Savers get a raise as the Bank of Canada turns hawkish

The Globe and Mail · Ali Nassimi · 2026-11-04 19:53 UTC

This week’s savings and GIC rates update

The Bank of Canada raised its policy rate on Oct. 28 for the first time since 2023, nudging it up a quarter point to 2.5 per cent. The latest move means savers are on the receiving end of a rate hike.

The best standard savings account rate is now 3.25 per cent, up from 3 per cent six weeks ago. Over the same stretch, the top one-year GIC rate climbed to 4.05 per cent from 3.80 per cent.

Longer terms moved less. The best five-year GIC pays 4.55 per cent, up from 4.45, and the three-year inched up to 4.40 per cent from 4.35. Smaller institutions did most of the running.

Read the full story at The Globe and Mail · All coverage of this story