Many financial institutions are now offering high-interest savings accounts with attractive published rates
Most people did, probably without realizing it.Many years ago, savings accounts paid a decent rate of interest, and people could use them as a basic wealth building tool. But that’s history. The big banks dropped their rates for savings accounts into microscopic territory years ago. You might have found higher returns from a smaller bank or credit union, but nothing to get excited about.
The highest rate I could find was 5.25 per cent. It was offered by three companies: ScotiaBank, Duca Credit Union, and Simplii Financial. However, all came with a catch. With Simplii Financial, the rate plunged to 0.4 per cent after 150 days. ScotiaBank was better, with the rate falling to 1.4 per cent after the same period. Duca’s rate dropped to 1 per cent after Jan. 1, 2024.
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