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Saving up for a down payment is hard enough on its own. The fact the majority of savings accounts available by major banks give you little to no interest compounds the problem even more. Here's a list of some of the banks giving you a little extra bang for your buck, helping you reach your savings goals quicker:
B2B Bank/LCB Bank: 1.65%
EQ Bank: 2%
Motusbank: 1.75% (TFSA)
B2B is a subsidiary of Laurentian Bank out of Quebec and gives 1.65%. The company has been around for a while and has made a recent push in the digital banking space. However, both its on boarding and online banking platforms leave much to be desired. If you have to move your money around frequently, this might not be the best account for you.
EQ Bank is a digital bank launched in 2016 by Equitable Bank and offers one of highest interest rates (2%) and best on boarding and banking experiences around. With it's easy bill payment functions, straight forward deposit and withdrawal process, and its partnership with TransferWise for affordable international money transfers, EQ Bank punches above its weight in delivering value to its clients. Only downside: They have yet to launch a TFSA option.
A relatively new player to the digital banking landscape, Motusbank was launched by Meridian Credit Union in 2019 and offers a suite of attractive savings products between 1.55-1.75%. The best part: they're one of the few players offering these rates in TFSA!
While none of these accounts will make you insanely wealthy, they'll at the very least make sure whatever savings you do have don't get eaten away at by inflation over time.
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