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%.