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Ideal Savings: short-lived stint at the top
April 19, 2018
8:05 am
Top It Up
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Ideal Savings: short-lived stint at the top

On March 15, 2018, Ideal Savings made its 2.50% savings account promo somewhat permanent, guaranteeing its savings account interest rate until the end of 2018. That made it the Canadian leader for both its regular savings and TFSA interest rates… but for just less than 1 month! On April 13, Ideal Savings then lowered both its savings account and TFSA interest rates to 2.00%. Accounts that had been opened by April 13, 2018 will continue to receive 2.50% until the end December 31, 2018. This was somewhat reminiscent of when Ideal Savings first opened at the end of 2016 with a rate that dropped by 0.75% in less than 1 month. It’s getting hard to keep up with all their rate changes, but those who got in at the right time are enjoying a great rate.

https://www.highinterestsavings.ca/2018/04/savers-roundup-april-2018-wealthsimple-savings-account-scotiabank-promo-fine-print-and-automated-tax-filing/

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This was posted in the Articles section by some unnamed individual. In my mind it takes a totally uncalled for slur/swipe at Ideal Savings and their announced rate change on April 13, 2018.

First off, the 2.50% promotion rate had been going on for months at Ideal, accompanied by the proviso language that rates are subject to change without notice. It was well known that the current 2.50% holders were guaranteed that rate until the end of the year WITH the added bonus that anyone interested in that rate just had to sign-up for an account by the 13th.

To make it sound like it was a bait and switch rate by Ideal was totally uncalled for and diminishes the character of this forum; particularly a forum that for some unknown reason STILL champions entities like ICICI Bank and Zag Bank on it's HISA Comparison Chart, which haven't been in the game for years, IF EVER.

April 19, 2018
10:52 am
Jon
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People demand consistency, this include participants of this forum that have yet to join the institution. For people that have been involve with them when they start, it is NOT a bait and switch. However, it is disappointing that they drop the rate significantly, as they have done that in the past.

You don't need to be so angry all the time really, it degrade your quality of life and your mental health.

April 19, 2018
12:35 pm
Peter
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I've written all but 2 of the "Savers Roundups". I wrote the latest one.

Would this write-up have seemed more fair if I had omitted the last 2 sentences? Or is it the whole thing that's a problem?

I think it's fair to call out frequently changing HISA rates, although it's nowhere near the infraction level of frequently changing TFSA regular rates. Certainly Ideal Savings has done everything possible to mitigate a frequently changing rate by grandfathering old rates. I tried to make it clear that many people are still getting a great rate, and that no matter what, they're in the conversation for the top rates. I'm definitely interested if there's a specific tweak or two to the wording that would have made it more acceptable.

April 19, 2018
12:46 pm
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For me Peter, I just find the entire statement/paragraph off-putting when say compared to the fluffy piece that was written about the on-going adventures of Tangerine and their clientele. And that fluffy piece was written irrespective of the HIGH number of treads on this forum criticizing how Tangerine does business.

https://www.highinterestsavings.ca/2018/01/savers-roundup-january-2018-rising-interest-rates-tfsa-season-tangerine-q1-promo/

April 19, 2018
2:21 pm
Wayno
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Top It Up said
Ideal Savings: short-lived stint at the top

.... In my mind it takes a totally uncalled for slur/swipe at Ideal Savings and their announced rate change on April 13, 2018....

...To make it sound like it was a bait and switch rate by Ideal was totally uncalled for and diminishes the character of this forum;...  

I respectfully disagree...

  • I find the article factual ... since it describes terms & conditions of Ideal's Saving Promotions.
  • I find the article does NOT disparage (slur/swipe) Ideal Savings.
  • It is a promotion NOT "Bait and switch"

Bait & Switch is the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods.

regards,

Wayno

April 19, 2018
8:07 pm
Joe
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Jon said

You don't need to be so angry all the time really, it degrade your quality of life and your mental health.  

Nailed it!

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

April 19, 2018
8:40 pm
Loonie
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No problem, Peter. People may have different views of the meaning of the changes that you have noted.

April 20, 2018
4:42 am
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Anyway, the tone of the posted article ISN'T surprising given the UNWELCOME welcome given to Ideal Savings when they first showed up on this forum, back in November 2016 -

https://www.highinterestsavings.ca/forum/ideal-savings/add-ideal-savings/

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