When the Bank of Canada\u2019s policy rate peaked at 5% throughout 2023 and 2024, times were good for savers. But recent rate cuts have seen savings account interest rates plummet too, so you might be wondering, can I still get a 5% interest savings account in Canada?<\/p>
In this guide, we\u2019ll look at current savings account interest rates in Canada to help you find the best rate and grow your bank balance sooner.<\/p>
It is possible to get 5% interest on savings accounts, but usually only as a promotional rate offered for a few months. After the promotional period, the 5% rate will drop to a much lower ongoing rate.<\/p>
Online banks typically offer the highest ongoing savings account interest rates because they don\u2019t have the same overhead as major brick-and-mortar financial institutions.<\/p>