What Do Banks Do?
A bank’s most basic task is to take in deposits and loan them out. In return for your money, they pay you interest. There are a wide range of interest rates among Canadian banks. The higher the rate, the more money your money makes for you.
WhatBank identifies and keeps you informed about the highest interest rates we can find for your hard-earned savings.
There aren’t too many free lunches in the world. This is one of them.
High-Interest Savings Accounts - Details
These are all of the High-Interest Saving Accounts WhatBank follows. Account names link to the financial institution’s web site for more information. Not all accounts are offered everywhere in Canada.
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— All of Canada |
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— Just Ontario |
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— Outside Quebec |
BMO - Assuming balance does not increase by at least $200 each month.
Scotia - Assuming there is no interest rate boost.
GICs - Details
Here are the 1-5yr GIC rates that WhatBank follows. All GICs listed are non-redeemable and for non-registered accounts. Interest, if applicable, is compounded annually. Financial institution names link to more information. Not all accounts are offered everywhere in Canada.
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— All of Canada |
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— Just Ontario |
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— Outside Quebec |
CDIC Coverage
In a few cases, it is unclear that two financial institutions are not separate insurable accounts in the eyes of the CDIC. This table indicates where this is the case and that your total deposits between the two accounts must be below $100,000 to maintain full CDIC coverage.