eSavings rate decreased to 0.90% | Alterna Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
eSavings rate decreased to 0.90%
August 31, 2021
6:05 am
hwyc
GTA
Member
Members
Forum Posts: 409
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

As per Alterna Bank rate page - eSavings 0.90% << first to go below the 1% barrier on the chart

August 31, 2021
7:11 am
canadian.100
Member
Members
Forum Posts: 393
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

hwyc said
As per Alterna Bank rate page - eSavings 0.90% << first to go below the 1% barrier on the chart  

This was not unexpected. I think we will see reductions in other FI HISA rates.
This level of interest rates certainly supports the strategy to have some conservative equities (eg banks, insurance, telecoms, utilities) in one's investments/savings.

September 1, 2021
2:00 pm
picassocat
Québec
Member
Members
Forum Posts: 262
Member Since:
December 29, 2018
sp_UserOfflineSmall Offline

Quite frankly, I’m disappointed with Alterna Bank going under 1%. My offer at 1,50% from Tangerine expired today and I deposited all my money to Alterna. Fortunately, today I received a 1,25% offer for 3 months from RBC and I took it. In the meantime, I hope Alterna will come back to 1% or better, if not, in 3 months I’ll be with B2B bank.

September 1, 2021
4:12 pm
chamnic
Member
Members
Forum Posts: 17
Member Since:
December 18, 2018
sp_UserOfflineSmall Offline

Interesting article in the Globe and Mail about why interest rates will stay low until we see major societal changes ...

https://www.theglobeandmail.com/investing/investment-ideas/article-why-interest-rates-will-stay-low-until-there-are-major-societal/

September 7, 2021
3:26 pm
mechone
Member
Members
Forum Posts: 52
Member Since:
January 28, 2015
sp_UserOfflineSmall Offline

Well already pulled 100k from Alterna months ago when they lead the low rate charge ,however left my 100k TFSA . Now I'll eat the transfer charge and leave

September 7, 2021
4:12 pm
HermanH
Member
Members
Forum Posts: 187
Member Since:
April 14, 2021
sp_UserOnlineSmall Online

Is the TFSA rate differential so great that it would not be more economical to just suck up the slight loss until Dec 31 and then transfer the TFSA free of charge to a new bank? Is the differential so large as to justify the transfer charge penalty?

September 8, 2021
3:45 am
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
September 8, 2021
5:30 am
Nehpets
Ontario
Member
Members
Forum Posts: 781
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Loonie said
Transfer fee is $50.....  

Often reimbursed by the incoming institution, but request and confirmation needs to be secured prior to arranging transfer.

Exceptions are the FI's that do not exercise a transfer fee on outgoing funds themselves, (Peoples Trust, Hubert)

Stephen

September 8, 2021
4:56 pm
mechone
Member
Members
Forum Posts: 52
Member Since:
January 28, 2015
sp_UserOfflineSmall Offline

You're most likely right just wait until December and withdraw it. With that said any institution under 1% should be removed from this site. There are others paying way more like Steinbach credit union that are not on the list 1.40% on TFSA

Please write your comments in the forum.