Canadian High Interest Savings Bank Accounts

I just spoke with a representative from Hubert who advised me that the current savings rate for the Happy account was at 2 %. Quite a drop from the the original 2.5 and the recent 2.3 just in November.

rob said:

I just spoke with a representative from Hubert who advised me that the current savings rate for the Happy account was at 2 %. Quite a drop from the the original 2.5 and the recent 2.3 just in November.

Does that mean, that for some reason they are avoiding new deposits for the TFSA and RRSP season while others are starting the bait and switch advertising?? Seems odd.

When the rep told me the 2 % rate she stated it was because of market conditions…their indication seemed to be that it would not be going up in the near future…..I would think that its certainly easier going down from 2.5 then going up from the current 2 %.

The 2.5% rate they were offering was a typical B.S. teaser rate! Tell me…what changed in the "market" over the past year? the BoC has not changed their rate and most other virtuals had their daily savings sitting at 2% or lower for the past 18 months or so.

For me, I want to keep my savings at an institution that has a proven track record for competitively high interest rates. I've been moving money to virtuals from the day ING came to Canada, since then I've moved most of my long-term savings to Achieva, which has been in operation for over 10 years and has a very competitive savings rate and very high term deposit and RRSP rates.

I can't stand the bait and switch techniquies used by institutions and then hear their B.S. about the market conditions, when you know good and well rates have not changed!