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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 Annual Inflation Rate Rose to 3.4% in December 2023

 

According to the latest report from Statistics Canada, the annual inflation rate in Canada rose to 3.4% in December 2023. This is an increase from the previous month’s rate of 3.1%.

The rise was expected due to a sharper decline in gasoline prices in December 2023 compared to last month. Grocery prices were up 4.7% from a year ago, matching the pace of increase in November. With December marking the last month of the year, Statistics Canada says the annual average inflation rate for 2023 was 3.9%, down from a 40-year high of 6.8% in 2022.


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