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Achieva Interest Rates Update
February 2, 2015
9:49 am
le150
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The current rates are:

Achieva Daily Interest Savings
(including RRSP, RRIF & TFSA Savings) 1.85%
Achieva GICs
(Including Achieva RRSP, RRIF & TFSA GICs)
1 Year Term 2.10%
2 Year Term 2.25%
3 Year Term 2.35%
4 Year Term 2.50%
5 Year Term 2.65%
sf-yell

February 2, 2015
1:24 pm
james1900
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I am expecting more banks to follow it.

March 10, 2015
10:00 am
le150
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As of March 10, 2015
Achieva Daily Interest Savings
(including RRSP, RRIF & TFSA Savings) 1.85%
Achieva GICs
(Including Achieva RRSP, RRIF & TFSA GICs)
1 Year Term 2.05%
2 Year Term 2.20%
3 Year Term 2.30%
4 Year Term 2.45%
5 Year Term 2.55%

April 28, 2015
10:05 am
le150
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As of April 28, 2015
The current rates are:

Achieva Daily Interest Savings
(including RRSP, RRIF & TFSA Savings) 1.85%
Achieva GICs
(Including Achieva RRSP, RRIF & TFSA GICs)
1 Year Term 2.00%
2 Year Term 2.10%
3 Year Term 2.20%
4 Year Term 2.35%
5 Year Term 2.50%

April 28, 2015
12:45 pm
Loonie
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Perhaps my memory is a bit fuzzy, but I think the last time the Bank of Canada lowered the rate was in January?

When I complain about low rates, the financial institutions always tell me it's because of the Bank of Canada.

The Bank of Canada is not lowering its rates as fast as the financial institutions are lowering theirs.

What gives?

April 29, 2015
8:00 am
xxxx
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Loonie
Mortgage Rates have also dropped a lot - Cambrian (the parent of Achieva) per their website charges 2.34% to 2.75% interest on their mortgage loans - so to keep the spread for creating "PROFIT" the GIC rates need to drop too, since that is the cost to get funds which the institution then loans out.
The positive is - it is good for people buying houses/property (low mortgage rates) and also for the shareholders of financial institutions (we love regular growing quarterly bank dividends) but it is not good for GIC investors now earning minimal return after taxes and inflation.
I am sure you knew all this already!

April 29, 2015
4:31 pm
Loonie
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I saw a story on TV the other night about a small business person who was being charged what appear to be exhorbitant service charges by Scotia. In response, the journalist interviewed a prof at McMaster (didn't catch his name) who said that in this low interest environment with a reduced spread, the banks are all turning to service charges to make their money instead. So I guess we should all expect more of that. Some are increasing the registered plan transfer fees to $100 now for ordinary non-brokerage accounts, I notice. Their defence (as was the case here with Scotia) is always that whatever they charge is "the industry standard". A poor excuse.

Perhaps another problem, in some institutions, is executive pay. I can't imagine these guys are worth this kind of money, honestly. http://business.financialpost......ceo-payout
However, I don't believe this is the case at the credit unions.

It's hard to imagine how we will get out of this mess. So many people are over-extended with mortgages in the big cities, and, even so, the housing market is very tight with little inventory, at least in desirable areas of Toronto. I know people who've been looking for 2 years already, and they have the cash.
But people will have trouble hanging on if rates went up a couple of points. The last time we were in this situation a couple of points was only a small percentage of the whole rate, but now it would be almost doubling their mortgage payments.

If forces emerge that push rates up a point or two, there could be a huge housing meltdown.
Seems very precarious to me. I'm glad, in a sense, that I'm not young.
But it seems to me that this is also creating a stock market bubble, which is not healthy either.

