Interest rates are determined by different factors such as the Bank of Canada’s rates which can either increase or decrease the cost of borrowing. Different market and business factors can also contribute to interest rates offered by institutions.
Know your investment time horizon, if you prefer a locked in or redeemable investment (for example with a GIC) and shop around to compare interest rates. Be certain to compare rates for the same types of investments (e.g. compare GICs to GICs) to help eliminate outlying factors.
Resources on GetSmarterAboutMoney.ca including, the GIC hub and choosing a GIC will help to build your knowledge in this and other areas. Speak with a registered financial representative for personalized investment advice.