Darn, it was only a matter of time before the last one fell.
Thanks for the head's up! The chart has now been updated.
Achieva's down to 3.05% now.
I agree with you about their term deposits. About a year ago, you could have had a 5 year GIC from them for 5.55%. The only drawback is that the funds are untouchable until the end of the term.
It's also worth noting that bank to bank transfers are more difficult with Achieva. You have to fill out and fax forms to them, and the transfer happens in a couple of weeks. It's not like the other online banks where you can log in and transfer funds overnight.
I just opened my account online with Achieva and laddered some of my deposits, with rates my bank could not touch. I also like the full principle protection of my investment not offerd by others. Thanks for the info on the bank to bank transfers. I do like that I can write cheques with this account and the online banking looks pretty good as well. The rates and principle protection are what really atracted me to Achieva and I can also speak to a representative that will answer a call.
December 22, 2011
And also, Achieva dumped their 2 year GIC from 2.50% to 2.25%. In contrast, Canadian Western Bank's 2.01% 2 year GIC may not look as good. However, remember CWB will bump up their rate .125% if you push them…in this case, raising it to 2.135%. And then if you are 57+, you've got factor in their free cost of bank drafts…in contrast to Achieva whom you must pay. Thence, it becomes apparent there is no greater benefit in obtaining GIC's from Achieva, as compared to Canadian Western Bank!
Remember, in order for savers to obtain the best rates, it is critical to continually chase after them…forcing institutions to respond.
On the horizon are the dreaded negative interest rates confronting our fellow savers in Europe. We can only hope that zany situation doesn't happen here.
TWENTY FOUR HOURS LATER... Canadian Western Bank just popped up 9 basis points to 2.225%. It's now definitely better than Achieva! Sad really. Could Achieva go the way of Ing?