GIC rates have been steady.Adrian Wyld/The Canadian Press
Market interest rates, including Government of Canada bond yields, have moved only slightly heading into December, with little changes for savers shopping across both high-interest savings accounts and guaranteed investment certificates (GICs).
As of Dec. 3, the leading promotional savings rate for new clients was 4.70 per cent from Meridian Credit Union for a four-month period. Scotiabank follows at 4.65 per cent for three months, and Steinbach Credit Union and BMO at 4.60 per cent for four months.
RBC and CIBC are also offering 4.60 per cent for three months. After those periods, rates reset at a much lower level, a gap that could leave many savers seeking alternatives.
The more notable shift this week comes from Saven Financial, which increased its standard savings account rate from 2.50 per cent to 2.85 per cent. This now places Saven ahead of Oaken Financial at 2.80 per cent and gives savers a higher continuing rate without the need to move funds once a promotion expires.
Some fintech platforms also remain competitive. Neo Financial offers tiered returns that reach 3.0 per cent on the entire balance once an account holds at least $20,000, and KOHO offers up to 3.5 per cent through its paid plan.
GIC rates have been steady. MCAN, Saven, and WealthONE Bank are tied at 3.65 per cent for one year, with MCAN also offering 3.95 per cent on five years, the highest GIC rate available nationally.
The same institutions remain competitive across other maturities, with MCAN and WealthONE leading the two-year term and a broader group, including Saven, among the top rates for three-year GICs.
Banks frequently offer existing clients higher targeted promotional savings rates on new deposits. Paying attention to these offers and comparing them with rates elsewhere remains one of the best ways to improve returns on your savings.
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.
Jimmy Nguyen is a writer and content developer at WOWA.ca, a Canadian personal finance platform.
