Canadian High Interest Savings Bank Accounts

Citizens Bank of Canada has announced new rates on some of their accounts and loan products effective November 1, 2008.

The most ALARMING change is the service charge increase on the Ultimate Savings Account for the fourth and following withdrawal per month. The charge, previously 52 cents, will be increased to $1.50 a WHOPPING 350% increase. I called today and was told as a "Member" it was a better reflection of the cost to provide the service, however Citizens Bank is owned by VanCity, the largest and most profitable credit union in English Canada. The profits from Citizens go directly to VanCity and are funnelled to VanCity members. Unless you live in BC, you cannot share in the profits of VanCity. This Citizens Bank client (not member) will be shopping the market again for a better institution.