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Email this3:19 pm
December 20, 2019
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I see more and more banks doing this...
Is 0.01% the same as 0.010% ??
In the eyes of big banks we all look stupid because adding that extra zero is going to make us believe we are getting more.
This example is scotiabank but I see it more and more in the wild now.
3:31 pm
January 12, 2019
Online
.
I much prefer 0.0100% ... it just 'looks' Ten Times better, eh ❗ 
.
- Dean
" Live Long, Healthy ... And Prosper! "
3:56 pm
January 30, 2009
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KamWest said
I see more and more banks doing this...
Is 0.01% the same as 0.010% ??
In the eyes of big banks we all look stupid because adding that extra zero is going to make us believe we are getting more.
This example is scotiabank but I see it more and more in the wild now.
Hahaha! Next will be "Earn ten thousandths percent every single year with our special savings account! Only $9.99 per month fee!"
5:31 pm
September 6, 2020
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Trailing zeros after decimal point are not significant. I consider .1% and .01% as zero.
Have a Great Day
5:59 pm
January 12, 2019
Online
Dean said
.
I much prefer 0.0100% ... it just 'looks' Ten Times better, eh ❗
.
Dean
.
On a more serious note, I'm betting the Big Banks are adding the redundant zero (e.g. 0.010%) to get their customers prepared for even Lower interest rates ... 0.009%, 0.008%, etc.
I wouldn't be surprised ❗ 
- Dean
" Live Long, Healthy ... And Prosper! "
6:38 pm
September 6, 2020
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In my GIC tracking program I put a minimum rate of .00001%. Not that I expect rates to go that low. My program will work as long as rates are that or higher. Maybe banks are prepared to go as low as .001% without going to NOTHING.
Have a Great Day
7:12 pm
April 14, 2021
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On a more serious note, I'm betting the Big Banks are adding the redundant zero (e.g. 0.010%) to get their customers prepared for even Lower interest rates ... 0.009%, 0.008%, etc.
Or, to make rates look better at 0.0099% 🙂
7:12 am
March 30, 2017
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Funny question but its actually covered in high school curriculum. I was asked the question re trailing zero by a grade 12 and I said no difference. I stand corrected...
It has something to do with the degree of confidence.
0.01% means ur degree of confidence is to 2 decimal places. meaning ur confident it is no worse than 0.010-0.019% range
0.010% means ur degree of confidence is to 3 decimal places, meaning ur confident it is no worse than 0.0100-0.0109% range
For an interest payment calculation, both means ur receiving basically $0 🙂
7:53 am
September 6, 2020
Offline9:02 am
January 12, 2019
Online
savemoresaveoften said
Funny question but its actually covered in high school curriculum. I was asked the question re trailing zero by a grade 12 and I said no difference. I stand corrected...
It has something to do with the degree of confidence.
0.01% means ur degree of confidence is to 2 decimal places. meaning ur confident it is no worse than 0.010-0.019% range
0.010% means ur degree of confidence is to 3 decimal places, meaning ur confident it is no worse than 0.0100-0.0109% range
For an interest payment calculation, both means ur receiving basically $0 🙂
Mathematically/Scientifically speaking, that's ⬆ True.
But in this case, it's all about Big Bank 'Marketing'.
- Dean
" Live Long, Healthy ... And Prosper! "
9:22 am
April 6, 2013
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The significant digits meaning is only there if the person understood and deliberately wrote 3.000 instead of 3.0 or 3.
There's no significance if someone wrote 3.000, instead of 3.0, so that the decimal point lines up with the decimal point of 0.010 in the same column:
| Column |
| 3.000 |
| 0.010 |
| 100.000 |
11:44 am
February 13, 2020
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60 percent of the time, that trailing zero works every time
12:07 pm
April 15, 2015
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MiMMV said
60 percent of the time, that trailing zero works every time
Is that 60% or do you actually mean 60.000%
4:02 am
January 1, 2018
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I recently received an invitation from RBC to enjoy a 1.00% rate till June 30th.
Although this looks better than 0.01, 0.010, or 0.0100 it still sucks and I shall not be participating.
Being a Big5 bank I'm sure they believe this is an amazingly generous offering.
The wording:
you will earn 1.00% interest on new funds deposited to your existing eligible RBC High Interest eSavings Account between April 1, 2021 to June 30, 20211.
6:03 am
July 31, 2012
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I tend to agree that it is preparing us for < .01%. The same way the gas stations did when they started to change price sign to be 0.99 for the day we went above a dollar per litre.
8:15 am
January 12, 2019
Online
Jim Sherat said
I recently received an invitation from RBC to enjoy a 1.00% rate till June 30th.
Although this looks better than 0.01, 0.010, or 0.0100 it still sucks and I shall not be participating.
Being a Big5 bank I'm sure they believe this is an amazingly generous offering.The wording:
you will earn 1.00% interest on new funds deposited to your existing eligible RBC High Interest eSavings Account between April 1, 2021 to June 30, 20211.
Three months of 'Bliss' ... and then it's back to Nothing. LOL 
But you can bet a Lot of people will sucker for it, as Average Joe still isn't aware of 'True' HISA ➡ https://www.highinterestsavings.ca/chart/
- Dean
" Live Long, Healthy ... And Prosper! "
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