I just noticed that the Bridgewater Bank Smart eSavings Account interest rate is now at 2.35%, down from 2.50%. It had previously increased from 1.75% to 2.50% back in November 2018.
Its rate is now in the middle of the pack on the comparison chart.
December 12, 2009
Thanks, Peter. Technically, it's the middle of the pack, but with their overly arcane, paper-based processes, including account linking, and lack of online banking, I'd argue that puts them near the bottom, only slightly ahead of Canadian Tire Bank. Sure, the rate is higher, but it's at a cost of lack of access and, by extension, de facto liquidity. 🙂
Additionally, another "knock" against them is they have some of the worst customer service in the industry. They treat their customers, or at least their potential/inquiring customers, like absolute dirt and like they don't matter. Moreover, their Media Relations team would not release to me either AMA's or Bridgewater Bank's audited financial statements. Yes, it's true they're not a publicly-traded company, but being owned by a non-profit association akin to a credit union or a mutual insurance company, all of which do release their financials, this lack of financial transparency is both concerning and disturbing. For me, this bank is a strong avoid.