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HISA and TFSA rates are now 1.25%, down from 1.55%
July 19, 2021
6:56 am
Alexandre
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As of today, July 19, 2021.

New-Interest.JPG

July 19, 2021
8:27 am
rodeworthy
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Sad to see. I just checked our CT accounts from a previous offer that were receiving 1.75% and they are now down to 1.45%.

This is making 1.5% 1-yr GICs look attractive. Better jump on that before that changes too. Off to Achieva....

Thanks for keeping us up-to-date, Alexandre.

July 19, 2021
8:38 am
dougjp
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A minor surprise that they dropped as much as this. To me, it represents a change in their strategy away from personal deposits, as rates generally are showing signs of firming up slightly. Its possible Implicity won't be the only one to try to lead with a slight rate increase, and capture major deposits as a result. If CT had gone to 1.4%, their deposit base wouldn't have dropped.

CT over the years blows hot and cold, and also the timing of rate changes tends not to relate to market changes. I remember at the beginning of TFSA, for 2 years they posted a superior rate in December/January, said it wasn't "promotional", then dropped it in March without general rate market changes.

"Tell a man that there are 400 billion stars and he'll believe you. Tell him a bench has wet paint and he has to touch it." ~ Steven Wright

July 19, 2021
9:23 am
Dean
Valhalla Mountains, British Columbia
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.
Thanks for the heads-up, Alexandre ❗

Now there's "Zero Incentive" to try and go through their *&^%$# Archaic registration process.

And that makes one more FI to strike off our list.

    Dean

sf-cool " Live Long And Prosper " sf-cool

July 19, 2021
10:21 am
HermanH
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Good catch. Many thanks. Just cancelled a TFSA transfer request to CTire. Hope that I caught it in time. 🙂

July 19, 2021
12:36 pm
mordko
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Isn’t this still aligned with the highest rate on a CDIC insured HISA?

Presumably they want to slow down the influx of $s but don’t want to lose what they have.

July 19, 2021
12:55 pm
Dean
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mordko said

Isn’t this still aligned with the highest rate on a CDIC insured HISA?

. . .

As of today; EQ Bank, Motive Financial, and Wealth One are also @ 1.25%, and Neo Financial is @ 1.30% .

.

    Dean

sf-cool " Live Long And Prosper " sf-cool

July 19, 2021
6:14 pm
Adam1
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I actually got the email about this, even though I mostly haven't completed the process to open the account yet. I received the letter in the mail (the one where you had to complete forms and send back) earlier this month, but completely forgot about it until now. There's no point in completing the process for now, but I guess my application could remain "pending" if I ever decide to complete it in the future.

Since my 1.75% promo with Tangerine expired on June 30, I've moved everything to Neo, which is currently at 1.30%. They recently added auto-deposit as well as the request money features for interac e-transfer, both of which EQ still does not have. Unless Neo decreases it below 1.20%, I think they're the best option for now.

Adam

July 19, 2021
6:24 pm
KamWest
Toronto
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Well, I hate CTF for all its convoluted quirks.

I will move my money back to Motive now because they have real accounts, checking and savings.

I am also annoyed there was no notification of this.

Originally I hated moving my money from Motive to CTF but 0.25% is substantial when a large chunk of funds are involve.

Edit: One good thing about CTF is I just moved all my funds to Motive via a push and there seems to be no ceiling on the push amount. Most other places limit you to 50k unless you call in and with CTF I was able to do a push for my full account amount with no assistance.

July 20, 2021
3:39 pm
leigh
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Is it actually 1.25% for the HISA? I received an email yesterday from CT telling me it is 1.45% (down from 1.55%).

"We’ve changed the interest rate applicable to
your High Interest Savings Account. Your
interest rate is now 1.45% per annum.

That includes any savings already in your account
and any new deposits you make."

Checking my account summary, the quoted rate is 1.25.

In another email, they informed me that the TSFA rate is now 1.25% (down from 1.55)

So what's going on?

July 20, 2021
3:48 pm
AltaRed
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dougjp said
A minor surprise that they dropped as much as this. To me, it represents a change in their strategy away from personal deposits, as rates generally are showing signs of firming up slightly. Its possible Implicity won't be the only one to try to lead with a slight rate increase, and capture major deposits as a result. If CT had gone to 1.4%, their deposit base wouldn't have dropped.

