eSavings and TFSA down to 2% | Alterna Bank | Discussion forum

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eSavings and TFSA down to 2%
March 11, 2020
8:36 am
xup6.yc
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September 9, 2016
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just noticed that alterna bank has dropped their interest rate to 2% on both accounts

March 11, 2020
8:59 am
Doug
British Columbia, Canada
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Not surprised at all. I expect Alterna Bank to drop to 1.75% within a month. They are likely two-stepping this rate drop, to try and minimize impacts to customers. Any further BoC rate drops would then be met with commensurate one- or two-step rate drops.

Alterna Bank has consistently been near the bottom of those included within the chart.

Bridgewater Bank has been between the bottom and middle tier, but they almost always bring up the rear in terms of rate drops (or increases). So, I expect them to drop to ~1.80% in the next couple months—in response to this BoC rate drop. Further rate drops by the BoC would then likely be matched in turn within several more months.

Cheers,
Doug

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