Neo Financial’s Neo Money account has been languishing near the bottom of our savings account comparison chart, having kept its rates the same — despite a rising interest rate environment — for over a year. However, Neo Financial just released its High-Interest Savings account, and that account just got an interest rate increase to 3.75%.
Elsewhere, Canadian Tire Bank has increased its regular savings account and TFSA interest rate from 3.50% to 3.70%, while Ideal Savings increased its regular savings account interest rate from 1.01% (yes, 1.01%) to 3.60%, presumably to match merger partner Hubert Financial.
Motive Financial continues to top our chart with a 4.10% rate for both its regular savings and TFSA accounts. Wealthsimple is garnering more attention on our discussion forum thanks to its 4.00% Cash account interest rate and growing feature set.
GICs for 6.00%+
Both Motive Financial and Oaken Financial have hit new highs with 6.00% 1-year and 2-year GICs to lead our GIC comparison chart, and you can even get over 6.00% for a 3-year GIC via a GIC broker.
Ontario-only Omnia Direct is offering 6.00% for a 6-month GIC, 5.90% for 1-year GIC, and 6.05% for an 18-month GIC.
Latest promos for new deposits
Some recently added promotions to our promos page include:
- HSBC new deposit promo until January 12, 2024: 5.85% on balances up to $24,999; 6.35% on balances of $25,000 or higher
- Manulife Bank new customers: 5.25% savings account interest rate for the first 4 months if you open an account by December 15, 2023
- DUCA Credit Union (Ontario only): 5.75% (previously 6.25%) on new deposits to an Earn More Savings Account
- WFCU (Ontario only): 5.69% for 4 months on new deposits in an ALTO Savings Account opened by November 30, 2023