Savers Roundup March 2024: Investments Savings Accounts, ETFs, and almost-chequing accounts

HISA, ISA, or HISA ETF?

The old reliable high interest savings account (HISA) has had some even higher-interest company for a while from investment savings accounts (ISA) and high interest savings account ETFs. CDIC coverage, trade settlement time, and ease of access are among the considerations of which type of account to choose. Our forum users have weighed in on these considerations and more in the search for a safe and high-yielding place to put savings to work.

High interest almost-chequing accounts

EQ Bank’s Personal Account is now offering 4.00% if you direct deposit your paycheque into the account (and 2.50% otherwise). This account is advertised as “being like a high interest chequing account”, although some forum users are not happy that it doesn’t offer cheques. Is it a chequing account, or close enough? Does it matter?

This is similar to Wealthsimple’s Cash account offer, which provides a 0.50% boost on a 4.00% base rate if you direct deposit your paycheque. Wealthsimple Cash is also advertised with “chequing account” wording, although it also does not provide cheques yet.

Whether you are willing to call these accounts chequing or not, they rank among the leaders on our savings account comparison chart.

Trending up and down at the same time

Every month, we get new reports of Tangerine Bank’s latest net new deposit promo for existing customers. It had topped out at between 5.50% and 6.00%. The latest round of offers starting at the beginning of March are for 4.75%. Some people received lower offers for 4.25% or 4.00%.

That lowest rate cannot beat Ontario-only Saven Financial’s regular savings account and TFSA interest rate of 4.20%. That’s up from 4.15%, and is the only rate change for any financial institution on our comparison chart in over 2 months, since… the last Saven Financial increase. It’s been “wait and see” mode for most savings account interest rates for quite a while now.