The Bank of Canada lowered interest rates last week and high interest savings account issuers have adjusted to match their 50 bps cut. Some issuers have made bigger changes.
B2B Bank (BTB100) is the highest of the bunch right now at 1.20%, but RBC (RBF2010) and TD (TDB8150) are both at 1.05% and they lowered their HISA rates by 55 bps. Manulife (MIP510) has made a dramatic change, moving their HISA rate to 0.75%.
Click Here for a list of all HISA rates that I track.
Looking forward, if economic conditions continue to get worse, expect the Bank of Canada to lower rates even more. Since there is not much room towards zero, savers could find themselves in a position of not being able to find anywhere in Canada to earn interest on deposit. Its a real possibility.
