Savings Are Slowly Dripping Away as Deposit Interest Lags Far Behind Inflation

Savings Are Slowly Dripping Away as Deposit Interest Lags Far Behind Inflation
Bank buildings are photographed in Toronto's financial district on June 27, 2018. The Canadian Press/Tijana Martin
The Canadian Press
Updated:

The savings accounts of Canadians have sprung a leak.

As inflation tops eight percent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one percent, haven’t kept up.