Headlining the currently available savings account promotions are some 5.00% offers from big banks (Scotiabank and BMO) and Manulife Bank’s 3.00% rate for 2 years in a savings account. As we always caution, be sure to check the interest rate after the promo is over – it might be as low as 0.00% (yes, zero!).
Saven Financial: quiet rate leader
Saven Financial has quietly been the rate leader (outside of promo rates or tiered rates) on our savings account comparison chart, offering 2.85% since the end of November 2025, and has consistently ranked in the top 5 rate-wise on our GIC comparison chart. It’s an Ontario-based, digital-only credit union that’s available across Canada, except in Quebec. It is covered by the Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program (up to $250,000 coverage in non-registered accounts and unlimited coverage in registered accounts).
Our forum users have reported that Saven Financial’s online platform has improved over the past few years, and you can link an unlimited number of external bank accounts. Some details to be aware of: you must install their mobile app to log in (as it’s a requirement even when you’re logging in on a desktop computer); you must authenticate using biometrics (fingerprint scan or facial recognition for example); there are no joint accounts (at least not yet); you cannot schedule electronic funds transfers in advance; and there is a $100 fee to transfer out a registered account (TFSA, RRSP, or FHSA).
Haventree Bank: an everyday bank account and chart-topping GICs
While the bank itself has been around for decades (it was originally founded in 1990 as Equity Financial Trust before rebranding to Haventree Bank in 2018), Haventree Bank only entered the direct-to-consumer digital banking space last month, on July 7, 2026. Before that, it was mainly known for alternative mortgages and offering GICs through brokers rather than directly to everyday consumers.
Its first everyday banking product is the Everyday Growth Account, which is a hybrid chequing and savings account. It currently pays 2.50% interest with no monthly fees or minimum balance requirements. The account includes unlimited transactions, free Interac e-Transfers, bill payments, direct deposits, EFT transfers, joint accounts, and the ability to open up to 8 separate accounts under one profile. This feature set is comparable to EQ Bank’s Savings Plus Account. Since Haventree is a Schedule I Canadian bank, eligible deposits are also protected by CDIC insurance.
It also offers GICs. Haventree Bank’s 2- through 5-year GIC rates currently top all other rates on our GIC comparison chart (at 4.00%, 4.05%, 4.07%, and 4.12%). We usually give new financial institutions some time before we add them to our charts, but we might have to do so soon.
A primer on credit scores and building a credit history
Do you know how to check your credit score and credit report? Do you know what factors into a credit score, such as credit utilization? Our student writer Lena M explains why you should build and understand your credit score, whether you’ve just got your first credit card or whether you’re about to apply for a mortgage. Follow along as she learns about soft vs hard credit inquiries, managing credit limits responsibly, and building good financial habits.
Student-exclusive cash back offers
August means it’s almost back to school, and then it’s Halloween, and then it’s the quick slide into Christmas. (Sorry, that was cruel.)
However, while you’re making the most of what will hopefully be an enjoyable rest of the summer, we’ve got a couple of student-exclusive credit cash back offers:
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