Which Banks Keep Their Savings Rates Consistently High?
WhatBank Now Tracks This Here
Savings — GICs and High-Interest Savings Accounts
To help you save so you can spend, WhatBank tracks the best Guaranteed Investment
Certificates (GICs) and non-teaser high-interest savings rates in Canada.
GICs
WhatBank covers non-redeemable GICs. These are
secure investments that guarantee 100% of your original investment, while earning
interest at a fixed rate. The non-redeemable part means that your financial
institution may not allow you to cash them in early. Even if they do allow it,
there will be a financial penalty.
High-Interest Savings Accounts
More flexible than GICs, your money is not locked in with High-interest savings accounts.
There are no penalties for withdraws. The interest rates are lower than GICs but
the higher rates are usually found among Canada’s smaller banks and credit unions
with Canada’s Big Six usually toward the bottom. Canada’s Big Six include: Royal Bank (RBC), Bank of Montreal
(BMO), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank),
Toronto Dominion Bank (TD), and the National Bank of Canada
Good Stuff to Know About WhatBank’s GIC and High-Interest Savings Tables
- WhatBank is not paid for referrals and has no reason to be biased
- Rates are automatically updated daily
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Interactive
- Sortable by name, rate, and type of insurance
- GIC Table — Select up to five banks and compare their yield curves
- High-Interest Savings Table— Select up to five banks and compare their interest rate history
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Use of data visualization techniques to help you compare the differences in interest rates
- GIC - Saturation of cell colour proportional to rate
- HIS - Bar graph proportional to interest rate
- Mobile friendly