Motive Financial already had the top regular savings account interest rate on our comparison chart but widened its lead even further on April 17 with an increase from 3.80% to 4.10%.
Elsewhere, we’ve seen only decreases, which marks a definite trend:
- MAXA Financial from 3.35% to 2.95%
- Saven Financial from 3.75% to 3.50%
- AcceleRate Financial and Hubert Financial from 3.35% to 3.30% (and from 3.45% to 3.35% for their TFSAs)
- Ideal Savings TFSA from 3.75% to 3.55%, although that’s still the highest TFSA interest rate on our chart
Promo rates are still holding up, where the usual two-some of Simplii Financial and Tangerine Financial continue to offer 5.00% or more to a select group of Canadians.
- Simplii Financial new customers: Earn 5.25% interest for 5 months on your first Simplii Financial High Interest Savings Account
- Simplii Financial’s targeted 5-month new TFSA deposit promo for existing customers: 5.00% between May 1 and August 31, 2023
- Tangerine Bank new customers: 5.00% savings account interest rate for the first 5 months if you also open a chequing account with the promo code “EARNMORE”
- Tangerine targeted 5-month deposit promo (new or all deposits, depending on the offer) for existing customers: 5.00-5.25% between April 13 and August 31, 2023
DUCA Credit Union (Ontario-only) is offering a 4.75% new deposit promo on its Earn More Savings Account until August 31.
On our GIC comparison chart the shorter terms are still offering a higher rate than the longer terms. The highest 1-year GIC rate is currently 5.15% at Wealth One Bank of Canada or 5.50% through a GIC broker. The highest 5-year GIC rate is currently 4.72% at Motive Financial or 5.32% through a GIC broker.
Lastly, the personal income tax filing deadline has passed, but are you still waiting on your CRA refund? You’re not alone!