Deposit rates

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Deposit rates on savings accounts are the interest rates paid by the financial institution to the account holder. These rates vary between financial institution as there tends to be significant competition among Canadian banks and other financial institutions, particularly since the arrival of virtual banks (no bricks and mortar branches) and the growth of credit unions.[1] As of May 2014, there are 29 domestic banks, 24 foreign bank subsidiaries, 27 full-service foreign bank branches and three foreign bank lending branches operating in Canada.[2]

Canadian high interest savings accounts

Current rates for many HISA accounts can be found at Cannex or Canadian high interest savings account: Comparison chart. The latter indicates which accounts are available in Quebec and which institutions are credit unions.

Savings account comparison

RedFlagDeals.com[3] maintains a table Savings Account Comparison tool, that displays the latest interest rates and features from banks across Canada in a easy to read side-by-side comparison.

There is very active discussion on the nuances, rate changes and terms and conditions on various deposit institutions on the Financial Wisdom Forum (see Further reading below).

See also

References

  1. Canadian credit unions post strong 2012 growth | Advisor.ca, viewed December 16, 2014.
  2. Banks Operating in Canada, viewed December 16, 2014.
  3. Canadian Store Deals, Coupons, and Sale Promotions - RedFlagDeals.com, viewed December 16, 2014.

Further reading

External links