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HISA rate change
September 9, 2022
4:47 am
hwyc
GTA
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HISA rate 2.00% (was 1.70%) effective close of business on September 8, 2022

September 9, 2022
11:28 am
KamWest
Toronto
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LBC and B2B are a bit silly, they're courting money but if you want to deposit more than 500k they pay virtually no interest on the portion over 500k.

I don't understand that, they are obviously courting money right now yet still limiting what you can put in.

I have not used my B2B or LBC accounts since they put in this stupid limit.

September 9, 2022
12:33 pm
Hellohello
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I would not put more than 100k into this subprime name. B2B direct no longer accepting new accts

September 9, 2022
12:39 pm
cgouimet
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Hellohello said
I would not put more than 100k into this subprime name. B2B direct no longer accepting new accts  

Not excited with 2%?

CGO
September 9, 2022
12:42 pm
cgouimet
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KamWest said
LBC and B2B are a bit silly, they're courting money but if you want to deposit more than 500k they pay virtually no interest on the portion over 500k.

I don't understand that, they are obviously courting money right now yet still limiting what you can put in.

I have not used my B2B or LBC accounts since they put in this stupid limit.  

I have not "banked" at B2B or LBC. But then I have never looked for a HISA home for $500k+ ...

CGO
September 9, 2022
12:55 pm
Loonie
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So, they want to increase their customer base more than they want your millions.
Seems reasonable to me inasmuch as they do set their goals, not us.

September 9, 2022
1:00 pm
KamWest
Toronto
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cgouimet said

I have not "banked" at B2B or LBC. But then I have never looked for a HISA home for $500k+ ...  

GIC's are the same

September 9, 2022
1:02 pm
KamWest
Toronto
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Hellohello said
I would not put more than 100k into this subprime name. B2B direct no longer accepting new accts  

B2B is on phase out and I think it will be rolled into LBC so I don't think that is an indication of their health.

Laurentian is a solid bank, my parents have banked there for years but its hard to find a branch now, almost everything is digital and that forced my parents to Scotia Bank.

September 9, 2022
2:02 pm
AltaRed
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Latest credit ratings as far as I know https://lbcfg.ca/investors-centre/credit-ratings/ makes it solid for a Tier 2 bank for deposits and senior secured debt.

Not investment grade for lower ranked debt, preferreds, etc. I wouldn't be buying any of their unsecured debt, preferred shares, etc.

September 9, 2022
6:49 pm
Norman1
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Loonie said
So, they want to increase their customer base more than they want your millions.

Seems reasonable to me inasmuch as they do set their goals, not us.

For sure, Laurentian Bank isn't really looking for millions. A few months ago, they sold $400 million of three-year deposit notes to institutional investors, according to BNN: Canada Banks Issue Flurry of Bonds… (Jun 3, 2022).

As well, one can easily do much better than 2% for $500,000+. Yesterday, BMO InvestorLine had 29-day Bank of Nova Scotia bankers acceptances available that yielded 3.4% per annum. $50,000 minimum purchase. $2.9 million in their inventory.

September 9, 2022
7:13 pm
Hellohello
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If nobody needs deposits why is there a media campaign to promote GICs, or is the media doing everyone a favour.

September 9, 2022
7:18 pm
savemoresaveoften
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Hellohello said
I would not put more than 100k into this subprime name. B2B direct no longer accepting new accts  

B2B direct had not been accepting new accts for at least a couple of years and had been exclusive via broker base only.

Took them forever to try to amalgamate their online platform...

September 9, 2022
10:02 pm
Norman1
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Hellohello said
If nobody needs deposits why is there a media campaign to promote GICs…

Because not everyone can call RBC Capital Markets to see if any investors would be interested in buying $500 million of uninsured deposit notes and receive a reply that $1 billion is interested.

September 10, 2022
1:40 pm
evercareful
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Closed my LBC HISA acct last week as I don't foresee them being competitive going forward. I'll keep my B2B acct for now. At one time LBC/B2B were at the top of heap for rates but now near the bottom. Even the big bank brokerage ISA's are at 2.85% and they're notoriously stingy with their rates, so 2% is really bad.

Oddly, even though I received a letter acknowledging the closure, I'm still able to log in although there is nothing to see. May have to give them a call. Also received an email advising of the new HISA rate even though the account is closed.

September 10, 2022
5:36 pm
JohnnyCash
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evercareful said
Oddly, even though I received a letter acknowledging the closure, I'm still able to log in although there is nothing to see. May have to give them a call. Also received an email advising of the new HISA rate even though the account is closed.  

In the same boat as you, login profiles still accessible but accounts are closed. Might be related to regulatory requirements they retain data for a number of years. Keeping the login profiles active is not a significant concern as it would allow for quick reopening of new accounts in the event they become a market leader, without having to go through their hit-and-miss verification process again. I don't foresee that happening, never mind the fact their banking website is a house of horrors and incredibly unstable.

September 11, 2022
6:15 am
bhuc
Toronto
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I also recently closed my B2B accounts because why not , I'm probably never going use them again.
But then again, never say never.
And I agree with JohnyCash their website is atrocious !

September 11, 2022
8:02 am
Norman1
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Laurentian Bank intends to get rid of their amateurish LBC Digital site and move the accounts to their LBCDirect system that they have been using for their regular branch accounts.

I going to keep my empty LBC Digital HISA open for a while to see if they will need to raise more savings account deposits in the future.

Laurentian Bank hasn't abandoned the LBC Digital channel. The current 4.6% rate for a LBC Digital one-year GIC is at the top of the rate chart.

September 11, 2022
8:46 am
Norman1
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2% is a sign that LBC Digital is not really that interested right now in much more savings deposits.

The TD and Royal Bank ISA's are leading. But, unfortunately, many of the brokerage ISA's are still around 2¼%:

ISA Rate
TD Investment Savings Account, Series A (TDB8150) CAD 2.85%
RBC Investment Savings Account, Series A (RBF2010) CAD 2.75%
Home Trust High Interest Savings Account, Class A (HOM100) 2.35%
Equitable High Interest Savings Account, Series A (EQB1000) CAD 2.30%
Scotiabank Investment Savings Account, Series A (DYN6000) CAD 2.25%
BMO High Interest Savings Account (BMT104) CAD 2.25%
Renaissance High Interest Savings Account, Series A (ATL5000) CAD 2.25%
September 11, 2022
12:28 pm
AltaRed
BC Interior
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If history repeats itself, TD is often the leader and the rest of the brokerage ISAs will most likely become competitive within the next 7-10 days. A few are perennial laggards in timing of increases. I own both DYN5000* and BMT104 and much smaller amounts in their USD offerings. Spouse has RBF2010 in her accounts.

* The ADS equivalent to the BNS offering.

September 12, 2022
12:36 pm
AltaRed
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Norman1, your chart might be more exciting if you added BTB100 and MIP510 to it. It would more or less complete the loop on the primary "banks" that are chatted about on this site.

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