Canadian Tire Bank HISA rate falls to 1.55% | Canadian Tire | Discussion forum

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Canadian Tire Bank HISA rate falls to 1.55%
April 7, 2021
5:30 am
Norman1
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gta_905 said
Rate dropped to 1.55% please be aware.

Thanks. I think that news deserves its own topic.

April 7, 2021
6:00 am
Bobbyjet11
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Disappointing but I figured the 1.8% wasn't going to last. Oh well, CT still has the best rate in these days of pathetic HIS returns. That 3% for a 5-year GIC we saw last year looks pretty good right about now.
A smart move by CT. Lure in the money with a great rate, then lower it but not too low to prompt folks to pull out.

April 7, 2021
9:21 am
Doug
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Norman1 said

gta_905 said
Rate dropped to 1.55% please be aware.

Thanks. I think that news deserves its own topic.  

Agreed.

April 7, 2021
5:40 pm
rodeworthy
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Those of us who were getting 2.0% from previous promo apparently are now earning 1.75%.

April 7, 2021
6:17 pm
Bruford
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Worth it to consider EQ at 1.5%. Easier transfers.

April 7, 2021
8:03 pm
Hubble
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Problem with EQ is the deposit limit....none with CT or Tang

April 7, 2021
11:01 pm
Adam1
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I guess I'm not opening a CT savings account after my Tangerine 1.75% promo expires at the end of June after all...unless EQ and Neo lower their rates significantly by then.

Adam

April 8, 2021
5:01 am
KamWest
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This is probably the most pathetic banking interface I have ever seen.
I cannot even deposit a cheque, it is basically just for tranfers from other financial institutions.

When I compare it to my motive accounts there is a world of difference. With Motive I have chequing, savings and everything else that goes along with it. Too bad the rate has dropped to 1.25

IF and when CTC is the same rate as motive I am definitely moving back out.

The steady rate of 1% over at motus is also starting to look good if you need a full service operating account.

In total the selections are shrinking fast and the term HISA is becoming obsolete as everyone is creeping to 1% and below.

April 8, 2021
5:50 am
Barb.
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Drat - just as I'm in the process of opening an account.

April 8, 2021
6:21 am
chamnic
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Just saw this while checking if my transfer from Tangerine had gone through. Guess it was good while it lasted, still better than most however. Really hard to earn decent interest these days.

April 8, 2021
12:25 pm
Bill
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Got a letter from Canadian Tire Bank today, they say they're improving the website soon. I take that to mean they'll be dropping their rates and focusing more on superficialities, marketing, "brand image", etc, maybe like Tangerine has gone.

April 11, 2021
3:38 pm
James
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Hubble said
Problem with EQ is the deposit limit....none with CT or Tang  

Wow, this is really sneaky by EQ and deserves a bump to make others aware. So it says they pay 1.5% but they don’t pay it on the whole amount?

Thanks Hubble!

April 11, 2021
3:39 pm
James
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Bill said
Got a letter from Canadian Tire Bank today, they say they're improving the website soon. I take that to mean they'll be dropping their rates and focusing more on superficialities, marketing, "brand image", etc, maybe like Tangerine has gone.  

Lol! “We are working very hard to find ways to lower our rate for you.”

April 11, 2021
5:00 pm
Alexandra
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James said

Lol! “We are working very hard to find ways to lower our rate for you.”  

That was funnysf-smile

April 11, 2021
7:17 pm
MG
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James said

Wow, this is really sneaky by EQ and deserves a bump to make others aware. So it says they pay 1.5% but they don’t pay it on the whole amount?

That is not quite correct James. The issue is that EQ Bank restricts the size of your account balance. As per their website:

EQ-Bank.png

April 11, 2021
7:21 pm
suburbs4life
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Thanks for pointing that out MG. I had no idea. (Not that I would exceed cdic limits per account at eq anyway)

April 12, 2021
9:18 am
James
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MG said

James said

Wow, this is really sneaky by EQ and deserves a bump to make others aware. So it says they pay 1.5% but they don’t pay it on the whole amount?

That is not quite correct James. The issue is that EQ Bank restricts the size of your account balance. As per their website:

EQ-Bank.png  

Thanks MG, for the correction. So you're saying if I have more than 200k in the account (by means of sign up date, or joint accounts), it will receive the 1.5% since the deposit was not limited by them? This is much less worrisome.

James

April 12, 2021
10:33 am
MG
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James said

So you're saying if I have more than 200k in the account (by means of sign up date, or joint accounts), it will receive the 1.5% since the deposit was not limited by them? This is much less worrisome.

James  

You got it James! sf-smile

April 13, 2021
7:58 am
pwr1019
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Note EQ Bank is 1.25% now so Canadian Tire at 1.75% it is.

April 13, 2021
12:06 pm
MG
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pwr1019 said
Note EQ Bank is 1.25% now so Canadian Tire at 1.75% it is.  

@pwr1019, actually Canadian Tire is now at 1.55%

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