Canadian High Interest Savings Bank Accounts

Morgage rates are up again last night +.35%. A Chartered bank mortgage rate for a 5year fixed is now 5.49%. This is the second increase in a month. Combine this with the fact the world expect Canada to be the first G7 country to raise prime rate and you can see what is a foot.

Increasing bond rates are what us savers are looking for as well. The higher the rates the more return on your savings (GIC's, corporate bonds, etc).

BOND MARKETS Can U.S. Spread
3-Month 0.21% 0.07% 14.5
1-Year 0.61% 0.33% 27.3
2-Year Bond 1.69% 0.93% 75.3
5-Year Bond 2.83% 2.31% 52.4
10-Year Bond 3.51% 3.35% 15.6
30-Year Bond 3.96% 4.20% 24.3

Mike

richat said:

Yes, the banks have raised their mortgage rates but so far no movement on the rate that they pay on even their best accounts. And don't hold your breath waiting for that to happen. The big banks just make more profit as they play us for suckers.

I know it's sad. What the banks are now making on spreads (borrow at .25% from Gov't and leand at 5.8% is aweful).

They didn't even thank the taxpayers for "Bailing them out either", just raised their rates and fees, and lowered their savings rates as thanks.

Mike