Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
Best Savings Interest Rates in Canada Right Now (July 2026)
Updated July 5, 2026
Best Savings Interest Rates in Canada Right Now (July 2026)
With the Bank of Canada holding its overnight rate at 2.25%, savings rates have flattened out — but a handful of banks are still fighting for your deposit with strong promo offers and a few genuinely solid ongoing rates. Here's where your emergency fund and short-term savings can earn the most right now.
Quick take: Promotional rates (4.50%–4.75%) look great on paper but only last 3–5 months, then crash to as low as 0.30%. If you want a rate you can count on for the whole year, an ongoing-rate account like EQ Bank or Neo Financial will usually beat a promo account after the teaser period ends.
Top Promotional Rates (New Account Bonuses)
These are the highest headline rates available right now, aimed at new customers. Read the fine print — the rate drops sharply once the promo window closes.
Bank Promo Rate Length Rate After
BMO Savings Amplifier 4.75% 120 days Requires linked chequing; offer ends Aug 3, 2026
CIBC eAdvantage 4.60% 3 months Drops to tiered rate from 0.30%
Simplii Financial HISA 4.60% 5 months Drops to 0.30%; offer ends July 31, 2026
Tangerine Savings 4.50% 5 months Drops to 0.30%; offer ends July 31, 2026
Coast Capital Savings 3.70% New member bonus Open by July 6, 2026
Best Ongoing Rates (No Expiry Date)
If you'd rather not chase promos every few months, these accounts pay a competitive rate all year round.
Bank Ongoing Rate Notes
EQ Bank Personal Account 2.75% No fees, no minimum balance, unlimited e-transfers
Saven Financial HISA 2.85% Ontario residents only; $25 one-time membership fee
KOHO Everything Plan 3.50% $14.75/month plan fee — do the math before switching
Neo Savings ~2.00%+ Tiered by balance; not available in Quebec
Big Five Banks (TD, RBC) ~0.01%–1.85% Generally the weakest rates on the market
Don't Forget GICs and Registered Accounts
If you can lock your money away for a fixed term, GIC rates are currently running roughly 2.25%–3.85% depending on term length — often beating a HISA's ongoing rate. And whichever account you choose, put it inside a TFSA where you can, since the interest grows completely tax-free. A notice savings account (10–30 day notice period) is another option worth a look if you don't need instant access to your cash — these typically pay a bit more than a fully liquid HISA.
How to Pick the Right Account
Emergency fund: prioritize full liquidity — a HISA over a GIC.
Saving for something 1–3 years out: compare a GIC ladder against a top ongoing-rate HISA.
Chasing a promo rate: fine, but calendar the expiry date and be ready to move your money again.
Over $100,000 saved: split deposits across institutions to stay within CDIC's $100,000 insurance limit per category.
Rates are subject to change without notice and can vary by province. Always confirm current rates directly with the institution before opening an account. This post is for informational purposes only and isn't financial advice.
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