Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Making sense of the Bank of Canada interest rate decision on March 6, 2024 Mar 8th
In its March 6 announcement, the Bank of Canada (BoC) held its trend-setting overnight lending rate at 5% for the fifth consecutive time—and depending on whether you’re a borrower or investor, you’re heaving either a sigh of relief or impatience. Here’s what it means for Canadians.
As a r.... More »
The best high-interest savings accounts in Canada for 2024 Nov 12th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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“I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards Sep 18th
Aya Kinsey, 18
Occupation: University studentAnnual income: Not yet known (likely some freelance income)Financial goals: Build a credit score and travel
In September, Aya Kinsey entered her first year of studies at Western University in London, Ont., where she is studying economics. She’s livi.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Dec 30th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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The best high-interest savings accounts in Canada for 2024 + MORE Jul 18th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
Compare now
Tap the button for more details.
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Will GIC rates keep going up in 2024?
– moneysense.ca
As Canadians are painfully aware, Canada’s inflation has stubbornly persisted above the Bank of Canada’s (BoC) target rate of 2%. In response, the BoC has repeatedly raised the benchmark interest rate—which sets the pace for banks’ prime rates—since early 2022. While no one can predict with certainty where interest rates are going, the BoC seems in no hurry to reduce rates just yet, having kept the benchmark rate stable at 5% since July 2023.
As a result of these rate hikes, the interest rates available on guaranteed investment certificates (GICs) have risen as well—leading to renewed interest from savers and investors. In fact, over the past 12 months, the average one-year Canadian GIC rate has shot up from 2% to 4.90%. As a result of this move-up in rates, even market-linked GICs—which offer a lower guaranteed interest rate because of higher potential gains linked to the stock market—are offering a minimum guaranteed rate over 2%, as of mid-December 2023.
How high will GIC interest rates go?
The interest rates you pay on various types of debt, like a mortgage or a line of credit, depends mainly on the benchmark rate set by the BoC…
