A summary of the latest news and discussions on highinterestsavings.ca. See also the promotions page.
April 2019
- Ideal Savings decreases its regular savings and TFSA interest rates from 2.50% to 2.40%
- Hubert Financial decreases its regular savings and TFSA interest rates from 2.50% to 2.35%
- Alterna Bank decreases its regular savings account interest rate from 2.35% to 2.30%
- Starting April 30, 2020, CDIC rules will expand to cover GICs longer than 5 years and foreign currency deposits
March 2019
- motusbank launches with 2.25% regular savings account interest rate, 2.50% TFSA, 3.09% 5-year variable rate mortgage, and 3.09% 1-5 year fixed rate mortgages
- Meridian Credit Union decreases its regular savings account and TFSA interest rates from 1.50% to 1.40%
- EQ Bank now offers unlimited Interac e-Transfers
- Ideal Savings decreases its regular savings account and TFSA interest rates from 2.76% to 2.50%
- Peoples Trust increases its regular savings account interest rate from 1.65% to 2.00%; TFSA is up from 1.65% to 2.25%
December 2018
- Alterna Bank increases its regular savings account and TFSA interest rates from 2.25% to 2.35%
- Hubert Financial increases its regular savings account interest rate from 2.30% to 2.50%
- Oaken Financial increases its regular savings account interest rate from 1.50% to 2.30%
- Motive Financial increases its TFSA interest rate from 1.80% to 2.40%
- Hubert Financial decreases its regular savings account interest rate from 2.50% to 2.30%
November 2018
- Bridgewater Bank increases its savings account interest rate from 1.75% to 2.50%
- 2019 TFSA contribution limit will be $6,000
- Wealth One Bank of Canada increases its TFSA interest rate from 1.65% to 2.30%
- Motive Financial introduces 2.80% savings account and a free chequing account with unlimited Interac e-Transfers
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 2.35% to 2.40%
- Zag Bank is shutting down, with a $25 bonus to existing customers
- Simplii Financial launches no-fee cash back credit card: 4% back at restaurants; 1.5% at gas, grocery stores, and recurring payments; 0.5% on everything else
- Hubert Financial increases its regular savings account and TFSA interest rates from 2.35% to 2.50%
- Implicity Financial increases its regular savings account and TFSA interest rates from 2.15% to 2.40%
- Coast Capital Savings becomes a federal credit union (formerly a BC credit union) on November 1, 2018
- Outlook Financial increases its regular savings account and TFSA interest rates from 2.15% to 2.40%
- Achieva Financial increases its regular savings account and TFSA interest rates from 2.15% to 2.40%
- Peoples Trust increases its regular savings account interest rate from 1.45% to 1.65%
October 2018
- Alterna Bank increases its regular savings and TFSA interest rates to 2.25% (from 2.05% and 2.10%)
- MAXA Financial increases its regular savings account and TFSA interest rates from 2.25% to 2.45%
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 2.25% to 2.35%
- Ideal Savings increases its regular savings account and TFSA interest rates from 2.00% to 2.76%
August 2018
- Implicity Financial increases its regular savings account and TFSA interest rates from 2.00% to 2.15%
- Outlook Financial increases its regular savings account and TFSA interest rates from 2.00% to 2.15%
- Hubert Financial increases its regular savings account and TFSA interest rates from 2.10% to 2.35%
- Achieva Financial increases its regular savings account and TFSA interest rates from 2.00% to 2.15%
July 2018
- Meridian Credit Union increases its regular savings account and TFSA interest rates from 1.40% to 1.50%
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 2.05% to 2.25%
- MAXA Financial increases its regular savings account and TFSA interest rates from 2.00% to 2.25%
June 2018
- New bank launched: Haventree Bank. Offers GICs, but no chequing, savings, TFSA, or RRSP accounts
- MAXA Financial increases its regular savings account and TFSA interest rates from 1.95% to 2.00%
April 2018
- Alterna Bank to offer unlimited Interac e-Transfers with its no-fee chequing account starting June 1, 2018
- Ideal Savings lowers its savings account and TFSA interest rates to 2.00% (down from 2.50% and 2.25%). Savings accounts opened by April 13, 2018 will continue to receive 2.50% until December 31, 2018.
- Wealthsimple launches savings account in partnership with EQ Bank
- Alterna Bank now offers Me2Me transfers
March 2018
- Ideal Savings makes its savings account promo somewhat permanent, guaranteeing a savings account interest rate of 2.50% until the end of 2018
- Rogers and Fido Mastercards earn rate on foreign currency purchases dropping to 0.5% (3.00% – 2.50% fee); 2.00% on Rogers products; 1.25% on everything else. (Starting May 23, 2018.)
