Savers Roundup May 2024: Competitive GIC rates from Tangerine; the “new Hubert Financial” and more mergers

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4.00% is still a savings account benchmark

Laurentian Bank is the newest addition to our savings account comparison chart. Its 3.00% savings account interest rate is in the bottom half of our chart, although that increases to 4.00% on savings from $100,000 to $5,000,000. There are 5 financial institutions on our chart offering at least 4.00% as a base rate on a savings account, and 3 offering at least 4.00% as a base TFSA rate.

Tangerine’s GIC rates are competitive again

GIC rates are meaningfully down from their peak at the end of 2023, when the top 1-year GIC rate was at 6.00%, and more than half of the 5-year GIC rates were 5.00% or higher.

Tangerine Bank has made a competitive comeback in the GIC world, with its 5.00% GIC rate leading the pack for 3-year, 4-year, and 5-year terms. Remember that we track a history of GIC rate changes, so you can see just how big of a jump that is for Tangerine’s rates. The top nationally available 1-year GIC rate is 5.40% at Motive Financial – a rate that has been consistent since March.

Ideal Savings joins Hubert Financial at Access Credit Union

On June 10, 2024, Ideal Savings customers will become Hubert Financial customers (on Access Credit Union’s online banking platform). As part of this transition, Hubert Financial’s online banking will be unavailable from June 7-10. Hubert Financial’s transition to Access Credit Union last September was not the smoothest, and has been the subject of many, many complaints on our forum. However, its interest rates remain mostly competitive.

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