Banking
Canada Savings Rate Report: November 2026
The first month after the Bank of Canada’s October 28 rate increase: big banks average 0.48% on savings, the best online rate is 2.80%, and the best 1-year GIC is 3.95%. What changed since October, welcome rates and GICs.
What changed since October?
8 changes among the 15 savings accounts and 8 GIC providers we track. Most regular savings rates didn’t move in the days after the Bank of Canada’s increase; the clearest gains were in GICs and in conditional rates.
| Account or provider | Change since October 26 |
|---|---|
| EQ Bank Personal Account | rate with conditions 2.75% → 4.00% |
| Neo Savings Account | regular savings rate 2.00% → 2.25% |
| Neo Savings Account | rate with conditions 2.75% → 3.00% |
| Simplii High Interest Savings | new welcome rate 5.00% for 5 months on up to $100,000, apply by January 31, 2027 |
| RBC High Interest eSavings | regular savings rate 0.55% → 0.65% |
| RBC High Interest eSavings | new welcome rate 4.70% for 3 months on up to $1,000,000, apply by December 8, 2026 |
| TD ePremium Savings | regular savings rate 0.45% → 0.55% |
| Achieva Financial | 1-year GIC 3.70% → 3.95%, 2-year GIC 4.05% → 4.10%, 3-year GIC 3.90% → 4.15%, 4-year GIC 4.00% → 4.20%, 5-year GIC 4.30% → 4.35% |
CIBC’s GIC figures now come from its posted Non-Redeemable GIC rates, so they aren’t compared with October.
The best 1-year GIC rose 0.20 points, from 3.75% (Oaken Financial) to 3.95% (Achieva Financial).
Put it into practiceOctober 2026 savings rate reportHow much more do online banks pay than the big banks?
About 5.8 times more. The Big Six average 0.48% on their regular savings accounts (range 0.30%–0.65%); the best online rate we track is 2.80% at Oaken Savings Account.
| Account | Bank type | Regular rate | Interest on $10,000 a year |
|---|---|---|---|
| TopOaken Savings Account | Online / alternative | 2.80% | $280 |
| Canadian Tire High Interest Savings | Online / alternative | 2.40% | $240 |
| Neo Savings Account | Online / alternative | 2.25% | $225 |
| KOHO Spending & Savings | Online / alternative | 2.00% | $200 |
| EQ Bank Personal Account | Online / alternative | 1.50% | $150 |
| Wealthsimple Chequing | Online / alternative | 1.25% | $125 |
| Alterna High Interest eSavings | Online / alternative | 1.05% | $105 |
| RBC High Interest eSavings | Big Six bank | 0.65% | $65 |
| TD ePremium Savings | Big Six bank | 0.55% | $55 |
| National Bank High Interest Savings | Big Six bank | 0.55% | $55 |
| BMO Savings Amplifier | Big Six bank | 0.45% | $45 |
| Scotia MomentumPLUS Savings | Big Six bank | 0.40% | $40 |
| Simplii High Interest Savings | Online / alternative | 0.30% | $30 |
| Tangerine Savings Account | Online / alternative | 0.30% | $30 |
| CIBC eAdvantage Savings | Big Six bank | 0.30% | $30 |
Online and alternative banks average 1.54%. On $10,000, the gap between the big-bank average and the best rate is about $232 a year.
Which welcome rates are available in November?
6 accounts advertise temporary welcome rates, up to 5.00%. Simplii High Interest Savings: 5.00% for 5 months, apply by January 31; RBC High Interest eSavings: 4.70% for 3 months, apply by December 8; Tangerine Savings Account: 4.50% for 5 months, apply by November 30.
| Account | Welcome rate | Length | Then | Offer ends |
|---|---|---|---|---|
| TopSimplii High Interest Savings | 5.00% | 5 months | 0.30% | January 31 |
| BMO Savings Amplifier | 5.00% | 4 months | 0.45% | No end date given |
| RBC High Interest eSavings | 4.70% | 3 months | 0.65% | December 8 |
| CIBC eAdvantage Savings | 4.60% | 3 months | 0.30% | No end date given |
| Tangerine Savings Account | 4.50% | 5 months | 0.30% | November 30 |
| Scotia MomentumPLUS Savings | 4.05% | 3 months | 0.40% | No end date given |
Welcome rates are for new clients and usually last 3–5 months before dropping to the regular rate. Some apply only up to a balance cap.
What are the best GIC rates in November 2026?
1-year 3.95% (Achieva Financial); 2-year 4.20% (Oaken Financial); 3-year 4.30% (Oaken Financial); 4-year 4.35% (Oaken Financial); 5-year 4.50% (Oaken Financial). The best big-bank 1-year rate we track is 3.00%.
| Provider | 1 year | 2 years | 3 years | 5 years |
|---|---|---|---|---|
| TopOaken Financial | 3.75% | 4.20% | 4.30% | 4.50% |
| EQ Bank | 3.00% | 3.25% | 3.60% | 3.85% |
| Achieva Financial | 3.95% | 4.10% | 4.15% | 4.35% |
| Coast Capital | 3.10% | 3.40% | 3.60% | 3.80% |
| BMO | 3.00% | 3.20% | 3.30% | 3.55% |
| Alterna Bank | 2.65% | 2.85% | 3.10% | 3.30% |
| Scotiabank | 2.45% | 2.50% | 2.60% | 2.75% |
| CIBC | 3.00% | 3.20% | 3.30% | 3.60% |
Locking $10,000 into the best 1-year GIC earns about $95 more than the best big-bank 1-year GIC.
What does the Bank of Canada’s rate increase mean for savers?
The Bank of Canada raised its policy rate from 2.25% to 2.50% on October 28, 2026. Savings rates are variable and banks adjust them on their own schedule; GIC rates are locked once you buy. The next rate announcement is December 9, 2026.
If you expect rates to keep rising, shorter GIC terms or a ladder keep part of your money free to reinvest; if you expect them to fall, a longer term locks today’s rate.
How was this report compiled?
WalletReturn checked every rate on the providers’ official pages on November 1, 2026, for regular personal savings accounts on a $10,000 balance and non-redeemable GICs with annual interest. Changes are measured against our October 26 data. Download the full data as CSV from our press page.
Keep reading
BankingCanada Savings Rate Report: October 2026Big banks pay an average 0.45% on savings while the best online rate is 2.80%, 6.2 times more. Our October data on savings, welcome rates and GICs, collected before the Bank of Canada’s October 28 rate increase.- BankingGIC vs High-Interest Savings Account in Canada: Which Is Better?GIC or high-interest savings account? Today’s best rates (3.75% for a 1-year GIC vs 2.80% in savings), a side-by-side comparison, what the Bank of Canada’s rate increase means, and how a GIC ladder works.
- BankingHow Much Interest $10,000 Earns in a Savings Account in CanadaWhat $10,000 earns in one year at 15 Canadian savings accounts, with welcome rates and ongoing rates combined. Best ongoing rate: Oaken Savings Account at 2.80%.
- BankingBest TFSA Savings Accounts and GIC Rates in CanadaWhere to keep cash in a TFSA: the best savings and GIC rates we track (2.80% savings, 3.75% for a 1-year GIC), how much your TFSA would earn, and what to check before you open one.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value