April 30, 2015
6:09 am
xxxx
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Not sure we are in a "mess" exactly. The economic cycle does go through different phases and things do change.
The Canadian economy is bumbling along which means there are unlikely to be any interest increases for a long time. The US economy is still not doing what it was supposed to be doing by now so unlikely to be any interest increases there as well - and even if there are increases it will be very gradual - a few basis points at an increase.
Outside of Toronto or Vancouver, in the rest of Canada, housing prices are certainly not inflated. If people want to live in those two cities, then housing is expensive. (if you want to live in New York City it is expensive, but not in Albany, Syracuse, Buffalo, Rochester etc.)
In the world, Canada is still doing okay in relative terms to other countries. Europe is in the tank. China economy has cooled etc. etc. etc.
I am proud to live in Canada - still one of the best places in the world to live, even with the challenges we face.

April 30, 2015
8:07 am
Loonie
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I'm not going to get into an argument about the economy in general, although there's lots that could be said about it. That wasn't really what I was wondering about anyway.

I will say though that telling people to leave the city is not going to solve the problem. They won't leave unless they have viable options elsewhere. If they should leave in sufficient numbers to make the cost of housing more reasonable in these big cities, then we will have hollowed out cities and will create much bigger problems than what we have now.

April 30, 2015
9:06 am
xxxx
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Loonie said
I will say though that telling people to leave the city is not going to solve the problem. They won't leave unless they have viable options elsewhere. If they should leave in sufficient numbers to make the cost of housing more reasonable in these big cities, then we will have hollowed out cities and will create much bigger problems than what we have now.

Cities such as Toronto would not likely be "hollowed out" because immigration still remains fairly heavy to such. Toronto is probably the main destination for most immigrants to Canada. I am always impressed with the many immigrants who go there, work hard, willing to share small spaces, then buy their own houses, bring over their families, and consider it a privilege to live there. Toronto will not be "hollowed out" any time soon.

April 30, 2015
4:00 pm
Loonie
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I agree, Toronto will not be hollowed out any time soon because people are unlikely to move elsewhere in sufficient numbers. This includes immigrants as well as established groups. Suggesting that people move elsewhere only works for some people.

One of the reasons housing is so expensive in Vancouver is because of the number of foreign investors/speculators. Some may be immigrants but many are offshore. Immigrants are not all living in small spaces by any means.

August 4, 2015
6:39 am
jgclghrn
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Achieva's high interest, RRSP, RRIF, and TFSA savings account rates just dropped to 1.7%.

June 10, 2016
8:48 pm
Loonie
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Achieva's GIC rates lowered, but I'm not sure when it happened.
Daily rate remains 1.7o
The other MB CUs are holding at this time.

1 Year Term 1.85%
2 Year Term 1.95%
3 Year Term 2.00%
4 Year Term 2.15%
5 Year Term 2.30%

June 11, 2016
6:08 am
bb123
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They changed a couple of days ago. It appears their parent company dropped their mortgage rates so they would be forced to drop their deposit rates to keep their required interest rate spread. If the other Manitoba CU's match their mortgage rates, I would expect they will also drop their deposit rates as well. At least that's what has happened in the past.

July 3, 2016
6:35 am
Barb.
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February 23, 2016
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I've been a long-time Achieva client but with this latest interest rate drop, I'm switching my maturing GICs & RIFs to Oaken, at least while Oaken is offering 2.75% GICs. I've shifted the majority of my savings account to EQ as well, leaving just enough in Achieva to cover my car loan payments. Wonder how many Achieva clients will do the same. Here's hoping Oaken & EQ maintain their rates for awhile. For years, Achieva & Outlook offered superior returns but not any more, so buh bye, I'm off to greener pastures.

July 4, 2016
9:58 pm
Loonie
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Looks like we are now all being made to suffer for Brexit just like we all had to suffer for Wall St and Washington's incompetence in 2008.
I can't imagine when or why rates would go up again.

July 14, 2017
11:03 pm
moneyhelp
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Achieva's GIC rates increased, but their Daily rate remains 1.70%

1 Year Term 1.85%
2 Year Term 2.05%
3 Year Term 2.15%
4 Year Term 2.30%
5 Year Term 2.45%

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