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When are banks gonna increase interest rates after the recent rate hike?

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When are banks gonna increase interest rates after the recent rate hike?

July 13, 2018
8:57 am

_Ax

YYZ

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May 25, 2017

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Does anyone have an idea when banks are gonna increase or pass-on the interest rates on GIC and Savings Account after the recent hike by BoC? They upped mortgage rates the next day but sort of fell asleep when it came to increasing on deposits? How long does it usually take for the rate hike to trickle into the deposit rates?

July 13, 2018
9:29 am

Kidd

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February 27, 2018

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Only ONLY when they NEED the cash. Whether, it's to cover bad debt, make a large purchase, or to build up their reserves.

July 13, 2018
10:13 am

2017opinionsmatter

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November 20, 2017

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Actually when Bank of Canada increased interest rate July 12th, RBC raised saving rate on their saving fund RBF2010 overnight from 1.1% to 1.35% quietly.
http://www.rbcroyalbank.com/pr.....ducts/isa/

On the other hand Scotia's equivalent DYN6000 has not been changed so far (it has been days). So conclusion?

1. Not all ISA's are created equal.
2. Maybe the fight for fund is already happening either the smaller players are clueless or just don't care
3. It feels different this time as over the decade I have never seen RBF2010 increase the entire 25 points.

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