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So far in 2026, there have been no rate changes on the savings accounts we track. In fact, the last change was at the end of November, and that was when Saven Financial increased its savings account, TFSA, and RRSP interest rate to 2.85%, which is still the non-promotional rate leader.

If you’re a rate chaser, you might have moved your money for the latest targeted promo for existing customers at Tangerine, which is 4.25% on new deposits between March 4 and May 31, 2026. Or you can get as high as 4.80% on some of the short-term promotions we track.

A financial foundation is about more than just dollars

Are you just starting out on your personal finance journey, or know someone who is? Our student writer Lena M observes that: “At this stage of life, personal finance is less about making large amounts of money quickly and more about developing habits, understanding how money works, and building confidence in your decisions”. Follow along as she shares her thoughts on building a strong financial foundation in your 20s, including what she’s learned about saving, investing, compounding, the TFSA, and more.

Easter giveaways and more!

• The RRSP deadline for the 2025 tax year has passed, but it’s never too late to learn more about the RRSP. Can you beat the average score of 10/13 on our RRSP quiz? In case you missed it, you can also take our TFSA quiz!
• It’s tax season! Our forum members have been sharing the status of their various T5 slips.
• Follow us on Instagram, where we’ll be running contests for cash prizes every week through Easter!

This year’s RRSP deadline is March 2 if you want to deduct the contribution(s) on your tax return for 2025. Want to brush up on your RRSP knowledge? Take our RRSP quiz!

Everybody loves a good quiz if the scores are anonymous and it could save you money, right?

TFSA quiz results

Since we launched our TFSA quiz last month, we’ve had over 450 responses. The average score (without counting repeat attempts) is 9.6 out of 11, which makes you a pretty smart bunch!

Here are a few TFSA refresher facts based on which answers were most frequently answered incorrectly:

• The TFSA over-contribution penalty is 1% per month.
• The entire amount of money withdrawn from your TFSA is added back to your contribution room the following calendar year. Your TFSA contribution room at the beginning of the calendar year consists of your unused contribution room, plus the TFSA dollar limit of the current calendar year, plus the amount of any withdrawals from the previous year.
• The CRA My Account portal is not considered reliable when it comes to tracking your TFSA contribution room! The CRA itself states that you should “always verify your contribution room with your financial institution records to avoid over-contribution”.

You can take our TFSA quiz at any time, as many times as you want!

Rate leaders and tiered rates

It has been relatively quiet when it comes to interest rate changes. Current highlights include:

• Highest non-promotional savings account interest rate: 2.85% at Saven Financial (applies to TFSA and RRSP accounts as well)
• Highest promotional savings account interest rate: 4.80% (registered accounts) or 4.70% (non-registered accounts) on new deposits to a Vancity savings account until April 30, 2026
• Highest GIC rate: 3.85% for a 5-year GIC at Achieva Financial

If you’ve got larger amounts to deposit, more financial institutions are starting to offer tiered interest rates. Tangerine, known for its “interest rate lottery” targeted promotions for existing customers, has started to offered targeted tiered rates, although at relatively underwhelming rates (3.00% if you have at least $50,000 to deposit) compared to its normal promotions (the latest one offering between 3.75% and 4.25% on new deposits). Scotiabank is rumoured to be working on a tiered rate savings account with lower rates than at Tangerine. And we reported back in November that Neo Financial is offering a higher savings account interest rate (now 3.00%) than normal if you have more than $20,000 to deposit.

Registered account transfer fees: the end is near?

If you’ve ever transferred a registered account such as a TFSA or RRSP to another financial institution, you’ve probably encountered a transfer fee, especially if you’re transferring away from a big bank. These fees can be up to $150. Some receiving financial institutions will reimburse the fee if your transfer is over a certain threshold.

The proposed upcoming federal budget will outlaw registered account transfer fees. We’ll see if this change becomes official, and hope that your spurned bank doesn’t find another way to get you.

ATM fee reimbursements at EQ Bank: still free (within Canada), but capped

EQ Bank is capping ATM fee reimbursements starting on April 6 to 5 withdrawals per month and up to $5 per withdrawal. Previously, there was no limit to the amount of the reimbursement or the number of times you could claim it.

For most Canadians this new limit won’t be a problem.

EQ’s main competitor in this “free ATM” space is Wealthsimple, which still allows an unlimited number of withdrawals and no limit on the fee that’s reimbursed. Wealthsimple will also reimburse ATM fees internationally, whereas EQ Bank’s reimbursements are limited to withdrawals at Canadian ATMs.

Savings account interest rates are holding steady so far in 2026. In fact, there has not been a single rate change on our savings account comparison chart since the end of November. If you have over $20,000 to deposit, the highest rate is from Neo Financial at 3.00%. If you don’t want to keep a minimum balance or jump on a promo or direct deposit deal, the highest standard rate is 2.85% from Saven Financial, which you can get in a regular savings account, TFSA, or RRSP. This time last year, PC Financial was offering a 4.00% savings account, although by May it had gone down to 3.10%.

