126 articles Comparison

Although the Bank of Canada’s key interest rate has remained steady throughout 2026, that hasn’t stopped a steady rise in GIC rates this year. The GIC rate leaders sit at their 2026 highs:

• 1 year: 3.80% (Haventree Bank, Hubert Financial)
• 2 years: 4.05% (Oaken Financial)
• 3 years: 4.15% (Haventree Bank)
• 4 years: 4.15% (EQ Bank, Haventree Bank, Oaken Financial)
• 5 years: 4.35% (Haventree Bank)

WealthONE and Hubert Financial are currently tied for the top 18-month GIC rate at 3.90%.

Wealthsimple Savings at 2.50%

Wealthsimple has introduced a new Savings account offering a flat 2.50% interest rate, regardless of your balance or client status. This matches newcomer Haventree Bank at 2.50%, although they both still trail several leaders on our savings account comparison chart, including Saven Financial at 2.85%.

Wealthsimple’s 2.50% rate tops its current hybrid Chequing account, which offers 1.25% to 2.25%, depending on your client status. Unlike Wealthsimple’s Chequing account, the new Savings account is offered through Wealthsimple Investments and comes with CIPF protection instead of CDIC deposit insurance. The Savings account is not currently available as a joint account.

The Savings account brings Wealthsimple closer to a traditional chequing and savings model. You cannot pay bills, send e-Transfers, or use a debit card directly from the Savings account. Instead, you have to transfer the money to your Chequing account first. The transfer is instant, but it does add an extra step compared to having everything in one account.

One question is whether this could eventually lead Wealthsimple to lower the interest rate on its Chequing account, now that it has a separate higher-paying Savings account. So far, Wealthsimple has not announced any plans to do this, but it is something worth watching.

Neo Financial: paid memberships are coming

Neo Financial is changing how customers qualify for its higher savings rates starting October 1, 2026. Instead of your interest rate being based on how much money you keep with Neo, it will now depend on your membership level. The free Essentials membership will continue paying 2.00%, while Build will pay 2.50% and Grow will pay 2.75%. Build will cost $9.99 per month (or free if you have a Neo, United or Cathay World Elite Mastercard), while Grow will cost $14.99 per month.

Previously, customers could earn 2.50% by keeping at least $5,000 with Neo and 2.75% with at least $20,000. Under the new system, there is no longer a minimum savings balance needed for the higher rates, but you will generally have to pay for the membership that offers them. The paid memberships also come with other benefits, such as ATM fee reimbursements with Build and no foreign exchange transaction fees with Grow.

Additional changes are coming as well, such as a new $1 e-Transfer charge on the free Essentials plan starting January 1, 2027. Neo is also introducing a new Start membership for $4.99 per month, or free if you have payroll deposited into your Neo Chequing account. Start comes with a 2.25% savings rate, free outgoing e-Transfers, free ATM withdrawals, and no NSF fees.

Oaken Financial: no more retroactive GIC rates

Oaken Financial is known for automatically giving customers the higher rate if they purchased or renewed a GIC within 7 days before a rate increase. For example, if you opened a GIC at 3.90% and Oaken increased the rate to 4.00% a few days later, your existing GIC could be adjusted to the new higher rate. As of August 21, Oaken says it will no longer look back 7 days, meaning the rate you receive when your GIC is issued or renewed cannot be changed.

Oaken is also ending its practice of sending advance email notices advising customers about upcoming GIC rate increases. Rates can now change without advance notice, so customers will need to pay closer attention to the rates posted on Oaken’s website and through its app (as well as our Oaken Financial GIC rate history).

MAXA Financial closing

MAXA Financial customers will soon begin seeing the final stage of its merger with Outlook Financial. While the merger of their two parents (Westoba Credit Union and Assiniboine Credit Union) officially took place in 2025, customers have continued banking with MAXA Financial as usual over the past year and a half. Even now, MAXA Financial still appears to be accepting new customer sign-ups. The MAXA Financial brand will be merged into Outlook Financial, and the migration of MAXA Financial accounts to Outlook Financial will occur over the October 9-12 Thanksgiving weekend.

At this point, no major changes to day-to-day banking features for MAXA Financial or Outlook Financial customers have been announced. They both recently increased their savings account and TFSA interest rates from 1.80% to 1.95% (on September 1).

