Rate to decrease to 2.80% on March 1, 2020 | LBC Digital | Discussion forum

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Rate to decrease to 2.80% on March 1, 2020
February 10, 2020
5:03 pm
Sammy
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And here comes the first rate drop:

Effective March 1, 2020, the annual interest rate for the LBC Digital HISA on deposits up to and including $500,000 will change from 3.30% to 2.80%.

February 10, 2020
5:54 pm
butterflycharm
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Sammy said
And here comes the first rate drop:

Effective March 1, 2020, the annual interest rate for the LBC Digital HISA on deposits up to and including $500,000 will change from 3.30% to 2.80%.

  

And I could never open their account because of their IT incompetence.
What is the alternative after March 5th?

February 10, 2020
6:55 pm
Briguy
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Guess everyone is going to Motive Financial on March 1, same rate of 2.8% but much more competent. The 3.3 % at LBC was only since mid November, so this was a real teaser of a bank rate that only lasted about 2.5 months. I think most people would have just stayed with Motive if they knew all the hassles they went through was only for a period of 2.5 months higher rate.

February 10, 2020
7:46 pm
picassocat
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I always kept money in another bank (Alterna) because LBC digital or B2b are not reliable. Now that the difference in interest rate is small (.06%) I wonder if it’s worth my while to continue with Laurentian/B2b. If their platform was problem free, yeah, but it isn’t. Is it worth the problems?

February 10, 2020
8:34 pm
Briguy
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The 0.6% difference would be 6.00 per thousand invested per year, so for 100,000 it would be 600.00 per year. Worth it if you need to keep the money in a HISA and not in GICs. But you would get same rate as LBC with a more reliable web site at Motive.

February 10, 2020
9:12 pm
picassocat
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Briguy said
The 0.6% difference would be 6.00 per thousand invested per year, so for 100,000 it would be 600.00 per year. Worth it if you need to keep the money in a HISA and not in GICs. But you would get same rate as LBC with a more reliable web site at Motive.  

Can you pay your bills (daily banking) with Motive, I know it isn't a bank?

February 11, 2020
12:03 am
Joe
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Briguy said
Guess everyone is going to Motive Financial on March 1, same rate of 2.8% but much more competent. The 3.3 % at LBC was only since mid November, so this was a real teaser of a bank rate that only lasted about 2.5 months. I think most people would have just stayed with Motive if they knew all the hassles they went through was only for a period of 2.5 months higher rate.  

That's 3.5 mths.
Tangerine gives 6 months on their promotions.
Best bank in Canadasf-cool

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

February 11, 2020
3:10 am
Briguy
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picassocat said

Can you pay your bills (daily banking) with Motive, I know it isn't a bank?  

Yes, you can pay bills with Motive, but you're only allowed 2 free transactions a month with the Savvy Savings HISA, so you need to transfer money to the ChaChing chequing account before you pay your bills. The only negatives with Motive are that the linking process to external banks is by the old fashioned paper way, and there are no overdraft or coverdraft or sweep features on the chequing account, and the savings account is not a hybrid account, ie, its just for savings.

February 11, 2020
3:11 am
Briguy
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Joe said

That's 3.5 mths.
Tangerine gives 6 months on their promotions.
Best bank in Canadasf-cool  

I prefer not to deal with banks where you need to win a lottery to get a good rate.

February 11, 2020
4:34 am
fabafter50
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Briguy said

I prefer not to deal with banks where you need to win a lottery to get a good rate.  

Agreed, I pulled everything out of there because of exactly that.

February 11, 2020
7:36 am
Nav66
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FYI: This change also applies to B2B "Effective March 1, 2020, the annual interest rate for the B2B Bank HISA® on deposits up to and including $500,000 will change from 3.30% to 2.80%."
DUCA Credit Union is a good alternative - Earn More Savings Winter Promotion (interest paid monthly) 3.00% until 31 May 2020.

February 11, 2020
8:12 am
canadian.100
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Did you guys really expect a rate of 3.30% to continue endlessly? I think 2.8% on a HISA is still not bad these days. I suspect rates are bound to go lower as the corona epidemic continues and negatively affects world economies.

February 11, 2020
8:13 am
smayer97
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@sammy @nav66 please supply link to source info.

here they are:
b2bbank.com
lbcdigital.ca

February 11, 2020
8:20 am
canadian.100
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smayer97 said
@sammy @nav66 please supply link to source info.  

This sentence appears on both the LBC and the B2B sites:
"Effective March 1, 2020, the annual interest rate for the B2B Bank HISA® on deposits up to and including $500,000 will change from 3.30% to 2.80%."

February 11, 2020
8:23 am
picassocat
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smayer97 said
@sammy @nav66 please supply link to source info.  

https://www.duca.com/
https://earnmore.duca.com/

February 11, 2020
8:27 am
smayer97
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canadian.100 said

This sentence appears on both the LBC and the B2B sites:
"Effective March 1, 2020, the annual interest rate for the B2B Bank HISA® on deposits up to and including $500,000 will change from 3.30% to 2.80%."  

Yes but direct links are better than trying to hunt for the info. For example, clicking on the B2B Bank logo takes you to the Account info page instead of the Home page (odd) and that page does NOT have the rate change. Also, the LBC site is not so obvious either...you have to know what where to go.

Direct links are ALWAYS best so people can read the info for themselves, and in context.

Anyway, I tracked them both down and updated my post.

P.S. It also gives people a place where they can reference for any further changes.

February 11, 2020
11:42 am
savemoresaveoften
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thats too bad. But again 2.8% still one of the top rates out there.
And with 5y GIC tops 3%, naive to think 3.3% last forever.

February 11, 2020
1:26 pm
picassocat
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Briguy said
The 0.6% difference would be 6.00 per thousand invested per year, so for 100,000 it would be 600.00 per year. Worth it if you need to keep the money in a HISA and not in GICs. But you would get same rate as LBC with a more reliable web site at Motive.  

I never keep more than 9000$ in my HISA, the rest is invested in the stock market, so .06% compound interest equals to 55.25$ more in my pocket at the end of the year.

February 11, 2020
4:39 pm
Bill
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picassocat, I think you mean .6%, plus the $55.25 has to be reduced for income taxes payable before you get to put it in your pocket so it could be significantly less.

Everyone knew the 3.3% wouldn't last, maybe they've reached their new deposit targets, and now it'll be interesting to see if they keep their still HISA list-leading 2.8% rate as a regular rate or if it's the first of further decreases.

February 11, 2020
5:21 pm
Interest
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Personally, not happy about the drop to 2.8% after all of the forward looking statements that were made about holding at 3.3% to get people on board and the fact that LBC is completely digital/ online.

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