Why isn’t my savings interest increasing?

Savings interest rates don’t typically keep pace with debt interest rates because there is little pressure on the major Canadian banks to offer higher rates. That said, there are plenty of online banks that do offer higher interest rates. You can also take advantage of promotional rates offered by larger banks.

Which banks have the best interest rates on savings accounts?

Consider an online bank like <a href="https://www.wealthrocket.com/banking/eq-bank-review/">EQ Bank</a> or Alterna Bank for the best interest rates on savings accounts. These banks are insured by the same deposit protection (CDIC) as larger banks like Scotiabank and TD.

Why are banks not raising their deposit rates?

Some banks have raised their deposit rates recently, but those banks are usually smaller, digital institutions looking to attract savvy Canadians. Other larger banks that rely primarily on customer loyalty haven’t raised rates. Instead, they’re providing the convenience of having all of your financial products with one provider.

Jordann Kaye

Jordann Kaye is a freelance financial writer based in Halifax with more than 10 years’ experience writing about personal finance topics, such as investing, insurance, credit cards, and real estate. She has gained a reputation as an expert in the field and is regularly featured in top publications such as the CBC, Toronto Star, The Globe and Mail, Global News, CTV News, and more. Jordann can be found on Twitter and Instagram, where she enjoys interacting with her followers and sharing tips and insights on personal finance.