Lower rates for savers are just ahead, but for now we have a new CDIC-protected account paying up to 5%The first half of the 2020s has been a time of dynamic improvement in the most ordinary of all financial products.
The rate on EQ’s regular account is 2.5 per cent, but you can get 4 per cent if you have your paycheque directly deposited. Other players, including Koho, Motive Financial, Neo Financial and Wealthsimple, offer 4 to 5 per cent. And then there are the temporary promotional offers for rates of 5 to 6 per cent or more from bigger players.
Popular in the British market, the notice account is built on the idea that banks can offer higher rates on deposits that offer more predictable withdrawals. If there was an event in the economy or financial system that prompted a run on savings, money in notice accounts might at least stay put for the notice period. If you’re a banker, that breathing space is valuable.
Saving for a home down payment is another. Ms. Poddar said EQ is considering whether to offer a first home savings account version of the notice account, as well as versions for a tax-free savings account.
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