Rogers Mastercard earn rate changes

Rogers Bank is making a major change to its Rogers Red Mastercard and Rogers World Elite Mastercard rewards structure, starting November 18, 2026. Currently, eligible Rogers, Fido, Shaw, or Comwave customers can earn 2% cash back on everyday purchases and get a 1.5x bonus when they redeem those rewards toward eligible Rogers purchases or bills. This effectively turns the 2% cash back into 3% in value for customers who always redeem against Rogers purchases. Starting November 18, that 1.5x redemption bonus will be removed completely. Instead, eligible Rogers purchases will earn 5% cash back directly, while regular purchases will continue earning up to 2% for customers with an eligible Rogers service.

For example, $100 of cash back can currently be redeemed for $150 toward an eligible Rogers purchase, but after November 18, $100 in rewards will simply be worth $100 regardless of where it is redeemed. The trade-off is that purchases made directly with Rogers will now earn 5%. The math tells us that you will be worse off with the new structure if non-Rogers purchases make up more than 2/3 of your total charges on the card.

There is no change to the base rewards structure for non-Rogers customers, who continue to earn 1% cash back on the Rogers Red Mastercard and 1.5% cash back on the Rogers World Elite Mastercard.

Chexy cash back on rent payments becoming less appealing with the Scotiabank Momentum Visa Infinite + Card

Scotiabank is making changes to how its Momentum Visa Infinite + Card earns cash back on rent and tax payments starting on October 22, 2026. This appears to specifically target services like Chexy, which allow you to use your credit card for bills that otherwise don’t support credit card payments. The appeal was that certain credit cards will earn you a higher cash back percentage than Chexy’s fees (1.75%). Some of the biggest Chexy payment categories, including rent, property taxes, condo fees, and income taxes, will drop from 4% cash back to 1% on the Momentum Visa Infinite. However, other payments including utilities, car leases, daycare, tuition, insurance, gym expenses, and phone bills will continue earning 4%. For people who mainly use the card to pay rent through Chexy, this change removes the appeal of that use case.

So much more we’re tracking this month!

• Rico M has published part 2 of his primer on gold, which focuses on the price and value of gold
• BMO becomes the first big bank in Canada to offer fee-free self-directed trading
• New savings account promos include 4.40% on new deposits to a savings account for 6 months (Meridian Credit Union) and 4.50% for new customers for the first 5 months (Simplii Financial)

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:

• Scotiabank Momentum No-Fee Visa Card: $100 via Interac e-Transfer or $100 Amazon.ca gift card
• Scotiabank Scene+ Visa Card: $125 via Interac e-Transfer or $125 Amazon.ca gift card

YNCU (Ontario only) currently has a 4.50% 4-month GIC offer on new deposits. The offer is available to both new and existing members, with a minimum deposit of $1,000. Since it’s a GIC, your money is locked in for the full 4-month term, unlike a high interest savings account where you can withdraw funds at any time. But this easily beats the current top 1-year GIC rate of 3.65% at MCAN Financial as well as the top savings account interest rate of 2.85% at Saven Financial.

Manulife Bank has a new twist on the promo game: it’s offering 3.00% on new deposits for a whopping 2 years in non-registered Advantage Accounts opened by September 10, 2026.

Tiered rates are trending

Neo Financial had been offering 3.00% in a savings account if you had at least $20,000. But as of June 24, that has decreased to 2.75%, and its base interest rate is down from 2.25% to 2.00%. On a positive note, they also announced joint chequing accounts, which is always a popular feature with our users.

WealthONE joined the tiered rate party as of July 1. The bank kept its base rate unchanged at 2.60%, meaning no customer is worse off so far under the new structure. If your savings account balance is at least $10,000, you’ll earn 2.75%; if your balance is at least $25,000, you’ll earn 3.00%. Existing accounts were automatically moved to the new system, so no action was required.

For comparison, EQ Bank is offering 2.75% if you have an eligible direct deposit, and KOHO is offering 3.50% if you’re on its paid $14.75 monthly plan.

5 mistakes that first time savers make

Our student writer Lena M’s latest article shares some lessons about savings and chequing accounts that are applicable to savers of all ages. Do you leave excess money sitting in your chequing account? Do you leave money sitting in a low interest savings account after a promo rate has expired? Do you have too many bank accounts without a defined purpose for each account?

