Significant GIC Rate Drop | 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
Significant GIC Rate Drop
August 28, 2019
2:30 am
Loonie
Member
Members
Forum Posts: 9213
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

eTerm Deposit Annual Interest (Rates effective 2019-08-27)
1 Year 1.60%
2 Year 1.70%
3 Year 1.80%
4 Year 1.95%
5 Year 2.05%

Savings rates unchanged.

I was so astonished at this precipitous drop that I am wondering if I somehow misinterpreted but I don't think so.
https://www.alternabank.ca/Rates/

August 28, 2019
4:03 am
Briguy
Member
Members
Forum Posts: 713
Member Since:
March 17, 2018
sp_UserOfflineSmall Offline

Loonie said
eTerm Deposit Annual Interest (Rates effective 2019-08-27)
1 Year 1.60%
2 Year 1.70%
3 Year 1.80%
4 Year 1.95%
5 Year 2.05%

Savings rates unchanged.

I was so astonished at this precipitous drop that I am wondering if I somehow misinterpreted but I don't think so.
https://www.alternabank.ca/Rates/

I'm guessing they have enough deposit money and are trying to discourage any more. I think that it's time for everyone ( at least for me ) to take any money remaining in HISA that they don't need right away and put into GICs. Bank of Canada can't keep interest rates steady if USA continues to drop theirs.

August 28, 2019
5:28 am
3oakwest
Ontario, Canada
Member
Members
Forum Posts: 155
Member Since:
April 7, 2016
sp_UserOfflineSmall Offline

According to Alterna's site, they have lowered the TFSA rate to 2.30%

September 30, 2019
6:58 pm
Loonie
Member
Members
Forum Posts: 9213
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

A month has passed, and these GIC rates have persisted.
But so has the HISA rate, at.2.3%.
Thus, there is a large discrepancy between ALL of the GIC rates (which are not, amongst themselves, inverted) and the HISA rate.
How do y'all interpret the meaning of this?
Are GICs worthwhile right now?

Please write your comments in the forum.