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Saven Financial
Online bank
Division of FirstOntario Credit Union offering the best savings rate in Canada (2.85%). Very competitive GICs.
Saven Financial is the online division of FirstOntario Credit Union, an Ontario-based credit union. The savings account offers 2.85% with no minimum balance requirement.
Saven's advantage is offering the FHSA, which not all credit unions do. GICs offer competitive rates.
- Savings: 2.85% with no minimum balance
- 1-year GIC: 3.55% (minimum $1,000)
- Accounts: TFSA, RRSP, FHSA, RRIF, non-registered
- Protection: DICO (Deposit Insurance Corporation of Ontario)
- Fees: no account or transfer-out fees
- No CDIC insurance: covered by Ontario's provincial protection
A reasonable choice for Ontario savers, but other options like Neo Financial or Achieva Financial offer higher rates. No everyday banking or brokerage services.
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Savings rates (HISA)
| Account | Rate |
|---|---|
| RRSP | 2.85% |
| Savings | 2.85% |
| TFSA | 2.85% |
GIC Rates
| Term | Rate |
|---|---|
| 1 yr | 3.55% |
| 2 yrs | 3.60% |
| 3 yrs | 3.75% |
| 4 yrs | 3.80% |
| 5 yrs | 3.85% |