Just saw it on their website today. We transferred our TFSA out a couple of weeks ago. They tried to keep us by telling us they just raised their rates to 2%, but we decided to move it with the rest of our savings with Ally. I think maybe a lot of customers did this and now they are doing their "bait and switch" by raising rates again. They'll be down soon enough I'm sure.
CT has 3.15%
the highest in Canada
guri you must feel stupid with your whole bait and switch comment,
its been 3.15% TFSA for months now
alley is 2% why would you move your TFSA to alley
I use only use ct for tfsa and peoples trust for savings accounts,
I unlike you guys,feel there is no point to use internet banking
unless ur getting the highest rate possible,
these other banks fail
whats the point of using an online bank, when there is an other offering a higher rate, I understand the whole, wanting to walk into a branch thing,
and getting low rates, but i dont understand this.....
When are you guys going to wake up? Stop putting your TFSA contributions in banks & credit unions paying a measly 2 or 3%,& open a TFSA account with a discount broker like National Bank, & put your dough in Trusts like Yellow Pages, Rogers Sugar,Davis & Henderson. They're paying 6% to 13%, & all distributions look safe, altho there will be a decrease upon conversion to a corporation. However, the corporation will be paying a dividend which gets a whole lot better tax treatment than interest income.
December 12, 2009
As I've said before, Canadian Tire Bank's primary business is its unsecured revolving credit business and if they can raise money to fund their customers' line of credits and MasterCards (they sold their mortgage business, likely because rates on mortgages are lower and they couldn't find a competitive enough funding source) through deposit growth rather than securitizing it out to issuers like the Glacier Credit Card Trust (which issues most of the debt for Canadian Tire's financial products), it's a lot cheaper that way because they're charging interest rates of between 19.95%-29.95% per annum whereas mortgage rates are what, between 3-6%? Even if they're paying 3.15% on deposits, at those interest rates, even when you factor in loan loss provisions, they're doing quite all right. 🙂
Having said that, they aren't the highest and their bait-and-switch tactics don't entice me. I'd park my money with Ally or with Canadian Direct Financial.