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Savings Account
February 1, 2016
10:37 am
Benjames35
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Canadian Tire Bank just lowered Savings account to 1.30%, Tax Free Savings Account remains unchanged at 1.60%

February 3, 2016
1:34 pm
LP
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Benjames35 said

Canadian Tire Bank just lowered Savings account to 1.30%, Tax Free Savings Account remains unchanged at 1.60%

That is very disappointing, especially since CTC Bank had one of the highest rates. I have sent them an email informing them that I will move my money to another FI where it will generate more income. If more folks did the same, perhaps they would reconsider reducing the rate.

February 4, 2016
7:47 am
Miron
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I just started to move my money from CT as I am sure they will not reconsider anything!

The only good thing about them is that technically everything moves around perfectly!

I just opened accounts at ZAG and they are well behind from this point of view... I am testing now their speed of moving money around and I don't like what I see!

February 4, 2016
8:38 am
LP
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I also started moving out my money, because when I phoned them last night, and I was told that at the present time they are not providing any incentives to retain their clients. The CSR did recommend that I not close out my account, just in case they raise the rate in the future, meanwhile that I should keep a minimum of $20 to avoid inactive/dormancy fees.

February 4, 2016
8:53 am
Miron
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LP said

I also started moving out my money, because when I phoned them last night, and I was told that at the present time they are not providing any incentives to retain their clients. The CSR did recommend that I not close out my account, just in case they raise the rate in the future, meanwhile that I should keep a minimum of $20 to avoid inactive/dormancy fees.

I am not surprised... there is no fee for dormant account but you need to call to reactivate!

I got a letter stating that there is no fee but if I don't reactivate for 10 years they will send the money to Bank of Canada! To avoid the dormancy status you can move around a few cents once per year... next time tell them to go away sf-smile

February 4, 2016
10:32 am
Benjames35
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All my money at CTB is in the Tax Free Savings Account so I'm happy with the 1.60% but if they lower that too I may consider moving.

February 5, 2016
12:00 pm
Miron
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Benjames35 said

All my money at CTB is in the Tax Free Savings Account so I'm happy with the 1.60% but if they lower that too I may consider moving.

Did you check if they are charging a fee from moving out to another TFSA?

October 31, 2017
9:28 pm
Benjames35
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Not sure, but I think Canadian Tire bank put the savings account back at 1.50%, it still says 1.30% on the main page but on my personal account it says I'm getting 1.50%

November 1, 2017
6:22 am
Benjames35
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Yes its official, its now on the main page that Canadian Tire savings account is back at 1.50%

November 1, 2017
7:36 am
Peter
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Thanks for pointing that out! I've updated the chart now.

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