Savers Roundup July 2025: Beware of fake bank websites

Can you spot a scam banking website?

Two weeks ago, one of our forum users spotted a website claiming to be from UBS Bank and offering a 5.25% 1-year GIC and a 4.35% savings account. Was it too good to be true? Yes, it was a complete scam! And the fraudulent website is still up as of today. It has several hallmarks of a scam website:

• Rate(s) too good to be true
• Broken links
• Design inconsistencies
• Typos
• Embedded third-party contact form
• New domain name
• Cannot be verified by other reputable websites

If you are a victim of online fraud, you should contact your local police and also report it to the Canadian Anti-Fraud Centre.

Savings account and GIC rates holding steady

There has been no change in rate leaders on our savings account comparison chart or GIC comparison chart over the past month, with the exception of Oaken Financial’s 4.00% 2-year GIC rate special until July 16. PC Financial and Wealth One Bank of Canada are tied for the top savings account interest rate at 3.10%, and EQ Bank is still offering 3.50% if you have an eligible direct deposit.

Is Wealthsimple becoming more mainstream?

The Wealthsimple chequing account just got some new features, including:

• Send domestic wire transfers and bank drafts, free until August 31
• Interac e-Transfer: send up to $25K per day
• Interac e-Transfer: use your own email address to receive e-Transfers
• Mobile cheque deposits

Wealthsimple also officially announced its credit card, which had previously been in beta, and offers 2% cash back, no foreign currency transaction fees, and no annual fee if you have over $100,000 with Wealthsimple.

Poll results: Have you ever had a Hubert Financial account?

Last month, we asked readers whether they have a Hubert Financial account. It has been a quietly solid option for savers for many years, although it has lost some of its lustre (amongst our forum users at least) since joining Access Credit Union. 61% of respondents have never had a Hubert Financial account! 13% answered “Yes, and I use it as much or more than before”, while 26% answered “Yes, but not anymore, or I don’t use it as much as before”.

More personal finance news

• Wealth One Bank of Canada has been purchased by an all-Canadian consortium
• Effective July 1, 2025, the Government of Canada has lowered the lowest marginal federal personal income tax rate from 15% to 14%. That puts the annual rate in the lowest tax bracket at 14.5% for 2025 as a whole (since the 14% rate only applies to the second half of the year). If you have income tax deducted from your pay, you should see the effect on your next pay cheque.