It’s been another low-key month for savings accounts, with the most exciting move being an interest rate increase at MAXA Financial and Outlook Financial from 1.75% and 1.80%. Saven Financial still leads the pack at 2.85%, and BMO (yes, BMO) leads a slew of promos with 4.65%.
GIC rates have been quietly creeping up, and you can currently get at least 4.00% on a 5-year GIC at no fewer than 5 financial institutions.
Challenger banks making waves
EQ Bank, who trademarked the phrase “Canada’s Challenger BankTM“, received official approval for its planned takeover of PC Financial, with the deal estimated to close this summer.
Wise, best known for international money transfers and foreign currency exchange, is now offering interest on balances you keep with them. You’ll get 2.22% on CAD balances, 3.14% on USD balances, and even interest on Euro (0.8%) and British Pound (2.21%) balances.
Wealthsimple’s assets under administration are up 71% from last year, and 1 in 5 Canadians between 18 and 40 use at least one Wealthsimple product.
Free data roaming for all Visa cardholders
Your Visa now comes with a free eSIM benefit from GigSky, and if you have a Visa Infinite Card, unlimited data for 7 days in some destinations. There is also a new class of credit cards called “Visa Infinite +” (starting with 2 from Scotiabank) which come with a 10GB global eSIM valid for 15 days. This writer assures you that this is not an ad — just sharing the excitement with anybody looking to stay connected during any summer travel!
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