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12:15 am
May 1, 2009
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James
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| Member | posts 12 | |
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Peoples Choice Savings Account is now down to 2.5 percent. 
If anyone needs me, I'll be crying in my office. :p
James.
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6:56 pm
May 11, 2009
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sean
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Maybe it's time to change the name of this website to lowinterestsavings.com!
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7:19 pm
May 11, 2009
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John
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sean said:
Maybe it's time to change the name of this website to lowinterestsavings.com!
Maybe we should also ask our concurrent to change to redfagdeals.com
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8:09 pm
May 11, 2009
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jeremywong
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| Member | posts 100 | |
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This Web site will be renamed InterestBearingAccounts.ca to stop teasing visitors that they could earn interest dollars worth counting. Seriously though, I checked whether that domain is taken—and it is not.
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10:42 pm
May 11, 2009
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B
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How about WhiteFlagDeals.com? We surrender already.
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11:55 am
May 17, 2009
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Jeff
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I am with ICICI (presently at 1.6%) and was watching this Vancouver based credit union carefully. I believe that there will always be institutions that offer unusually high interest rates, get as many people to move their money into them, then lower the rates. The idea is that people are usually too lazy to go through all the hoops to keep moving their money, therefore give up and just leave their money in the account. It appears that People's Trust is doing the same thing and I had really hoped they would be different. For now my money stays where it is; I expect more drops in interest rates from these guys.
Jeff
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11:48 pm
May 17, 2009
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jeremywong
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| Member | posts 100 | |
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Reply to Jeff:
The problem is not with Peoples Trust, which is still paying almost a percentage point more than ICICI—and that's something. Rates are dropping because of your government's so-called economic stimulus plan, which boils down to giving borrowers a break at the expense of savers. And if banks don't pass on rate cuts to borrowers, then banks are getting a break at the expense of savers. Either way, savers are paying for the so-called economic stimulus.
With more so-called economic stimulus, you can expect more rate cuts from all the banks, not just Peoples Trust. Although the BoC hinted it won't cut the target for the overnight rate, which is at "rock bottom" .25%, I won't be surprised if BoC lowers it to .1% just for the hell of it. As for banks like TD Canada Trust, which slashed its rate in the last two months from 2% to .05% (1/20th of 1%) on balance of less than $5000, any rate above zero is fair game.
Note: there is no apostrophe in Peoples Trust.
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1:25 pm
May 21, 2009
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Binky
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Edit by admin: We certainly appreciate you sharing your experiences, but please only post the same things once. See here for Binky's post.
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2:45 pm
June 12, 2009
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Jeff
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To Jeremywong,
I agree–savers in Canada are paying for the stimulus package.
Thanks for the correction "no apostrophe in Peoples Trust"; I consider my grammar quite above the average but appreciate and see your point. I thought it was the Trust of the People (People's Trust) but it turns out to be either: The trust of the many Peoples on earth; or "People" is just a common noun, much like you would say Acmes Trust.
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