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August 25, 2022
9:41 am
fionag11
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April 4, 2018
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https://www.thebeaverton.com/2022/08/inflations-silver-lining-canadas-big-five-banks-offer-whopping-0-8-savings-account/

That the big banks have the nerve to call their accounts "High Interest Savings" - they should be made fun of a LOT, and abandoned in droves.sf-laugh

August 25, 2022
9:53 am
Dean
Valhalla Mountains, British Columbia
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.
The last paragraph Made My Day

    At press time, Canadian banking giant BMO announced they would be maintaining their Smart Saver Account at 0.5%, but would be putting some extra 0’s on the end of all their interest rates to make them feel higher, styling their savings account rate as 0.500%, saying it was “the least they could do.”

.
Thanks for the Chuckle sf-laugh

    Dean

P.S.
The Big Banks can 'get away with it', mostly
because the average Joe & Sue are not aware
of the much better options available, that we
know about here.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 25, 2022
11:20 am
pooreva
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Dean said
The Big Banks can 'get away with it', mostly
because the average Joe & Sue are not aware
of the much better options available, that we
know about here.  

Not only that but people are afraid of 'virtual' banks. They like to see BUILDING and Human behind the counter and not just to click, click...

August 25, 2022
11:37 am
cgouimet
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February 7, 2019
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pooreva said

Not only that but people are afraid of 'virtual' banks. They like to see BUILDING and Human behind the counter and not just to click, click...  

The security one gets burning fuel to a branch where people might recognize you and possibly thank you for accepting 0.1-0.5% on your savings ...

CGO
August 25, 2022
12:04 pm
limonium
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September 27, 2020
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Are there any statistics about the percentage of Canadians using online vs. big banks? Also, would be interesting to know how many people have accounts at more than one online bank.

August 26, 2022
8:17 am
Norman1
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According to July 4 Globe & Mail article Banks block online sale of cash ETFs that compete…, there was around $541 billion in Canadian high interest savings accounts as of December 2021 from research done by Investor Economics. The Big Six Banks had over 75% of that.

For those with a few thousand dollars for savings, the online banks don't offer that much more compared to some alternatives from the large banks. TD Canada Trust is offering cashable one-year GIC's at 2¼%. The cashable 1-year CIBC Flexible GIC is currently 3%.

Extra 1% per annum on $5,000 is just $50/year or $4.17/month more. Most people are just not interested in signing up at an online-only bank for the extra $4.17/month, especially if there is a hassle over verifying identity.

September 18, 2022
11:22 am
ExtraSauce
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fionag11 said
https://www.thebeaverton.com/2022/08/inflations-silver-lining-canadas-big-five-banks-offer-whopping-0-8-savings-account/

That the big banks have the nerve to call their accounts "High Interest Savings" - they should be made fun of a LOT, and abandoned in droves.sf-laugh  

LOL - “TD Bank is proud to announce that we will be raising the interest rate on our High Interest Tax Free Savings Account from 0.5% to 0.55%,” said SVP of Marketing Angela Milner. “It is our hope that this extremely generous increase of half of a tenth of a percent will help Canadians during this trying time to afford bread, or bus fare, or whatever else people without Lexuses spend their money on.”

Let them eat cake!

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