It finally happened: the Bank of Canada increased its key interest rate on October 28 by 0.25% – the first increase since July 2023.
GIC rates have been trending upward all year: the top 1-year GIC rate that we track is currently 4.05%, versus 3.65% at the beginning of the year; the top 5-year GIC rate is currently 4.55%, versus 3.85% on January 1.
But we are finally starting to see some movement in savings account interest rates. Predictably, the reaction in savings account interest rates has been slow (compared to mortgage and line of credit rates, which updated almost immediately). Some of the more notable rate increases so far:
- Haventree Bank: from 2.50% to 2.75%
- Hubert Financial: from 2.50% to 2.75%
- Saven Financial: from 2.85% to 3.00%
- Oaken Financial: from 2.80% to 3.00%
- PC Financial: from 2.20% to 2.75%
- WealthONE: from 2.60% to 2.85% (TFSA/RRSP from 3.00% to 3.25%)
WealthONE’s non-registered rate is as high as 3.25% (if you have at least a $25,000 balance), and EQ Bank’s rate with an eligible direct deposit has gone up from 2.75% to 3.00%.
We should also see new deposit and new customer promos get more aggressive, such as Simplii Financial’s offer of 5.00% for 5 months for new savings account customers.
Complete our 5-question Canadian banking profiles survey for a chance to win $100
We spend most of our analysis of bank accounts and credit cards on general features, but personal finance requires a consideration of your personal circumstances and preferences. That’s why we’ve created the 2026 Canadian banking profiles survey so that people can share why they have made their day-to-day banking decisions.
We invite you to participate in this anonymous survey, with an option to leave your email address for the sole purpose of being part of a draw for a $100 Interac e-Transfer. We’ll share the anonymous results with the community later!
Fintechs vs digital banks
Can you identify what’s a digital bank and what’s a fintech? And does the distinction matter? EQ Bank (a digital bank) has a banking licence but no actual physical branches. Wealthsimple (a fintech) also has no actual branches, does not have a banking licence (and you won’t find it on the CDIC’s member list), but advertises up to $1 million in CDIC coverage. One is not necessarily better than the other, and we dive into the nuances in our latest article “Fintechs and digital banks: Do you know who actually holds your money?”
Haventree has added registered accounts, including GICs
We had only just published our Haventree Bank Q&A when Haventree officially added registered accounts (TFSA, RRSP, FHSA), including registered GICs. Its 1-year registered GIC rate of 4.25% tops its non-registered rate of 4.00%; rates for its other GIC terms are currently the same.
Rogers will charge a 1.6% credit card processing fee on bills
Starting January 17, 2027, Rogers will introduce a 1.6% processing fee for customers who pay their bills using a credit card, including those using a Rogers Mastercard. The fee will apply to both automatic and one-time credit card payments, but customers can avoid it by paying through online banking, debit, or direct debit from their bank accounts. Quebec customers and certain specialized plans will be exempt.
This change affects Rogers customers regardless of which credit card they use, including Rogers Mastercard (World and World Elite) holders. Starting November 18, 2026, Rogers Mastercards will earn 5% cash back on eligible Rogers purchases instead of getting a 1.5x redemption bonus against such purchases. However, the new 1.6% processing fee will reduce the effective return on Rogers bill payments to approximately 3.48%. For example, a $100 Rogers bill would come with a $1.60 processing fee. Although a Rogers Mastercard holder would earn $5.08 in cash back on the $101.60 payment, the fee would reduce the net reward to $3.48.
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