Canadian High Interest Savings Bank Accounts

just wondering when the bank rasies the rates, BOC I mean,
will savings accounts go up the same rate or higher?

i am just asking, when the BOC raises rates 0.25%
will say peoples trust also raise their rates the same?
they are at 2.1%
and the boc rate is 0.25
so if the boc rate is 0.50
will peoples trust go to 2.35%

competition between the online banks is secondary to the real driver of interest rates: demand for cash. if the banks need more cash to finance their business activities (investing in the markets, mortgages, business financing, etc…), and cash is in short supply, then and only then will the banks start raising their interest rates to attract cash deposits. given the enormous amount of cash that has been pumped into the global economy over the past year or so, i don't see demand for cash increasing anytime soon.

The overnight rate started 2009 at 1.5%. It reached its minimum low of 0.25% before the end of April. A 1.25% decrease in less than 4 months.

The big 5 banks were offering savings rates around 2.5% at the beginning of 2009. Those rates reached a minimum of 0.75% in September. A 1.75% decrease over 8 months.

They obviously migrate in the same direction but I don't call this a 1-to-1 relationship.

Bottom line is don't expect your savings rate to increase accordingly the day following an increase of the BOC's overnight rate.