December 18, 2008
January 9, 2011
I wrote to them several weeks ago and told them their rates aren't competitive as 2.76% and 3% now exist, and as no doubt larger depositors are thinking of withdrawing, what are they going to do. Of course the reply was on script, ie; " we strive to stay competitive by providing accounts with high and consistent interest rates, and will continue to do so whenever possible ". Well they are right about the "consistent" part, and I don't mean it as a compliment!
Having missing increasing after 2 BoC rate increases, they need to catch up soon. TFSA saving account "withdrawal season" is Dec 1 (withdraw, be taxable for a month, deposit back elsewhere Jan 1), and we remember last year they did an initially "temporary" rate increase to March 31 on TFSA. I'm thinking that rate only stayed because we were (and still are today) in a rising rate market. November will be an interesting month.