Even CIBC is joining the 2.0% savings trend - sort of | CIBC | Discussion forum

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Even CIBC is joining the 2.0% savings trend - sort of
November 23, 2014
9:12 pm
Loonie
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CIBC is lumbering into the 2% savings rates on a temporary basis til March 31 on new money for e-savings, TFSA, RRSP.
It must be the "new normal"! sf-wink
Anyone want to bet on how long it will take the other member of the Big Five/Six to join the throng?
https://www.cibc.com/ca/features/supercharge-savings.html?WT.mc_id=Ext-FY15-SuperSave-E049

November 24, 2014
5:26 pm
Brimleychen
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Will the other big six join the game? It will all depend how the retail customers react? If most of them learn from this Web site and make informed decision, then I bet all the banks should offer market rates. We have to advocate as much as possible.

November 24, 2014
6:16 pm
kanaka
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Still doesn't appear attractive to get 2% for 4 months while it is likely you can get the same at Accelerate for a longer period of time and of course if you want to lock in a GIC it is very unlikely that any of the big 5 will come close to Oaken or Accelerate. I think they are giving candy to tie up your money for some reason.

December 1, 2014
12:12 pm
Greg Franklin
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Kanaka, I feel the same way, it is just short term gimmicks that really don't make much of a difference or benefit for small and even large deposits as there are much better alternatives that are usually have stable and higher regular rates.

December 1, 2014
12:16 pm
Greg Franklin
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November 4, 2014
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Brimleychen, I agree with you but we as consumers and depositors, investors, we are on our own when it comes to being our best advocates of getting the best rates and keeping fees low to nothing as possible.

A forum like this and other information through the internet can make it somewhat easier to shop around and compare with us hopefully making better financial and economic decisions. We have to try our best to survive and thrive. It is all we have left.sf-smile

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