Wow. HSBC will be increasing the interest rate on their online savings account to 4.25%. Meanwhile RBC is offering 4.0% and ING 3.75%.
What makes this interesting is that competition is beginning to drive these rates closer to the Bank of Canada's overnight rate, which is currently at 4.5%. I have always been jealous that US banks offer online savings accounts with rates above the federal funds rate. With some luck and a little more competition, maybe Canadian banks will get there.
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