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Savings account rate increase from 1.50% to 1.80%
April 23, 2020
8:07 am
Peter
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Canadian Tire Bank has increased its savings account interest rate from 1.50% to 1.80%. It had been at 1.50% since November 2017. Its TFSA interest rate remains at 1.80%, where it has been since December 2017.

June 20, 2020
7:35 am
Benjames35
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Never would have guessed after being in the bottom for so long that Canadian Tire Bank would have some of the better rates on the chart.

June 20, 2020
8:25 am
cruzinalong
Ontario
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Have to remain competitive. Work out what is means on your savings. Not one dollar more interest in one month. Not worth the bother of setting up an account. Good for new clients.

June 20, 2020
12:18 pm
smayer97
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Benjames35 said
Never would have guessed after being in the bottom for so long that Canadian Tire Bank would have some of the better rates on the chart.  

I never would have guessed they even had savings accounts...I know they are an official bank; just never saw them promote their bank accounts even though we have 2x CT WE MC.

In fact, when you go to their main ctfs.com site, there is no place for their accounts. You really have to know to search for it on the internet (or be signed up to a site like this one 😉 ) to learn about it. Seems odd way of marketing.

I learned something new today.

Anyway, nice to see they are trying to be competitive.

June 20, 2020
2:51 pm
Londonguy
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smayer97 said

I never would have guessed they even had savings accounts...I know they are an official bank; just never saw them promote their bank accounts even though we have 2x CT WE MC.

In fact, when you go to their main ctfs.com site, there is no place for their accounts. You really have to know to search for it on the internet (or be signed up to a site like this one 😉 ) to learn about it. Seems odd way of marketing.

I learned something new today.

Anyway, nice to see they are trying to be competitive.  

Back in the day after the GFC, CT Bank had one of the best posted (not promo) HISA rates out there. Efficient website too, although a bit basic. Then 5 or 6 (or maybe even 7?) years ago for some reason they became less interested in pumping up their deposit base and chose to let their rates slide. People moved on to other HISA opportunities as a result, myself included, and I eventually closed my account.

Now that there's been another mutiny in the bond market, maybe somebody somewhere in corporate has dusted off the old playbook and wants to get back in the deposit taking game as a form of inexpensive financing

June 21, 2020
6:04 am
dougjp
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Londonguy said

Back in the day after the GFC, CT Bank had one of the best posted (not promo) HISA rates out there. Efficient website too, although a bit basic. Then 5 or 6 (or maybe even 7?) years ago for some reason they became less interested in pumping up their deposit base and chose to let their rates slide. People moved on to other HISA opportunities as a result, myself included, and I eventually closed my account.

Now that there's been another mutiny in the bond market, maybe somebody somewhere in corporate has dusted off the old playbook and wants to get back in the deposit taking game as a form of inexpensive financing  

Well said. However they did themselves no favors by sort of hiding short term promo rates as 'posted rates'.

A bit of history - In the early TFSA days, they promoted very good rates from late November to January, then dropped them at the end of March (when nobody else was dropping rates). A 'gotcha' based on TFSA rules. So what did they do the following year, having p'oed customers? They once again promoted new found very good rates at the end of the year, but this time highlighted ' this is our normal rate, NOT a promotional rate!'. Sure enough, come March, they dropped the rate when others weren't. Shortly after, they exited the competitive rate market.

Signs of trying to get back into it now, let's see.

June 23, 2020
6:35 am
Jim Sherat
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I've never had an account with CTB, but might be worth the trouble, once my recently opened RBC eSavings 2.25% for 90days expires ?
Was considering Hubert and their cashable GICs, but with the recent parade of rate reductions, and being an out-of-Province CU, that plan may no longer be worth pursuing, come September?
Anyone have concerns / issues with CTB from your experiences ? Thanks.

June 23, 2020
1:06 pm
Bill
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Had a savings account there since day one, haven't used it hardly at all for years, never had any issues, always seemed to work ok.

June 23, 2020
1:43 pm
Doug
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Jim Sherat said
I've never had an account with CTB, but might be worth the trouble, once my recently opened RBC eSavings 2.25% for 90days expires ?
Was considering Hubert and their cashable GICs, but with the recent parade of rate reductions, and being an out-of-Province CU, that plan may no longer be worth pursuing, come September?
Anyone have concerns / issues with CTB from your experiences ? Thanks.  

No problems, really, though I've never dealt with them. Having said that, they use an antiquated core banking system and a custom online banking platform with limited paperless, electronic management. Also, if you really want to deal with a Canadian Tire Bank GIC, you're better off buying them in a discount brokerage account). The Canadian Tire Bank HISA isn't available in the brokerage channel, but I can say with > 90-95% certainty that they will lower their HISA rate back down to 1.50% within the next 30-60 days and, with <= 50% certainty that they will drop it to between 1.25-1.50% within the next 120 days.

In short, they are middle of the pack for now, but have near certainty of being back at the bottom between 30-120 days. So, it's sort of like...why bother?

Cheers,
Doug

June 28, 2020
9:07 am
Jim Sherat
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Thanks Doug ... most likely to pass, after digesting your comments; in any case, i have till mid-Sept. until my current RBC 2.25% HISA promo ends.

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