What is Savings Rate?

Account Types

• HISA — High-interest savings account. Accessible anytime.
• GIC — Guaranteed rate but money is locked for a fixed term (1-5 years).
• Money market ETF — HISA alternative through a brokerage account (e.g., CASH.TO, PSA.TO).

What Affects Rates

Savings rates follow the Bank of Canada's policy rate. When the policy rate rises, savings rates follow (with a delay). Online banks (EQ Bank, Tangerine) typically offer better rates than big banks.