The evolution of savings rates depends on future Bank of Canada moves and regulatory changes.Keito Newman/The Globe and Mail
Savings account rates and GIC rates across Canada held steady this week as the prime rates remained unchanged, while Canada government bond returns rose from last week. High-interest savings accounts and guaranteed investment certificates (GICs) continue to offer stable yet flexible returns.
The best savings account promotional rate of 4.70 per cent is from Meridian Credit Union and is available for four months. The Scotiabank savings account offers a three-month base promotional rate of 4.65 per cent. BMO, RBC and CIBC have a promotional rate of 4.60 per cent. BMO offers it for four months, while RBC and CIBC offer it for three months.
Among non-promotional high-interest savings accounts, Oaken Financial has the highest current rate of 2.80 per cent. The second-highest rate of 2.75 per cent is offered by EQ Bank with a $2,000 monthly deposit requirement.
Highest rates for GICs did not change, while the other rates have consolidated higher across the board. MCAN Financial offers the best GIC rates across the most popular GIC terms, with a five-year GIC rate being the highest at 3.95 per cent. WealthOne has posted higher GIC rates this week, sharing leadership with MCAN Financial 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).
The evolution of savings rates depends on future Bank of Canada moves and regulatory changes, while GIC rates may adjust based on the Canadian government bond returns. Banks may offer lower promotional rates as the Consumer-Driven Banking Act comes into effect in 2026.
Interest rates are provided by WOWA.ca, which gathers, aggregates and freely disseminates data on mortgage rates, savings accounts, and GIC rates from more than 50 Canadian financial institutions.
Kirill Sukhikh is a writer and content developer at WOWA.ca, a Canadian personal finance platform.