Tangerine’s new credit card

Tangerine has released a new credit card: the Tangerine® Rewards World Elite®* Mastercard®*. It is Tangerine’s first card with an annual fee ($120) but comes with a bonus of 30,000 Scene+ points if you spend at least $3,000 in the first 3 months, and an additional 10,000 Scene+ points if you spend at least $30,000 in the first year. The base earn rate is 1.5x Scene+ points per dollar spent in 3 out of 13 spending categories of your choice, and 1x Scene+ point per dollar spent on all other purchases. Other benefits include discounts at Shell (up to 7 cents per litre in instant fuel discounts for a limited time and earn up to 3 Scene+ points per litre with an eligible Tangerine payment card linked to a Shell Go+ Account) and 4 complimentary lounge passes per year. We’re also offering $125 via Interac e-Transfer or a $125 Amazon.ca gift card if you sign up through our cash back website.

Wealthsimple no-fee 1% cash back Visa coming?

Wealthsimple is currently testing a new no annual fee Visa Infinite credit card that offers 1% cash back on all purchases.

A no-fee 1% cash back credit card beats most such cards in Canada other than the Rogers Mastercards. What makes the Wealthsimple card a little different is that cardholders can choose 3 perks from a list of options, including things like no foreign transaction fees, travel insurance, mobile device insurance, rental car coverage, and airport lounge discounts. Once selected, those perks are locked in for 12 months.

The card also includes the standard Visa Infinite benefits such as concierge service, hotel perks, purchase protection, and extended warranty coverage. The card is currently being tested with a limited number of users and there is no official launch date yet.

EQ Bank acquired PC Financial: what’s next?

EQ Bank’s parent company, EQB, has officially acquired PC Financial in a deal worth about $800 million. The deal was first announced in December 2025 and officially closed on July 1. EQB has added approximately 2 million PC Financial customers to its existing customer base, bringing the combined total to around 3.3 million customers. One of the biggest parts of the deal is that EQB will become the exclusive banking partner of the PC Optimum program (which remains owned by Loblaw), which has over 18 million members across Canada. EQB says the acquisition will give it access to PC Financial’s credit card business, more than 600 ATMs, and marketing opportunities through roughly 2,500 Loblaw-owned stores like Real Canadian Superstore, No Frills, and Shoppers Drug Mart.

For now, nothing is changing with the PC Money Savings Account. The account continues to exist with rates and fees remaining as-is. Existing accounts, credit cards, rewards, and PC Optimum points continue to work as usual. Over time, EQ Bank customers may see more opportunities to earn PC Optimum points through banking products, while PC Financial customers could gain access to EQ Bank’s savings accounts, GICs, TFSAs, and other digital banking services. EQB says the goal is to create a stronger alternative to Canada’s big banks by combining EQ Bank’s digital banking platform with PC Financial’s large customer base and loyalty ecosystem.

As a fourth-year college student, I’m still relatively new to managing my own finances. At first, just opening a bank account – or multiple, in my case – was enough of an accomplishment. I didn’t really think much about where my money was going or what it was doing as long as I’d put it in a bank account. After a few years of experience, speaking with others, and reading up on personal finance, I noticed a few mistakes that I’d been making, and that are likely common mistakes for first-time savers!

1. Opening accounts without having a plan

At one point, I became fascinated with banking products. Every time I learned about a new account, a promotional offer, a sign-up bonus, a new feature, or even the look of a card (yes, I’ll admit this), I found myself thinking, “maybe I should open that too”. Eventually I understood why people joke about collecting bank accounts like Pokémon cards. The problem wasn’t having multiple accounts. The problem was that I didn’t always have a reason for opening them. People naturally want to optimize everything. Better rates, better rewards, better features.

There is absolutely nothing wrong with having multiple accounts. In fact, many financially organized people do exactly that. Some have one account for spending. One for emergency savings, one for long-term goals, one for investing, and so on. The difference is that every account has a purpose. One question I now think is useful before opening any new account is: “What job is this account supposed to do?” If there is a clear answer, then the account might make sense. If there isn’t, it may simply create more complexity than value.

