The top Canadian savings and GIC rates remain unchanged this month and promotional savings accounts continue to offer the highest short‑term yields.
Bank of Nova Scotia’s MomentumPlus promotion remains the top offer at 4.65 per cent for three months, followed closely by Royal Bank of Canada and Canadian Imperial Bank of Commerce at 4.60 per cent, also for three‑month periods.
Non‑promotional rates remain led by Saven at 2.85 per cent and Oaken at 2.80 per cent.
In the GIC market, smaller CDIC‑insured or provincially insured institutions continue to set the pace. The best one‑year GIC remains 3.65 per cent (WealthONE), while Achieva Financial maintains top rates for multiple terms, including 3.80 per cent for two‑year and 3.85 per cent for five‑year maturities.
In the mortgage market, some brokers are now offering five‑year variable rates as low as 3.34 per cent, which is lower than some savings products. This rate reflects competitive pricing even as uncertainty builds around the broader interest‑rate outlook.
What the U.S.-Israel-Iran war means for savers
Geopolitical risk has surged after U.S.-Israeli strikes on Iran prompted broad Iranian retaliation. Iran has targeted military sites, energy facilities and shipping, and has issued warnings related to transiting the Strait of Hormuz – a choke point responsible for roughly 20 to 30 per cent of global oil shipments.
- The conflict has already rattled energy markets, and oil prices surged sharply at the start of the week on fears of supply disruption.
- Shipping traffic through the Strait of Hormuz dropped after Iran indicated the waterway was effectively closed, prompting tanker owners to halt voyages.
- Additional attacks on regional liquefied natural gas facilities have forced Qatar – the world’s second-largest LNG exporter – to halt production temporarily, further tightening global supply.
Because energy costs feed directly into inflation, sustained supply disruption – especially if the Strait of Hormuz remains threatened – would exert upward pressure on global inflation while simultaneously weighing on economic growth.
For Canadian savers, the transmission mechanism is indirect but important: Short‑term inflation pressure from higher energy prices makes rate cuts less likely, keeping savings and GIC rates elevated for now. But if global growth slows in the months ahead, medium‑term yields could drift lower.
Interest rates are provided by WOWA.ca, which gathers, aggregates and freely disseminates data on mortgage rates, savings accounts and GIC rates from 50+ Canadian financial institutions.
Ali Nassimi is a writer and content developer at WOWA.ca, a Canadian personal finance platform.
