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Where to Find the Best Savings and GIC Rates in Canada This Week

Canadians looking to stretch their savings a little further still have access to competitive high‑interest savings accounts (HISAs) and guaranteed investment certificates (GICs). Digital banks continue to lead the way, offering strong returns without sacrificing security. Here’s a quick snapshot of the top rates available this week. Highest High‑Interest Savings Account Rates Several online‑only institutions are offering some of the most attractive HISA rates right now: Saven Financial – 2.85% Oaken Financial – 2.80% EQ Bank – 2.75% Bridgewater Bank – 2.70% WealthONE Bank – 2.60% These accounts are typically insured either federally or provincially, giving savers both flexibility and peace of mind. Best GIC Rates This Week For those comfortable locking in their money for a set period, GICs continue to provide reliable, guaranteed returns. 1‑Year GIC Leaders Oaken Financial – 3.40% 5‑Year GIC Leaders EQ Bank – 3.85% Longer‑term GICs remain especially appealing for ...
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Canada’s inflation rate rises in July, but food prices remain stable




According to the latest update from Statistics Canada, the country’s inflation rate accelerated in July 2023. The Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% increase in June. The increase was mainly due to higher prices for shelter and transportation. However, food prices eased in July, with the food index rising 2.5% year over year compared with a 2.7% increase in June.

Inflation is an important economic indicator that measures the rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling. The rise in inflation can be attributed to various factors such as supply chain disruptions, higher demand for goods and services, and other economic factors. The easing of food prices in July is a positive sign for consumers as it means that they will have to spend less on food items than they did in June.



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