The Bank of Canada’s key policy rate is on hold.Keito Newman/The Globe and Mail
As of Nov. 26, the highest savings account and GIC rates in Canada remain largely unchanged week over week. The Bank of Canada’s key policy rate and the prime rate at major banks are on hold, while Government of Canada bond yields have eased slightly. In this stable environment, promotional high-interest savings accounts continue to dominate short-term returns, while longer-term GICs from smaller, CDIC-insured institutions still offer the most attractive locked-in rates.
The best savings account promotional rate is 4.65 per cent, offered by the Scotiabank Momentum Plus account and available for three months. For 4.60 per cent (tied for second-best), Steinbach Credit Union and BMO provide the longest duration at four months each – ideal for maximizing yield before the typical sharp drop-off when a promotion ends. RBC and CIBC match the rate but limit it to three months.
Among non-promotional high-interest savings accounts, Oaken Financial offers the highest rate of 2.80 per cent. The second-highest rate of 2.75 per cent is provided by EQ Bank with a $2,000 monthly deposit requirement. This continuing rate by Canada’s seventh largest bank beats big banks’ standard offerings and highlights the value of shopping for non-promo options.
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The best fixed and variable mortgage rates for the week of Nov. 20
The highest rates for GICs remained unchanged over the past week. MCAN Mortgage Corp. (through MCAN Financial) offers the best GIC rates across the most popular GIC terms, with a five-year GIC rate of 3.95 per cent being the highest. WealthONE is sharing leadership with MCAN for one-, two-, and three-year GICs. Both of these lenders also offer these GIC rates for registered investment accounts, such as a tax-free savings account (TFSA) and a registered retirement savings plan (RRSP).
Looking ahead, the trajectory for both savings and GIC rates remains closely tied to the Bank of Canada’s policy decisions over the coming months. At the same time, the gradual rollout of open banking under the Consumer-Driven Banking Act is expected to increase competition among banks over the next two to three years, potentially reducing promotions as it becomes easier for consumers to move their banking to other institutions.
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.
