New interest rate starting March 14, down to 2,25% | LBC Digital | Discussion forum

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New interest rate starting March 14, down to 2,25%
March 13, 2020
1:12 pm
picassocat
Québec
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The sign of the times.

March 13, 2020
1:13 pm
Alexandre
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After these news, my money flew away from LBC to Tangerine 2.75% promo faster, than you could say "EFT."

I wonder if Tangerine will keep their promo for its duration, or decide not to.

March 13, 2020
1:17 pm
Doug
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Alexandre said
After these news, my money flew away from LBC to Tangerine 2.75% promo faster, than you could say "EFT."

I wonder if Tangerine will keep their promo for its duration, or decide not to.  

It's a good question, and to be clear, don't bother trying to ask Tangerine CSRs as you will get the same response krwilson and I have received, that there are no plans to amend the promotion. As always, that's true in as much as there are truly no publicly-announced plans to do so. If and when it happens, Tangerine will make that decision without advance warning, as allowed within the T&C.

Cheers,
Doug

March 13, 2020
2:27 pm
smiley
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It will go lower as BoC announced another 50 basis point cut today.

March 13, 2020
3:35 pm
jonf
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I have almost nothing against Tangerine, I have been a customer with them since 2003, the rate where very competitive then, but now it's not except for the 9 month GIC.

If you don't already have an account there, it is a good idea to open one but don't forget that you will have to move you money again after 5 months (current rate is 0.7%) or not if all the other banks decide to lower the rate again after the second rate cut this morning. (good probability since all countries are going nuts about the COVID-19, even in Canada and Quebec where we have only 152 and 17 cases respectively)

A disappointment from LBC Digital, is that they already lower the rate from 3.3 to 2.8 (I though that this cut was already accounting the Canada rate cut that just followed the US one). Now it's -1.05% from there initial promotion even if their transaction web site is far from stable or bug free (IMHO).

March 13, 2020
3:57 pm
picassocat
Québec
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Alexandre said
After these news, my money flew away from LBC to Tangerine 2.75% promo faster, than you could say "EFT."

I wonder if Tangerine will keep their promo for its duration, or decide not to.  

When I read your post, I jumped on my computer to transfer everything to Tangerine. I only got the 2.75% promo and it's subject to change anytime, but it's the best I've got in any bank that caters to Québec and I don't deal with fly-by-night all exclusive financial institutions like Accelerate and company, I want a full service bank.

Excluding special offers, LBC digital still has the best interest rate in a full service bank. If Tangerine drops below 2,25%, its goodbye.

March 14, 2020
6:46 am
savemoresaveoften
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jonf said
I have almost nothing against Tangerine, I have been a customer with them since 2003, the rate where very competitive then, but now it's not except for the 9 month GIC.

If you don't already have an account there, it is a good idea to open one but don't forget that you will have to move you money again after 5 months (current rate is 0.7%) or not if all the other banks decide to lower the rate again after the second rate cut this morning. (good probability since all countries are going nuts about the COVID-19, even in Canada and Quebec where we have only 152 and 17 cases respectively)

A disappointment from LBC Digital, is that they already lower the rate from 3.3 to 2.8 (I though that this cut was already accounting the Canada rate cut that just followed the US one). Now it's -1.05% from there initial promotion even if their transaction web site is far from stable or bug free (IMHO).  

thats unfair given BoC cut 100bps in last 2 weeks and look at where rates are at other banks.

I am the opposite and quite happy they still keeps it at 2.25% which is the highest of the bunch other than rates that were offered months ago and locked like 2.8% at Simplii etc.

March 17, 2020
4:08 pm
implode
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Whoah. Time to move money back out then to Simplii.

March 20, 2020
5:51 pm
GoJetsGo
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Maxa's rate has been lowered which puts LBC back to the top of the HISA chart. What a difference a week makes. I (like Alexandre) flew my money to Tangerine faster than toilet paper leaving Costco.

Off topic...am I the only one in Canada completely annoyed by the barrage of emails from CEO's? The bank ones are particularly off putting. My dentist, I get, but if I get one more email from an online bank telling me how they are dealing with COVID-19, I might...

March 21, 2020
5:30 am
Alexandre
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I am finding these emails from banks annoying, too. Someone didn't read the public mood, perhaps, before doing mass mailing.

Also, what a difference a month made. When I've got my "special offer" of 2.75% from Tangerine early February, I laughed at it. My Tangerine savings accounts were sitting at zero, because elsewhere I could get much better rates. I only accepted Tangerine offer because I always do accept such offers, even if I don't need them.

Well, here we are, in March, and I do indeed need and use it in full.

I have my fingers crossed Tangerine will keep their promise, because by June all these interest rates adjustments by different FI should settle down and it'll be easier to figure where to move money, based on HISA chart sorted descending.

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