

buncha folks talking about savings accounts and rates, its easier to think of accounts in three categories: loans, savings, demand. The last one being where the money’s available to you ‘on demand’ with no extra conditions – ie. a chequing account, or a ‘savings’ account with a low rate… because the money’s available on demand.
Higher rate savings accounts are common, I don’t know why people almost always seem confused by the notion. You get a term deposit/gic or whatever, where you lock money in for X period, to get a higher rate – and if you tap that money before the period’s over, you lose the interest.
Locked in deposit rates will almost always be about 1-2% lower than regular mortgage rates that people pay, with CUs using the difference for operation costs. So like my CU has mortgage rates just shy of 5% at the moment, and term deposit rates of around 2.7-3% give or take. A rate cut was just announced in Canada, so those will likely go down a bit this week.
YOU TRUST WOKEPEDIA?! DATS ANTIFA PROPAGANDA! /s