HISA drop to 1.75% | Canadian Tire | Discussion forum

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HISA drop to 1.75%
April 9, 2011
9:24 am
Johnny
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Canadian Tire Bank dropped HISA rate to 1.75% as of Apr 09 2011.

April 10, 2011
4:13 pm
Doug
British Columbia, Canada
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They are not even relevant anymore and, has been described before, need to resort to marketing gimmickry to build deposits and attract market share. I would never consider opening an account with them, not when there is Ally or Manitoba credit unions that offer far superior service and better rates.

Cheers,
Doug

April 10, 2011
10:20 pm
guest
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Yup, savers are getting screwed. Last weeks all the big banks raised their mortgage rates by 0.35% and now Canadian Tire's savings rate is moving in the opposite direction. I guess they are just hoping that their customers don't notice the decrease and keep their money in there. Not me, I pulled all mine out immediately on the news and recommend everyone here do the same. One thing I did like about Canadian Tire Bank though was their quick transfer times. As for Doug's comments that "They are not even relevant anymore", they are still a lot more relevant than HSBC and HSBC's promotional "gimmickry" rate was dropped January 15th.

April 11, 2011
4:34 am
Anna Otkrita
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I know some better ways to save money.

a) Dig a hole in your backyard and stash your cash there (wrap in plastic or some other impervious material first).

b) Never, ever be a debt slave.

Remember, saving money is bad for the con o' money -- I mean, economy.

April 14, 2011
4:22 pm
kilarney
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money has been pulled out of crappy tire bank.....sigh. what a joke. might as well just spend the cash since you cant get anything for saving it....:frown:

April 14, 2011
5:16 pm
stylintheo
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AF is paying 2.2% I have my money with them now, they are very good
I like them alot, anything less then 2% is like putting your money to sleep

April 15, 2011
3:08 am
mike
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Atleast Canadian Tire Bank is 1.75%, I'm getting 1.15% at HSBC. 🙁

Bank savings rates should be keeping up with inflation (after tax) and they are not. I'd like to see rates in the 3% again... I have heard the BoC will be raising prime +1% by end of 2011.

Have a great day

April 16, 2011
9:22 am
Jim
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I'm with Doug on this. I pulled everything out except for a GIC last year. They just aren't competitive enough anymore, compared to Ally or the Manitoba CUs.

June 30, 2011
10:28 am
Peter
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CTFS just raised the savings account rate to 2.00% (from 1.75%). Perhaps this is the start of other rate hikes, in light of the recent inflation news?

July 2, 2011
9:53 pm
Doug
British Columbia, Canada
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It seems unlikely, given Ally's recently lowered their five-year rate to 3%. CTFS has just been woefully behind everyone else so they're playing catch-up. There's an abundance of cash on the sidelines and big banks can raise money cheaper than going to depositors by offering better rates. The big banks can borrow directly from the Bank of Canada at 1% interest rates whereas credit unions can't and have lines of credit from the big banks so it becomes more advantageous of them to go to depositors.

Cheers,
Doug

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