Date Posted: Oct 07, 2024
Deposit Report October 2024—Declining Long-term Rates Lead Savings Accounts Higher
Through the first half of the year, the trend of guaranteed investment certificates (GICs) absorbing flows from savings and chequing balances quickly began to reverse. The second quarter saw a change in trend for premium savings accounts (PSAs), which posted their largest quarterly balance gain since Q2 2021, on the back of strong growth by fundserv-traded accounts. Chequing balances also posted a strong quarter compared to recent periods while GICs were nearly flat from a flows perspective.
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