trend:

  • MAXA Financial from 3.35% to 2.95%
  • Saven Financial from 3.75% to 3.50%
  • AcceleRate Financial and Hubert Financial from 3.35% to 3.30% (and from 3.45% to 3.35% for their TFSAs)
  • Ideal Savings TFSA from 3.75% to 3.55%, although that’s still the highest TFSA interest rate on our chart

Promo rates are still holding up, where the usual two-some of Simplii Financial and Tangerine Financial continue to offer 5.00% or more to a select group of Canadians.

DUCA Credit Union (Ontario-only) is offering a 4.75% new deposit promo on its Earn More Savings Account until August 31.

On our GIC comparison chart the shorter terms are still offering a higher rate than the longer terms. The highest 1-year GIC rate is currently 5.15% at Wealth One Bank of Canada or 5.50% through a GIC broker. The highest 5-year GIC rate is currently 4.72% at Motive Financial or 5.32% through a GIC broker.

Lastly, the personal income tax filing deadline has passed, but are you still waiting on your CRA refund? You’re not alone!

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