Even after its most recent savings account interest rate decrease, PC Financial remains tied for the lead (with Wealth One Bank of Canada) on our comparison chart at 3.10%. If you have an eligible direct deposit (which over half of our recent poll respondents don’t!), you can get 3.50% at EQ Bank.
Hubert Financial recently increased its regular savings account and TFSA interest rate to 2.00%, although that puts it very much middle of the pack.
Looking back at historical rates, the Bank of Canada’s key interest rate sat at 1.75% in pre-COVID times (in early 2020), and the top savings account interest rate at the time was 2.80%. Now, the Bank of Canada’s key interest rate is 2.75%, but the gap between that and our leaders at 3.10% (or 3.50% if you count EQ Bank) is smaller. Should financial institutions be offering savers better rates?
Chasing promos is the norm
Last month, we asked readers “Have you opened a bank account solely for a short-term promo?”. The results suggest that yes, readers are willing to chase promos:
- Yes, and I ended up using it regularly: 19%
- Yes, and I didn’t use it after the promo: 50%
- No: 31%
The comments reflected a theme:
“When you averaged out the interest for 1 year, you are not ahead of the game!”
“Took advantage of the promo and moved on when rates dropped after promo.”
“I’ve done this several times; I use it after the promo only if the bank offers me a new promo.”
Speaking of promos, Coast Capital is still offering the highest promotional interest rate that we track: 5.00% on new deposits to a savings account if you become a new member by June 30, although then you only get the rate until July 31. Some newly discovered promos include:
- RBC new customers: 4.70% for 3 months in your first RBC High Interest eSavings account if opened before 3pm ET on July 30, 2025
- Omnia Direct (Ontario only): 4.50% for 4 months in a new savings account opened by August 31, 2025
- Vancity: 4.85% in a savings account until July 31, 2025
- Tangerine targeted 3-month new deposit promo for existing customers: 3.50%-3.65% between June 6 and August 31, 2025
GIC rates are a mixed bag
MCAN Financial recently increased its GIC rates, putting it in the outright lead or tied for the lead for all terms:
- 1 year: 3.65%
- 2 years: 3.75%
- 3 years: 3.70%
- 4 years: 3.70%
- 5 years: 3.95%
Hubert Financial has a 3.5 year GIC special at 3.75%, which is better than any 3- or 4-year rate we track outside of a broker. That said, forum users were quick to point out that it cannot be opened online. Wealth One Bank of Canada has the same 3.75% rate for an 18-month GIC.
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