HISA rate is now 1.7% (was: 1.15%) | LBC Digital | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
HISA rate is now 1.7% (was: 1.15%)
August 23, 2022
6:47 am
Alexandre
Member
Members
Forum Posts: 692
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Effective as of close of business on August 22, 2022, the annual interest rate for the LBC Digital High Interest Savings Account (HISA) on deposits up to and including $500,000 will change from 1.15% to 1.70%. The annual interest rate on deposits over $500,000 will remain at 0.30%.

August 23, 2022
7:25 am
savemoresaveoften
Member
Members
Forum Posts: 1529
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

saw it too.
Why do they even care to update when it will attract a big zero deposit anyway...

August 23, 2022
7:37 am
AltaRed
BC Interior
Member
Members
Forum Posts: 1956
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

It clearly seems underwhelming relative to other Canadian options but it may be they have a large Quebec depositor base that tends to 'stay local' and don't need to offer more relative to their regional competition. It is always about managing the deposits they want/need at the lowest cost (to them). Their shareholders (owners of the bank) demand it.

August 23, 2022
10:52 am
evercareful
Member
Members
Forum Posts: 7
Member Since:
August 12, 2022
sp_UserOfflineSmall Offline

With the big bank brokerage HISA's at 2.25 %, anything less is subpar. I opened an acct with LBC when their rates were among the best (3.3% ). I transferred out earlier this year to Oaken and now Motive as rates started to rise. Will likely close my LBC acct in the near future.

August 23, 2022
11:15 am
JohnnyCash
Member
Members
Forum Posts: 169
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

AltaRed said
Their shareholders (owners of the bank) demand it.  

Yes, and we the depositors demand more by moving our funds accordingly.

August 23, 2022
12:11 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 1956
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

JohnnyCash said

Yes, and we the depositors demand more by moving our funds accordingly.  

As we should and do (as did I). Win-win for both the FI and the depositor.

August 23, 2022
12:26 pm
Bill
Member
Members
Forum Posts: 3258
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

And win-win for depositors who also happen to be shareholders!

Please write your comments in the forum.