- EQ Bank now offers GICs
February 2018
- Outlook Financial increases its regular savings account and TFSA interest rates from 1.85% to 2.00%
- Achieva Financial increases its regular savings account and TFSA interest rates from 1.85% to 2.00%
January 2018
- Implicity Financial increases its regular savings account and TFSA interest rates from 1.85% to 2.00%
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 1.90% to 2.05%
- Alterna Bank increases regular savings interest rate from 1.95% to 2.05%; TFSA savings account interest rate from 1.95% to 2.10%
- Hubert Financial increases its regular savings account and TFSA interest rates from 1.85% to 2.00%
December 2017
- Wealth One increases its TFSA interest rate from 0.85% to 1.65%
- Canadian Tire Financial increases its TFSA interest rate from 1.60% to 1.80%
- 2018 TFSA contribution limit will be $5,500
- Wealth One decreases its regular savings account interest rate from 2.50% to 2.00%
- Alterna Bank increases regular savings and TFSA interest rates from 1.90% to 1.95%
November 2017
- Canadian Tire Financial increases its regular savings account interest rate from 1.30% to 1.50%
- Simplii Financial launches with free Interac e-transfers and a 3.00% net new deposits promo
- Ideal Savings increases its TFSA interest rate from 2.00% to 2.25%
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 1.85% to 1.90%
- MAXA Financial increases its regular savings account and TFSA interest rates from 1.85% to 1.95%
September 2017
- Peoples Trust drops its TFSA interest rate from 1.75% to 1.65%
- Ideal Savings increases its regular savings account and TFSA interest rates from 1.75% to 2.00%
- AcceleRate Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
- Oaken Financial decreases its regular savings account and TFSA interest rates from 1.75% to 1.50%. All of its GIC rates are dropping as well.
- Outlook Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
- Implicity Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
- Hubert Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
- MAXA Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
- Achieva Financial increases its regular savings account and TFSA interest rates from 1.70% to 1.85%
August 2017
July 2017
June 2017
May 2017
April 2017
- Alterna Bank decreases its savings account and TFSA interest rates from 1.95% to 1.90%
- Oaken Financial increases savings account interest rate from 1.50% to 1.75%
- EQ Bank adds instant EQ-to-EQ transfers
March 2017
February 2017
- Canadian Direct Financial announces rebrand to Motive Financial, starting April 18, 2017
- Hubert Financial launches mobile app: current features include renaming accounts and setting up recurring transfers
January 2017
December 2016
- Tangerine drops its chequing account base interest rate from 0.25% to 0.15%
- Oaken Financial decreases its savings account interest rate from 1.75% to 1.50%
November 2016
- New online bank Ideal Savings with a 2.50% savings account interest rate guaranteed through the end of 2017 (since changed to 2.30% on the initial deposit and 1.70% on subsequent deposits)
- EQ Bank now supports direct deposits and pre-authorized debits
August 2016
July 2016
May 2016
April 2016
- Alterna Bank increases its regular savings account rate from 1.85% to 1.95%
- EQ Bank decreases its regular savings account rate from 3.00% to 2.25%
March 2016
- MAXA Financial decreases its regular savings account and TFSA rate from 1.75% to 1.70%
- Implicity Financial decreases its regular savings account and TFSA rate from 1.75% to 1.70%
- AcceleRate Financial decreases its regular savings account and TFSA rate from 1.75% to 1.70%
- Tangerine MasterCard is now open to the public, including people who don’t have a Tangerine bank account
- Hubert Financial decreases its regular savings account and TFSA rate from 1.75% to 1.70%
February 2016
- Canadian Tire drops its savings account interest rate from 1.50% to 1.30%; its first drop since Feb 2013. TFSA remains at 1.60%.
- Peoples Trust drops its regular TFSA interest rate from 2.0% to 1.75%. Savings account remains at 1.45%.
January 2016
- Implicity Financial now offers RRSPs and RRIFs
- Bridgewater Bank decreases its Smart eSavings Account interest rate from 1.85% to 1.75%
- AcceleRate Financial decrease its savings account and TFSA interest rate from 1.80% to 1.75%
- Implicity Financial adds a cheque deposit feature to its mobile app
- EQ Bank launches with a 3% savings account
News archive: 2012 – 2015
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