2. Leaving extra money sitting in a chequing account

Looking back, this was probably one of the first mistakes I made. Like many students, I had one bank account and everything happened there. My paycheques were deposited into it, bills came out of it, and any money I managed to save stayed there too. At the time, I genuinely thought that was what saving was. If I wasn’t spending the money, then I was saving it. Simple. The problem is that many chequing accounts earn little to no interest. While the money is technically safe, it isn’t really doing much. One of the biggest lessons I learned was that saving money and storing money are not always the same thing.

Another issue is that when all your money sits in one account, it becomes harder to tell what is actually available to spend. If your emergency fund, spending money, and savings goals are all mixed together, it can be easy to accidentally dip into money that was supposed to stay untouched. Something that helped me was separating money based on purpose. Having one account for everyday spending and another for savings created a mental barrier (in a good way). Suddenly my savings felt like savings instead of just extra money sitting there waiting to be spent. Even small amounts moved regularly into an account dedicated to savings can make a difference over time.

3. Chasing promotional rates without reading the details

The first time I saw a bank advertising a promotional savings rate that was significantly higher than what I was earning, I was immediately interested (pun not intended), as most people would be. You see a big number advertised and think, “wow, that’s a really good rate”. And it usually is. However, this is one of the most common topics discussed in banking forums for a reason. Many people focus on the promotional rate itself without paying attention to the details behind it. Some promotions only last a few months. Some only apply to new customers. Others only apply to new deposits. And some (I’m looking at you, Scotiabank) have even more complicated rules requiring a minimum balance, or requiring you to keep your money in the account for a certain period of time, or both. And once the promotional period ends, the interest rate may drop significantly.

I have seen countless discussions where people compare promotional offers and discuss strategies for moving money between institutions. One thing that experienced savers constantly remind each other is that getting the promotional rate is only half the strategy. The other half is knowing exactly when it ends. One mistake people make is opening the account, depositing the money, and then completely forgetting about it. A few months later they discover the promotion ended weeks ago and they are now earning a much lower rate.

That is why I always think promotional rates should come with a plan. If someone is opening an account for a promotional offer, they should also know what they plan to do when that promotion expires.

4. Not building an emergency fund first

If someone had asked me a few years ago about emergency funds, I probably would have thought they were something people worried about later in life. Maybe once they owned a house, maybe once they had kids, maybe once they had a full-time career. What I didn’t realize was that emergencies happen regardless of your age or financial situation – even if you’re a student! Life has a way of being expensive when you least expect it. When people first start saving, there is often a temptation to focus entirely on growth. Investing feels exciting. Watching money increase feels exciting. Searching for the highest return possible feels exciting. Emergency funds don’t feel as exciting. But emergency funds are often what prevent financial stress from turning into financial problems. Without emergency savings, people often end up relying on credit cards or lines of credit to cover unexpected expenses. Then what started as a temporary inconvenience becomes debt that follows them for months.

One thing I have learned is that emergency savings deserve their own space. Keeping emergency money separate from other savings makes it easier to avoid spending it on things that are not actually emergencies. The goal is not to build a perfect emergency fund overnight. The goal is simply to create some breathing room for life’s “fun” money surprises.

5. Thinking saving only counts if it’s a large amount

This is one that I think social media has made worse. It is easy to scroll online and see people talking about maxing out investment accounts, saving thousands of dollars every month, or reaching major financial milestones. For students and young adults, that can feel discouraging. There were definitely times where saving small amounts felt pointless. Saving $20 or $50 didn’t seem impressive. It felt like everyone else was moving faster.

But over time I realized something important which was that most successful savers didn’t start by saving huge amounts of money. They started by building habits. A person who saves $50 every month for years is often in a better position than someone who saves a large amount once and then gives up.

The hardest part of saving is usually not the math. It is consistency. Some months are better than others. Sometimes there is extra money available. Sometimes there isn’t. What matters most is building a routine that can survive both situations. Small amounts still count and small amounts still build habits. And those habits are often what lead to bigger financial goals later.

GIC rates have continued creeping higher, with the top 5-year GIC rate now at 4.10% (from Wealth One Bank of Canada). The top rates for other terms on our chart:

• 1-year GIC: 3.65% (MCAN Financial)
• 2-year GIC: 3.90% (MCAN Financial and Wealth One Bank of Canada)
• 3-year GIC: 3.90% (MCAN Financial and Wealth One Bank of Canada)
• 4-year GIC: 3.95% (MCAN Financial and Wealth One Bank of Canada)

For all but the 2-year term, you should be able to get an even higher rate from a GIC broker.

