Savers Roundup November 2024: Rate leader musical chairs; investment brokerage competition; up to 7% back on groceries

Down they go! Savings account interest rates keep dropping. Previous leader Neo Financial is now offering 3.00%, which is down from 4.00%. Notably, in their rate cut announcement, Neo Financial said the following:

“We are anticipating the Bank of Canada to issue another drop in December, so we have made the drop to 3% now, so we do not need to lower it now and lower it again then.”

Other recent drops include Motive Financial from 3.60% to 3.20% and Saven Financial from 3.70% to 3.40%. That leaves Wealth One Bank of Canada with the highest rate on our comparison chart at 3.75%, followed by Canadian Tire Bank at 3.70% and Bridgewater Bank at 3.60%… for now. There is also the PC Money account (which is not yet on our chart) at 4.25%.

The best rate on our promotions page is with Simplii Financial, where new customers can get 6.00% in a savings account for the first 5 months.

Over in GIC land, you’re now doing well if you can get at least 4.00% on any GIC term; the highest 4-year GIC rate currently tops out at 3.95%.

Investment platform transfer bonuses

Seems like the competition for online investment brokerages is heating up, as there have been quite a few transfer or sign-up bonuses lately:

• BMO: 0.25% for existing clients who transfer at least $10,000 in new funds
• Qtrade: Get up to 5% cash back + $150 sign-up bonus + free trades
• TD Direct Investing: 1.00% if you transfer at least $10,000 in assets
• Wealthsimple: free iPhone 16 or MacBook Air if you transfer at least $100,000 in assets

Credit cards with no foreign currency exchange transaction fees

One of our readers asked us last month for a breakdown of credit cards with no foreign exchange transaction fees. Luckily, we have been maintaining such a list for years, and it now includes some prepaid cards.

Up to 7% cash back on groceries?

Neo Financial is turning some heads with their new World Elite Mastercard. It has a $125 annual fee but offers up to 7% on grocery purchases, 5% on recurring payments, and 4% at gas stations. To get those cash back rates, you must keep at least $10,000 in the Neo Everyday account, which earns 0.10%. Otherwise the card earns 5% on grocery purchases, 4% on recurring payments, and 3% at gas stations.

Follow us on Instagram

Next month, we’ll give out $25 Interac e-Transfers to 5 random followers on our Instagram account!