Wealthsimple and Manulife Bank are new to our chart
We’ve made two additions (Wealthsimple and Manulife Bank) and one removal (AcceleRate Financial) on our savings account comparison chart. AcceleRate Financial merged with Hubert Financial, and the merger has been the hottest topic on our forum over the past month.
Wealthsimple’s Cash account offers a minimum of 4.00% (with higher rates if you meet minimum thresholds for combined deposits across Wealthsimple’s offerings), which is just below rate leader Motive Financial at 4.10%.
Manulife Bank’s 2.85% savings account interest rate is a bit middling, but is nationally available and thus on the consideration list for Quebec residents.
How widespread are the Tangerine Bank and Simplii Financial promos for existing customers?
Net new deposit promos for existing customers at Tangerine Bank and Simplii Financial have become a staple on our promotions page. But just how prevalent are these promos? We ran a quick poll and discovered that 78% of respondents have received a Tangerine Bank promo at least once per year, versus 34% for Simplii Financial customers. 19% of Tangerine Bank customer respondents have received promos but less than once per year, versus 45% for Simplii Financial customers. And 3% of Tangerine Bank customer respondents have never received a new deposit promo, versus 21% at Simplii Financial.
Some GIC terms don’t need to be in full-year increments
Motive Financial is a financial institution that allows you to open GIC terms in partial year increments. Its 1-year rate is for terms of 12 months to less than 24 months; its 2-year rate is for terms of 24 months to less than 36 months; its 3-year rate is for terms of 36 months to less than 48 months; and so on.
For example, Motive Financial is currently offering a 2-year GIC for 5.70% and a 3-year GIC for 5.40%. If your desired term is closer to 3 years than 2 years, you could open a 35-month GIC (1 month shy of 3 years) for the 5.70% rate and end up with more money after 3 years than you would have in the 3-year / 36-month term.
More news for savers
- Neo Financial appears to have a new high interest savings account
- DUCA Credit Union’s new deposit promo is now up to 6.25% until January 31, 2024
- On October 1, the minimum balance to waive the monthly fee on the Scotiabank Ultimate Package chequing account increased from $5,000 to $6,000