HISA rate drop to 1.80% | AcceleRate Financial | Discussion forum

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HISA rate drop to 1.80%
July 21, 2015
8:01 am
taxed
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Just checked AcceleRate this AM; their high interest savings account dropped from 1.95% to 1.80%.

Can't recall their GIC's maybe someone can chime in.

January 7, 2016
10:59 am
JustMe
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Rate drop to 1.75%

January 7, 2016
12:32 pm
Loonie
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Following suit with everyone else on the savings account.
Funny how they have all dropped it when nothing has happened to the bank rate - the usual bogeyman.

January 7, 2016
2:12 pm
jgclghrn
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JustMe said

Rate drop to 1.75%

That's funny I just went onto my account there and it still shows 1.8%. The web site also shows the rates are effective Jan. 8 ?
Did you get some sort of advance e-mail about a rate drop?

January 7, 2016
3:03 pm
Loonie
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Still showing 1.8 at this time - 6pm Eastern.

January 7, 2016
3:58 pm
speedwagen
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Hey JustMe, it's JustYou! Don't know where you got the intel regarding the rate drop, but Jill @ AcceleRate just confirmed that the rate is still 1.80%.

January 8, 2016
7:36 am
bb123
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I don't deal with them but their website says 1.75% effective January 8th. Maybe the bosses forgot to tell their people they were changing the rates.

I'm not as surprised as Loonie. I believe that a certain amount of any one rate has to do with competition or the rate the institution feels they need to pay to stand out from the others. And when their appetite for growing their deposits softens, they will adjust their rates accordingly. Accelerate savings rate is normally the same as all the other Manitoba based Credit union's but for the last several months they were 5 basis points above. Maybe their mortgage growth has slowed with the economy and they have enough deposits for now.

Given the low rates their parent companies charge on mortgages, it still amazes me that the deposit rates are as high as they are. There's not much spread between mortgage and deposit rates in Manitoba.

January 8, 2016
1:15 pm
speedwagen
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Apologies to JustMe - I guess it was JustYou, but in a different way. You still never revealed your intel or was it just a hunch?

bb123, it may well have been an oversight or it might have been deliberate, i.e. keep 'em guessing.

January 8, 2016
5:20 pm
JustMe
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:) No inside info. Went to their site to confirm they got my transfer and it was there under rates. I was actually checking GIC but was not surprised with the drop...
Banks are as gas stations - no competition; all have the same rate.

January 9, 2016
1:24 am
Loonie
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A lot like gas stations. Reminds me of when (in the olden days mostly) gas prices at stations were updated manually. Sometimes they would sit there for a while, in transition, vacillating between two prices, neither of which was clear.

January 9, 2016
11:16 am
kanaka
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Loonie said

A lot like gas stations. Reminds me of when (in the olden days mostly) gas prices at stations were updated manually. Sometimes they would sit there for a while, in transition, vacillating between two prices, neither of which was clear.

You would think.....they would change their system and web site at say midnight. Then send an email to customers after the changes were made. Do it all outside of regular banking hours. sf-surprised

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