News Digest

A summary of the latest news and discussions on highinterestsavings.ca. See also the promotions page.

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

• PC Financial to transition to new CIBC digital bank Simplii Financial

July 2017

• Meridian Credit Union drops its savings account and TFSA interest rate from 1.50% to 1.40%

June 2017

• Hubert Financial launches 2 credit cards

May 2017

• EQ Bank increases its savings account interest rate from 2.00% to 2.30%

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

• Tangerine Money-Back Credit Card changes effective April 29, 2017: 0.5% base cash back, foreign exchange advantage eliminated

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

• Hubert Financial now offers free USD electronic funds transfers

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

• EQ Bank decreases its savings account interest rate from 2.25% to 2.00%

July 2016

• Alterna Bank now has a TFSA with a 1.95% interest rate

May 2016

• Zag Bank’s non-promotional rate will be 1.65% starting on June 2

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