The top GIC rates on our chart are currently as follows:

• 3.65% for a 1-year GIC (Wealth One Bank of Canada)
• 3.75% for a 2-year GIC (Wealth One Bank of Canada)
• 3.80% for a 3-year GIC (Achieva Financial)
• 3.75% for a 4-year GIC (Wealth One Bank of Canada)
• 3.85% for a 5-year GIC (EQ Bank)

Take our TFSA quiz

The new year ushered in another $7,000 in TFSA contribution room for Canadian residents who turn at least 18 this year. The official government statistics from 2025 (for the 2023 contribution year) showed that there are over 18 million TFSA holders, but over 8 million of them did not make a contribution that year. Launched in 2009, TFSA rules have remained largely unchanged, but there is still a good level of confusion about the TFSA. Many Canadians are not taking full advantage of the TFSA, and every year a meaningful number of Canadians over-contribute to their TFSA. How well do you know the Tax Free Savings Account? Take our quiz!

New year, new deposit promos

If you’re looking for a new place to park some savings this year, some of the listings on our promotions page include:

• Vancity (BC only): 4.80% (registered accounts) or 4.70% (non-registered accounts) on new deposits to a savings account until April 30, 2026
• CIBC: 4.60% in a new eAdvantage savings account for the first 3 months
• RBC new customers: 4.60% for 3 months in your first RBC High Interest eSavings account if opened before 3pm ET on January 27, 2026
• BMO: Earn up to $700 cash bonus on a new Chequing and Savings Amplifier Account, and up to 4.55% in the savings account for the first 120 days
• Simplii Financial new customer promo: 4.50% in a savings account for the first 5 months
• Tangerine Bank new customers: 4.50% savings account interest rate for the first 5 months
• EQ Bank: $100-$200 bonus on deposits to registered accounts made by March 2, 2026

You can get some additional cash back on top of some of those offers through our cash back website.

Believe it or not, the best available savings account interest rate on our chart has gone up from last month! Saven Financial recently increased its regular savings account and TFSA interest rates to 2.85%, and is the outright leader outside of promotional rates. There is also a growing number of direct deposit and tiered rates, including:

• 3.00% from Neo Financial if you have over $20,000
• 2.90% from PC Financial for 12 months if you have an eligible direct deposit
• 2.75% from EQ Bank if you have an eligible direct deposit

Regarding promotional rates, among those we track is a targeted one for existing customers from TD Bank, which is offering 4.90%! Forum users have reported that this is the only promo rate they’ve received from TD Bank in the past 40 years.

Some GIC rates have even increased lately, although the top available rate for a 5-year GIC has decreased to 3.80% (where there is a 4-way tie).

An olive branch for former Motive Financial customers

The sentiment of our forum users on the Motive Financial migration to National Bank has been largely negative. However, former Motive Financial customers did receive a surprising bit of good news: the monthly fees on their National Bank hybrid chequing savings account are being waived indefinitely, whereas National Bank had previously advertised that they would waive the fees for the first year only.

Laurentian Bank and PC Financial to be acquired

Still reeling from the Motive Financial acquisition? Two more banks will disappear from our savings account comparison chart in the future.

Laurentian Bank has been sold, with its retail operations going to National Bank.

And PC Financial, whose PC Money account only made it to our chart last year, has been bought by none other than EQ Bank. As part of the announcement, PC Financial will transition to the EQ Bank brand over time. EQ Bank is not taking over the PC Optimum rewards program, but will become PC Optimum’s exclusive financial partner.

54% of last month’s poll respondents do not use a commission-free online brokerage

Near the end of October, the Bank of Canada made the 9th cut to its key interest rate in the past 1.5 years, dropping it by another 25 basis points. In that time, the top rate on our savings account comparison chart has gone from 4.20% to 2.80%.

Neo Financial recently implemented some tiered interest rates, offering a chart-topping 2.90% if your Neo Savings balance is at least $20,000.

If you’re into the short-term promo game, you can currently get up to 4.75% with a few new deposit promos.

GIC rates topped out at 6.00% (for 1-year GIC) in 2024, whereas the best available GIC rate is now 3.95% for a 5-year GIC.

Qtrade goes commission-free

In February, Questrade became the 4th Canadian online brokerage to offer fee-free self-directed trading (joining National Bank Direct Brokerage, TD Easy Trade, and Wealthsimple), and now Canadians have a 5th option. Qtrade has gone commission-free, and is also offering a 5% bonus on the first $15,000 of new funds (and 1% thereafter) until January 5, 2026. We have listed this alongside a couple of other transfer bonuses at Canadian online brokerages.

Reactions to National Bank’s offering for Motive Financial customers

Last month, we detailed the upcoming move for Motive Financial customers to National Bank. In that same newsletter, we simply asked who is currently a Motive Financial customer. 60% of respondents said yes, and all 34 of the write-in comments from current customers expressed displeasure with the move, with most of them noting that they were either planning to leave, or had already emptied their accounts.

Forum users are also overwhelmingly not pleased with the new offerings. National Bank’s underwhelming offer is not surprising if we take the perspective that Motive Financial was just a necessary inclusion in National Bank’s acquisition of Canadian Western Bank. In that case, National Bank is likely doing the mandatory minimum, and sees little value in keeping Motive Financial’s clients.

Our cash back portal includes the Tangerine Money-Back World Mastercard

The Tangerine Money-Back World Mastercard is listed amongst many offers on our cash back portal. Tangerine itself has increased its welcome bonus to be an extra $120 back when you spend $1,500 in your first 3 months. And you can also get an additional $180 via Interac e-Transfer or $200 Amazon.ca gift card if you sign up through High Interest Savings Cash Back.