CT over the years blows hot and cold, and also the timing of rate changes tends not to relate to market changes. I remember at the beginning of TFSA, for 2 years they posted a superior rate in December/January, said it wasn't "promotional", then dropped it in March without general rate market changes.  

Is it? Or is their business model simply managing the float needed for their credit card operations? If the latter, I would think their deposit rates will be reflective of that business rather than personal loans and mortgages.

July 20, 2021
3:52 pm
dougjp
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AltaRed said

Is it? Or is their business model simply managing the float needed for their credit card operations? If the latter, I would think their deposit rates will be reflective of that business rather than personal loans and mortgages.  

Quite possible that is the case today. Just guessing though, with reopening I don't think credit card balances have dropped, more likely the opposite. Anyway, the pattern of the past that I mentioned can't be so explained.

"Tell a man that there are 400 billion stars and he'll believe you. Tell him a bench has wet paint and he has to touch it." ~ Steven Wright

July 20, 2021
6:49 pm
MG
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leigh said
Is it actually 1.25% for the HISA? I received an email yesterday from CT telling me it is 1.45% (down from 1.55%).

"We’ve changed the interest rate applicable to
your High Interest Savings Account. Your
interest rate is now 1.45% per annum.

That includes any savings already in your account
and any new deposits you make."

Checking my account summary, the quoted rate is 1.25.

  

Do you have a Canadian Tire credit card? If so, I believe your HISA rate would then be 1.45%. If you do not have one, time to make a phonecall.

July 20, 2021
7:21 pm
savemoresaveoften
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interesting cuz I never rec a email from CT last 2 days !!5

July 20, 2021
10:00 pm
smayer97
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MG said

Do you have a Canadian Tire credit card? If so, I believe your HISA rate would then be 1.45%. If you do not have one, time to make a phonecall.  

leigh said
Is it actually 1.25% for the HISA? I received an email yesterday from CT telling me it is 1.45% (down from 1.55%).

"We’ve changed the interest rate applicable to
your High Interest Savings Account. Your
interest rate is now 1.45% per annum.

That includes any savings already in your account
and any new deposits you make."

Checking my account summary, the quoted rate is 1.25.

In another email, they informed me that the TSFA rate is now 1.25% (down from 1.55)

So what's going on?  

The extra 0.2% was a promo offered to clients that have a CT credit card and opened accounts by a certain date... this extra % is in pertepuity, so is always added to their base rate... so 1.25% + 0.2% = 1.45%, for those who qualify (ied).

July 21, 2021
3:55 am
savemoresaveoften
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smayer97 said

leigh said
Is it actually 1.25% for the HISA? I received an email yesterday from CT telling me it is 1.45% (down from 1.55%).

"We’ve changed the interest rate applicable to
your High Interest Savings Account. Your
interest rate is now 1.45% per annum.

That includes any savings already in your account
and any new deposits you make."

Checking my account summary, the quoted rate is 1.25.

In another email, they informed me that the TSFA rate is now 1.25% (down from 1.55)

So what's going on?  

The extra 0.2% was a promo offered to clients that have a CT credit card and opened accounts by a certain date... this extra % is in pertepuity, so is always added to their base rate... so 1.25% + 0.2% = 1.45%, for those who qualify (ied).  

Confirmed that as well. The 20bps bonus is not shown anywhere online under your profile. I have to call in last time to confirm it is still on the account. I believe that was the promotion they launched last September to get CT credit card holders to open a savings account at the time.

July 21, 2021
4:27 am
smayer97
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It DOES show...
On the left it only shows the base rate BUT if you open any qualified account activity, you will see the applicable rate for that account as 1.45%.

July 21, 2021
11:26 am
leigh
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MG said

Do you have a Canadian Tire credit card? If so, I believe your HISA rate would then be 1.45%. If you do not have one, time to make a phonecall.  

Yes, had one for some time so maybe that's the reason although I don't recall having received any special promotion. Thanks.

August 25, 2021
7:08 am
HISAhopper
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MG said

Do you have a Canadian Tire credit card? If so, I believe your HISA rate would then be 1.45%. If you do not have one, time to make a phonecall.  

Do you know if one's HISA got 1.45% then the TFSA also gets 1.45%?

August 25, 2021
11:28 am
smayer97
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Doesn't work that way. You only got an extra 0.20% during a promo period.... IIRC you had to have a CDN Tire CC AND opened up an account before Sep 30 2020. Those accounts that did get it get it permanently. Any accounts opened after that date do not get the promo, so if you do not already have the bonus rate, you cannot get it now.

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