You can learn more about our most up to date interest information here.
Why does my interest keep changing?
There's two reasons. First, every month or so, our portfolio management team reviews all the investment savings accounts (ISA) in our HISA portfolio to optimize for the highest interest rate. You won't see updates every month (because most banks change their rates around twice a year), but if one of the ISAs offers a better rate, we'll switch your account to maximize your savings. Over the course of the year, we believe this strategy can increase your interest rate by up to 0.2% per year.
Second, the institution holding your ISA changes the interest rate they offer. This happens quite infrequently, but it can go up or down.
Will my interest go down?
Yes, it's definitely possible. We won't move your interest down unless the investment savings accounts (ISA) in our HISA portfolio lowers their rate and we don't have a better option. This typically happens when the Bank of Canada announces an interest rate decrease, and all the banks and financial institutions respond to decrease the interest rates they offer.
How often will my interest change?
It depends. On average we expect to optimize your interest rate around twice a year, but it's never guaranteed.
To add more clarity, it's because the banks control the interest rates. When the Bank of Canada makes a change to the interest rate, the other Canadian banks and financial institutions follow. Sometimes other banks offer a different interest rate to attract more people to use their savings accounts. If that happens and they offer a better rate than the rest, we'll be on it.