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Email this11:27 pm
Wow! I just opened an account there and I'm waiting to transfer my funds. I'm wondering if it's even worth it.
11:45 pm
May 15, 2007
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On a related note, I'm really interest to see whether the Bank of Canada drops its rate again tomorrow... that could trigger more drops in savings account rates (and mortgage rates).
6:51 am
That's sad that HSBC dropped their rates. 2.5% isn't exactly a great investment rate. I've been watching the rates fall as many of you have as well, while mortgage rates go unchanged.
The question we face is if it gets to 1%, it is better to just put it under your mattress rather than risk a bank failure?
Risk vs. Reward.
Mike
10:20 am
December 12, 2009
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It's still better than keeping it under a mattress. And, I should point out, while HSBC has lowered its rate, it is generally seen as a barometer of all the other banks with the highest interest rates. Look for PC Financial, Citizens Bank, Achieva Financial, Outlook Financial, MAXA Financial, Canadian Tire Bank and VanCity to all drop their rates down to 2.5% within the next week.
The Bank of Canada will likely further lower rates at its scheduled meeting tomorrow, which Peter informed us about. I'm predicting (hoping for) a quarter point cut. They could further lower rates by 0.5% and the banks would likely only then lower mortgage rates by 0.25% to increase the spread and boost lending, as the Bank of Canada intends.
At any rate, don't look for rates to fall to 2.25% until the end of February but we're definitely in a downward spiral.
Cheers,
Doug
11:17 am
May 15, 2007
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The Bank of Canada has now dropped its key interest rate by another 0.5%; the banks have followed suit with their prime rates:
5:29 pm
November 26, 2008
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When I think I have a 1 year GIC at 4.6% which is coming near from an end on the 29th of January.
2.1 more basic points. Almost twice the rate.
At Desjardins, they offer 1.1% for 1 year GIC ahaha!
I don't know if I should enjoy the fact I'm moving in appartment soon and will need to spend nearly all my money in the next 2 years so I wouldn't be able to gain profit of a high interest rate since I will have none left "soon"!
Hourray for the financial crisis.
May Obama have some good luck to fix United Stats fianancial system.
The day you become free is the day you work for fun.
10:41 pm
Have you guys considered locking your deposits into a TFSA eligible GIC? HSBC's got 18 months at 3% and 2 years at 3.33%. They may not last after today's rate cut.
5:26 am
We currently have our 80% of our money in ATB in a 1 yr 3.4% GIC. 100% secure at ATB, but, interest rates, savings rates are not as good. It's like paying for insurance and I'm happy to do it in this credit crisis.
Although like many who hold GIC's, when we go to renew in Sept, it won't be fun, maybe BoC will start raising interest rates by then. They have to eventually like they did in all recessions and depressions.
Ah, the 10% bank account in the 90's...
Mike
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