DUCA Deposit Rate Decrease to 5.5% on January 17, 2024 | DUCA Credit Union | Discussion forum

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DUCA Deposit Rate Decrease to 5.5% on January 17, 2024
January 16, 2024
12:33 pm
BillieBob
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Email received this afternoon.

Screenshot-2024-01-16-at-3.29.47-PM.png

January 16, 2024
3:01 pm
rk
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I transferred out all my funds after they decreased it from the promised 6.25% the first time.

January 16, 2024
5:28 pm
Loonie
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So, they sent an email this time. They must have received a LOT of negative feedback the last time they lowered it. It's nice to know we got some action out of them!

January 16, 2024
6:06 pm
maGIC
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Personally, I appreciate DUCA much more than most if not all of the other FI. DUCA never promised any rate that was not subject to change . I don’t think any other FI has. What I experienced is a rate subject to change that went up prior to the original term and then went down, but not as low as the original rate. They also have frequently extended promos with very competitive rates. DUCA for me (and all not just randomly targeted customers) have in my opinion treated customers far better than the likes of Simplii and Tangerine who offer sporadic promos and then drop to ridiculous rates for what they promote as High Interest accounts. Simplii has not offered me a promo on what they call their HISA (currently .4% yes point 4 up to 100,000.00) for years. Tangerine is hit and miss sporadically temporarily ok.
Just my 2 cents.

January 16, 2024
7:52 pm
savemoresaveoften
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maGIC said
Personally, I appreciate DUCA much more than most if not all of the other FI. DUCA never promised any rate that was not subject to change . I don’t think any other FI has. What I experienced is a rate subject to change that went up prior to the original term and then went down, but not as low as the original rate. They also have frequently extended promos with very competitive rates. DUCA for me (and all not just randomly targeted customers) have in my opinion treated customers far better than the likes of Simplii and Tangerine who offer sporadic promos and then drop to ridiculous rates for what they promote as High Interest accounts. Simplii has not offered me a promo on what they call their HISA (currently .4% yes point 4 up to 100,000.00) for years. Tangerine is hit and miss sporadically temporarily ok.
Just my 2 cents.  

I am totally with you re DUCA vs Tang or Simplii. 5.5% is still the highest rate out there that does not need to win the lottery to receive.
As for them dropping the rates from 6.25% to 5.75% last month, of course every depositor prefers 6.25% vs 5.75%, but its well within their rights to do so, and they did not break a promise in my eyes.

Having said that, I am moving some funds over to Motive to get the 120d 5.7% term GIC.

January 17, 2024
7:04 am
Kirk
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savemoresaveoften said

I am totally with you re DUCA vs Tang or Simplii. 5.5% is still the highest rate out there that does not need to win the lottery to receive.
As for them dropping the rates from 6.25% to 5.75% last month, of course every depositor prefers 6.25% vs 5.75%, but its well within their rights to do so, and they did not break a promise in my eyes.

Having said that, I am moving some funds over to Motive to get the 120d 5.7% term GIC.  

Defend DUCA all you want but it was inexcusable to drop a promotional rate so quickly after announcing it and doing it without a notice. I got the same email yesterday and I'm glad they learned their lesson. My Tangerine promo ends at the end of this month and will make a decision then on whether to move my savings back to DUCA.

January 17, 2024
7:21 am
MattS
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Kirk said

Defend DUCA all you want but it was inexcusable to drop a promotional rate so quickly after announcing it and doing it without a notice. I got the same email yesterday and I'm glad they learned their lesson. My Tangerine promo ends at the end of this month and will make a decision then on whether to move my savings back to DUCA.  

I think it should be noted bond interest rates moved tremendously fast which is why almost every CDN institution dropped rates , most multiple times. Due to Duca being a Co op and we are all member owners they for me get an extra measure of grace as they prudently manage our credit union. The for profit monsters (see big 5) that consistently put profits before people and hammer out billion $$ profits every 90 days ahould not receive one ounce of support
Part of my personal reasons to de big bankify myself totally years ago

January 17, 2024
7:56 am
savemoresaveoften
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Kirk said

Defend DUCA all you want

Why would I defend DUCA... when they raise rates unexpectedly one is happy and entitled, when they do the opposite, one gets upset to the ying-yang ? Thats just more childish behavior to me.

