Wealth One Bank of Canada

Wealth One Bank of Canada is a federally chartered bank (Schedule I) offering GICs and savings accounts at competitive rates. All deposits are CDIC insured.

Less well-known than EQ Bank or Oaken, Wealth One offers the advantage of being a federally regulated bank with full CDIC insurance. GIC rates are often among the best for certain terms.

• Savings: 2.60% with no minimum balance
• 1-year GIC: 3.65% (minimum $1,000)
• Accounts: TFSA, RRSP, non-registered
• Insurance: CDIC
• Fees: no account or transfer-out fees
• GIC rates: attractive, especially for 2- and 5-year terms

A good choice for those who prioritize CDIC safety and want good GIC rates. The savings rate is lower than several competitors. No everyday banking services.