For merely a decade, Canadian interest rates flirted with historically low levels before the Bank of Canada finally started to gradually raise the prime rate in 2017. Almost immediately, many banks consequently increased their mortgage rates. As expected, they still took a while longer to offer better rates on savings account. So, for an extended period, so-called «high-interest» savings accounts were paying negligible interest.
Competition, especially from their virtual counterparts, now has forced even traditional financial institutions to offer improved rates. But, in the end, does this really matter?
We just don’t think so.