Which big 6 and other FI give u an advance heads up before they change rates ? You dont need that many fingers on ur hand to count...

January 17, 2024
8:55 am
mustang
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I have not received an email re changed rate
Just logged in, my account still shows 5.75

February 15, 2024
10:13 am
AR
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5.25% https://www.duca.com/earnmore

Meridian next to reduce as per last time probably.

February 15, 2024
12:13 pm
savemoresaveoften
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AR said
5.25% https://www.duca.com/earnmore

Meridian next to reduce as per last time probably.  

the Meridian one is fixed end date, not open ended like Duca.

February 15, 2024
12:46 pm
mustang
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My account still showing 5.50%. I guess it takes a day to take effect
(That's what happened on the last rate drop)

February 15, 2024
2:01 pm
mustang
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Just got confirmation from Duca, that the rate change is effective tomorrow, Feb 16

February 15, 2024
2:13 pm
smayer97
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In contrast, Motive just increased their GIC rates.

February 16, 2024
6:28 am
peterwb
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The rate cuts have been expected. I was able to lock in at 5.75% with Duca. Don't be surprised if the rates go back up again. The economy is not doing as good in the USA or Canada as some might think. If inflation jumps as it probably will, I believe the Bank of Canada will signal trouble brewing and then just watch the Bond rates.

February 16, 2024
7:23 am
savemoresaveoften
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peterwb said
The rate cuts have been expected. I was able to lock in at 5.75% with Duca. Don't be surprised if the rates go back up again. The economy is not doing as good in the USA or Canada as some might think. If inflation jumps as it probably will, I believe the Bank of Canada will signal trouble brewing and then just watch the Bond rates.  

It will take a pretty bad inflation spike for BoC to hike rates. At best status quo longer than CB have advertised, but thats not enough to put upward pressure on 1y rate. If anything those 3-5 years which have been crashing down past 3 months may get an uptick.

February 16, 2024
11:23 am
HermanH
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peterwb said Don't be surprised if the rates go back up again. The economy is not doing as good in the USA or Canada as some might think.

savemoresaveoften said

It will take a pretty bad inflation spike for BoC to hike rates. At best status quo longer than CB have advertised, but thats not enough to put upward pressure on 1y rate.

I agree with both of you. The economy will not perform well. I suspect that inflation will not only not decrease, but will rise. However, it will take 6-12 months of malaise before the BoC will even consider raising rates.

February 16, 2024
8:04 pm
smayer97
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SO SO WRONG!!! The BoC rates are NOT based on inflation rates AT ALL!! They are 100% following the short term bond market rate. not 97, 98, or even 99% of the time. 100% of the time! Check it out yourself.... just pull up a chart and you will see that ALL rate changes stay within a 25pt range of the bond market, and it always lags! You can easily predict rate changes by following the short term bond market.

All central banks try to give the impression that they are in control... such smoke and mirrors!

February 17, 2024
4:52 am
Alexandre
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smayer97 said
The BoC rates are NOT based on inflation rates AT ALL!! They are 100% following the short term bond market rate. ... You can easily predict rate changes by following the short term bond market.

Please do. What should we expect on March 6 and April 10 BoC interest rate announcements?

February 17, 2024
5:08 am
savemoresaveoften
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smayer97 said
SO SO WRONG!!! The BoC rates are NOT based on inflation rates AT ALL!! They are 100% following the short term bond market rate. not 97, 98, or even 99% of the time. 100% of the time! Check it out yourself.... just pull up a chart and you will see that ALL rate changes stay within a 25pt range of the bond market, and it always lags! You can easily predict rate changes by following the short term bond market.

All central banks try to give the impression that they are in control... such smoke and mirrors!  

So so wrong !! BoC is not real. Big 5 bank short term bond traders take turn being the governor at each meeting and deciding bank rate. This way it’s fair each trader can decide rates that suits his position at the time. Macklem is a hired actor to go in front of the camera cuz he’s the better looking than the traders.

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