Home Trust Company's 2.25% 1 year GIC is paying the same as ING Direct's 2.25% 5 year GIC | GIC Discussions | Discussion forum

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Home Trust Company's 2.25% 1 year GIC is paying the same as ING Direct's 2.25% 5 year GIC
October 22, 2013
8:17 pm
SD2013
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October 25, 2013
1:49 pm
Loonie
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It may be true that the ING name will disappear, but they do have significant business of their own with dedicated clientele. It surprises me how many people who have been banking with them for years (a) don't know they were bought up by Scotia, and (b) don't realize there are better rates to be had elsewhere now. It may be that Scotia will want to maintain this and migrate more of their regular business to ING rather than the other way around, as this may be the way of the future and ING does have very well developed computer, website and telephone banking systems. It gives Scotia a competitive place in the online smaller bank market. Or maybe they just wanted to own their systems!
I suspect that one of the main reasons banking is not more competitive is that customers don't demand it. Wouldn't it be great if "price matching" was routine, like when Walmart matches the price at grocery stores etc?

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