Since this is the start of a new year, I figured this would be a good time to review the current rates on High Interest Savings Accounts (HISA) offered thru brokerages in Canada. Since the Bank of Canada lowered rates this fall, all of the HISAs that I track have lowered their rates. Almost all are now paying less than 1%, except for a standout Home Trust, which is paying a huge 1.30%.
I also found it difficult to get current rates on the BMO HISA and the ICICI HISA. For whatever annoying reason, they don’t post their rate on their web pages, or else they do and Google just can’t find the page. Either way, whoever is in charge of marketing these products should be fired!
It is also worth noting that higher rates can be obtained on cashable deposits at other banks and trust companies either by negotiating with a specific banker or vulturing a promotion. For example, Canadian Tire Bank offers 1.50% on their High Interest Savings Account and BMO offers 1.3% on balances up to $250,000 if a $200 or more monthly PAC is setup.
