Implicity Financial to drop its interest rate to 1.80% on March 19 | Implicity Financial | Discussion forum

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Implicity Financial to drop its interest rate to 1.80% on March 19
March 18, 2013
2:10 pm
Peter
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I just got an e-mail from Implicity Financial stating that their savings account interest rate will drop to 1.80% (from 2.00%) starting tomorrow. They said that their reasoning is:

"When determining our rates, Implicity must stay in step with the current market trends and unfortunately in Manitoba the reduced mortgage rates have had an impact on our investment accounts. It was never our intention to stand alone with the highest interest rate in the industry. Our rate strategy is to ensure that our rates are among the best in Canada, competitive within our marketplace and consistent to our highest competitors with similar depositor insurance and product offerings."

Note: I am not an Implicity Financial customer nor am I affiliated with them in any way!

March 19, 2013
7:12 am
moneysaver
Ontario
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Implicity also dropped all of their GIC rates today as well Peter.

March 19, 2013
9:59 am
doc
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if they do not want to compete in the market place and be like just the rest of the pack who wants to do business with them anyway.

March 19, 2013
11:05 am
kanaka
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doc said

if they do not want to compete in the market place and be like just the rest of the pack who wants to do business with them anyway.

I think you have to look at all of the Winnipeg CU's as a group as far as rates go. But still the best rates! "Use" them and select which one has the best options, fees, or service that best meets your needs. It is like having your phone, TV and internet with Telus or Shaw.

March 31, 2013
2:17 pm
Doug
British Columbia, Canada
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Agreed. It's not all about rates at this point. When rates are sub-2%, I'm willing to take as much as a 25 basis point (0.25%) reduction to a higher rate offering from a competitor in exchange for better online banking experience/platform, customer service, "feature-set" and overall transparency.

On those four points, Implicity Financial/Entegra Credit Union top the charts, hands down!! sf-cool

Cheers,
Doug

P.S. See my further analysis and synopsis, including FAQs and a timeline of the account opening process, here in this thread.

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