Savers Roundup October 2018: Ideal Savings 2.76% savings account; read the Scotiabank promo details carefully

Ideal Savings rockets to the top

We have a new high interest savings account interest rate leader, and it’s not even close. Ideal Savings has now increased both its regular savings and TFSA interest rates from 2.00% to 2.76%. That’s more than double the lowest rate on our comparison chart and 0.41% more than the second highest rate. There are some savings accounts that don’t even pay 0.41%!

More rate increases: AcceleRate Financial and Wealth One Bank of Canada

On October 4, AcceleRate Financial increased its regular savings and TFSA interest rates from 2.25% to 2.35%.

Wealth One Bank of Canada had a promotional rate of 2.50% that ended on September 30, but its regular rate is now 2.30%, which is technically an increase over its previous 2.00% rate. Note that their TFSA lags a bit, with a 1.65% interest rate.

The top 5 for regular savings accounts is thus:

• Ideal Savings: 2.76%
• Accelerate Financial and Hubert Financial: 2.35%
• EQ Bank and Wealth One Bank of Canada: 2.30%

The top 5 for TFSAs is as follows:

• Ideal Savings: 2.76%
• Accelerate Financial and Hubert Financial: 2.35%
• MAXA Financial: 2.25%
• Achieva Financial, Implicity Financial, and Outlook Financial: 2.15%

Be careful with the Scotiabank MomentumPLUS Savings Account promotion

Scotiabank currently has a savings account promotion that is advertised as “up to 3.00%”, but read the promotion details carefully: it amounts to 3.00% interest for only a portion of the term; average interest is always less than 3.00%. Is this misleading? Our forum members are clear in breaking down the actual terms of the promotion.

Oaken Financial takes back GIC leads

While we’ve seen a few GIC rate pullbacks recently, Oaken Financial has raced back to the top for national, non-promo rates in all but the 1-year GIC, where EQ Bank leads with a 2.91% rate (over Oaken’s 2.90% rate). Oaken Financial’s chart-topping rates currently sit at:

• 2-year: 3.30%
• 3-year: 3.35%
• 4-year: 3.40%
• 5-year: 3.60%

Current promotional rates

As always, there is no shortage of promotional rates; new ones this month include:

• Meridian Credit Union: 3.15% for 6-months in a new savings account
• Meridian Credit Union: 3.25% for a 1-year GIC funded by new money
• Parama Credit Union (Ontario only) increases its new money GIC promos: 3.10% for a 1-year GIC and 3.40% for a 3-year GIC
• Luminus Financial: 1.00% bonus rate (2.75% total on current 1.00% base rate) on new deposits to an Investment Savings Account until September 30, 2019
• Tangerine targeted promo: 3.00% for 180 days on entire balance
• See all currently tracked promos

Other news

In Toronto at the beginning of November? Check out the Canadian Personal Finance Conference, happening November 4-5.