The current savings account interest rate leader is still Saven Financial, which offers 2.85% on both its regular savings account and TFSA.

Brokerage investment savings accounts continue to be an attractive option for any cash you have sitting in your investment account, but they have lost their former lustre. A couple of years ago, they used to be similar to, and even topped, the highest savings account interest rates.

Tangerine tiered rates vs traditional promo rates

Tangerine has offered targeted promotional savings rates to some existing customers for years (since at least as early as 2015) with a market-leading interest rate that lasts for a few months. This has consistently been one of the most frequently discussed topics in our forum. Over the past 2 years, some customers have reported receiving a new type of offer called a tiered savings rate, where the interest rate depends on how much money you have with Tangerine.

These tiered rates are often lower than the “traditional promo” rates, but they usually last longer (6 months instead of 3 months), and they apply to the entire savings account balance rather than only to new deposits. You also don’t have to “accept” the tiered rates when they’re offered, unlike the traditional existing account promos that you have to accept. As per usual, different promo rates are being offered to different clients.

Early reports of tiered rates were underwhelming:

Balance (total across Tangerine accounts) | Rate
$0 to $49,999 | 0.35%
$50,000 to $99,999 | 0.75%
$100,000 to $499,999 | 1.75%
$500,000 and above | 2.25%

… but more recently reported tiered rates have gotten better:

Balance (total across Tangerine accounts) | Rate
$0 to $49,999 | 2.00%
$50,000 to $99,999 | 2.50%
$100,000 to $499,999 | 3.00%
$500,000 and above | 3.50%

Even the highest tier still gives you a lower interest rate than the most recent new deposit promos (4.10%-4.25% for 3 months). This had led to concerns about people getting “stuck” on the tiered rates. However, we’ve had at least one report of someone being offered the traditional promo rates while on a tiered rate.

Outlook Financial discontinues Me2Me transfers

“Me2Me transfers” is what Outlook Financial calls the ability to link external bank accounts in order to push or pull funds. It has been 11 years since Outlook Financial first started offering this, but that ends on June 11. It’s odd that they’re completely discontinuing it (rather than simply changing it to use something like Flinks or Plaid), because most online banks support this to make it easier to move your money. (None of the big banks support linking external accounts; you have to make the link from the other financial institution.)

Outlook Financial’s own announcement says that alternatives include e-Transfers, but that you can write yourself a cheque or initiate the transfer from the other financial institution.

Wealthsimple: more and more features

Wealthsimple’s latest product announcement was predictably less grandiose than its “We Take Over Your Life” headline. It nonetheless included some notable highlights:

• Kids and Teens Accounts (coming this fall): designed to give young users access to basic banking tools while allowing parents to maintain oversight/control of the account. Parents can view transactions in real time, receive customizable purchase alerts, set spending limits for individual transactions or weekly and monthly totals, block certain spending categories, and freeze or unfreeze the card when needed. It also allows parents to provide allowances, transfer additional funds, and to pay additional interest as an incentive for saving. This complements Wealthsimple’s existing “Household” feature that enables you to view linked accounts from a single dashboard.
• Portfolio line of credit (available now): access to immediate credit when borrowing against your portfolio
• USD chequing accounts (coming this fall): Wealthsimple already offers a USD savings account, but a USD chequing account is coming soon for both personal and business accounts, providing “access to US payment systems” — will that include ACH banking details?
• Additional business account features: business portfolio line of credit is coming this spring, and a prepaid card is coming this summer
• A bunch of giveways, including “Monthly Millionaire” — this might be inherently cheesy, but is still a cash giveaway, and unique compared to other financial institutions!

A primer on gold: new article

Is gold part of your investment portfolio? Or have you been intrigued by the meteoric rise in gold prices over the past 2 years, and want a primer on gold as an investment?

Rico M’s latest article is on “The wonderful world of gold and its investment opportunities: part 1“.

He covers the history of gold, the types of gold (paper versus physical gold), ways to invest in gold, the karat unit purity measurement, and the risks of investing in gold!