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Not Much Activity in “High-Interest” Savings Accounts


March 31, 2022

Plots for Canadian high-interest savings rates from January 1st to March 31st, 2022 for the banks and credit unions that WhatBank follows.

Out of the 29, one decreased their rate, 16 kept it flat, and 12 increased. However, the median increase was a measly 0.175%. If you’re seeking positive activity check out the GIC world.

The charts are arranged in descending order based on the rate on March 31st. For comparison, the median high-interest savings rate at the end of Q1 was 1.15%.


A Tough Time For Savings Accounts


December 29, 2021

Plots for Canadian high-interest savings rates from July 1st to December 29th, 2021 for the banks and credit unions that WhatBank follows.

Considering inflation (goods @ 4.4%, services @ 2.1%) is higher than the highest savings rate here, it means money parked in these accounts is slowly losing its buying power. To all the savers out there who find these plots, flat, stagnant, stuck, and depressing, there is a ray of hope in the 5yr GIC trends.

The charts are arranged in descending order based on the rate on December 29th. For comparison, the median high-interest savings rate at the end of 2021 is 1.06%.