The PC Money account is still the top rate on our savings account comparison chart at 3.50%. Wealth One Bank of Canada recently increased its regular savings account (and TFSA) interest rate from 2.50% to 3.00%, joining a 5-way tie in second place. If we count EQ Bank’s 4.00% rate when you have direct deposit, that makes it the top non-promo rate.
The latest round of targeted new deposit promos reported by our forum users at Simplii Financial and Tangerine are somewhere between 2.25% and 4.00%, which is not just a wide range but also significantly down from the high of 6.00% in early 2024. The highest promotional rate we are currently aware of is 5.00%, which you can get as a new client at both CIBC and Coast Capital.
Rate leaders on our GIC comparison chart are little changed from this time last month, although we’ll see if the next Bank of Canada policy interest rate announcement on Wednesday, March 12 shakes things up.
More options for $0 trade commissions
There are now 4 Canadian online brokerages that offer fee-free self-directed trading. Questrade made a splash in February when it dropped its trading fees to $0, along with a short-lived (and now over) transfer bonus of 3% on the first $10,000. It has now joined Wealthsimple, National Bank Direct Brokerage, and TD Easy Trade in the world of commission free trading. While they might not all have a transfer promotion at any given time, they all currently reimburse any transfer fees. Thus, competition is heating up for your investment accounts.
Our readers care about “no-forex transaction fee” credit cards
Last month’s poll received several hundred responses, and 75% of you said that “no foreign currency transaction fees” is an important credit card feature. We keep a listing of such credit cards, although recent political tensions and an increasing desire to “buy Canadian” are reducing Canadians’ international spending, at least temporarily, and at least for US purchases.
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