Best savings rates in Canada?
My partner and I are hoping to buy a property this year or next, so I'm looking for somewhere to park our down payment where it's safe and earning a decent return. Since we'll likely need the money within that timeframe, I'm not looking at investing it in stocks and mutal funds.
I've been comparing savings account offers and trying to make sense of what's actually best once you factor in promo periods and fine print.
So far I've found:
-BMO with what looks like one of the stronger Big 5 promo rates at 5%, and the promo runs for 120 days.
-Scotia also has a 5% promo, but it's only for 90 days
TD and some of the other Big 5 options looked lower from what I could find online
I haven't dug as deeply into the fintechs yet (Wealthsimple, EQ Bank, Tangerine, Simplii, Neo, etc.) all seem to get mentioned a lot on this sub, but their promo rates cant match Scotia or BMO.
For those of you who have been parking a house down payment or other short-term savings:
What's currently giving you the best return? Is a longer promo period (120 vs. 90 days) enough to sway your decision? Are there any fintech offers that are clearly better than the Big 5 right now? Do you chase promos or just stick with one institution for simplicity?
Would appreciate any advice from people who've gone through this recently. I feel like every bank has some kind of promo and it's hard to tell which one is actually the best deal once everything is taken into account.
Thank you!