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Rate to decrease to 2.80% on March 1, 2020
February 11, 2020
6:35 pm
picassocat
Québec
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Bill said
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.

Correct, .6%
Thanks !

February 12, 2020
6:04 am
savemoresaveoften
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Interest said
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.  

Did LBC actually claim they will hold the rate at 3.3% ? I dont recall they explicitly make that claim. I signed up understanding its going to be an "intro" rate and enjoy it while it lasts. Maybe I am easily satisfied but at least its still 2.8% which is "still" the high rate out there. I will be mad if they drop it to <2% again in the next 3 months. You won't find a FI with physical front offering that kind of rate at this moment unfortunately.

February 12, 2020
12:47 pm
implode
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I was late to this game, and only will have received just under 1.5 months at this 3.3% rate. It's no worse than Simplii's rate, but I have more faith in Simplii's site.

February 12, 2020
2:36 pm
pianoman8849
Halifax, NS
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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.  

That's why I don't deal with Tangerine. If I want to gamble, I'll go to Vegas.

February 12, 2020
4:58 pm
2of3aintbad
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I never had enough $ in this account to make a big difference, but since I have other uses for those $, I will transfer out after the interest is paid on March 1. It was hardly worth it to open the account.

February 13, 2020
5:27 am
Alexandre
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Disappointing, but 2.8% still puts LBC on top of the HISA chart, side by side with Motive. Will be keeping my money with LBC for now.

February 13, 2020
10:06 am
wcg66
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For everyone asking "did you think it would last forever?", the answer is no. I think most people signing up would expect it to go down, eventually. However, it was fairly short lived and by the time some of us got on board (literally navigating some of the sign up issues), it's already over. I'm not crying over spilled milk but I'll likely just move everything over to Motive since I have that setup before LBC.

February 13, 2020
11:39 am
smayer97
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wcg66 said
... However, it was fairly short lived ...  

I guess it all depends on whether you consider over 6 months rate at 3.3% short-lived because that is how long the offer was available.

BTW, DUCA and Meridian both still have offers of 3%...those are short lived. First is until May 30, 2020 and the second is for 4 months from opening account.

February 13, 2020
3:03 pm
Briguy
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smayer97 said

I guess it all depends on whether you consider over 6 months rate at 3.3% short-lived because that is how long the offer was available.

BTW, DUCA and Meridian both still have offers of 3%...those are short lived. First is until May 30, 2020 and the second is for 4 months from opening account.  

LBC Digital only had that rate for 2.5 months. (B2B was longer).

February 13, 2020
5:01 pm
moneyhelp
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pianoman8849 said

That's why I don't deal with Tangerine. If I want to gamble, I'll go to Vegas.  

I hear ya, but I opened an account with Tangerine in summer of 2016 or 2017 and have always gotten a promo offer except for this past one where there was 2 months with no offer.

Called Tangerine to see if they would offer something better. They didn't, so I moved my $ out to Achieve, but then they offered me another 5 months @ 2.75% and swoosh! moved the money back.

The EFT does not take long, and I've decided not to call and ask for better rate, when the promo rates ends, move your money to a different FI and if Tangerine then offers a better rate I'll ship it back.

Easy peasy!

February 13, 2020
7:03 pm
Joe
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moneyhelp said

I hear ya, but I opened an account with Tangerine in summer of 2016 or 2017 and have always gotten a promo offer except for this past one where there was 2 months with no offer.

Called Tangerine to see if they would offer something better. They didn't, so I moved my $ out to Achieve, but then they offered me another 5 months @ 2.75% and swoosh! moved the money back.

The EFT does not take long, and I've decided not to call and ask for better rate, when the promo rates ends, move your money to a different FI and if Tangerine then offers a better rate I'll ship it back.

Easy peasy!  

Easy peasy indeed!
An extremely smart and astute member, you are winning.
Tangerine....best bank in Canada IMO sf-cool
LBC....second best bank in Canada IMO sf-cool

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

February 13, 2020
9:30 pm
MiMMV
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savemoresaveoften said

Did LBC actually claim they will hold the rate at 3.3% ? I dont recall they explicitly make that claim. I signed up understanding its going to be an "intro" rate and enjoy it while it lasts. Maybe I am easily satisfied but at least its still 2.8% which is "still" the high rate out there. I will be mad if they drop it to <2% again in the next 3 months. You won't find a FI with physical front offering that kind of rate at this moment unfortunately.  

There is this slightly-better-than-mushy-middle quote:
Craig Backman, the bank’s executive vice-president of personal digital banking, said 3.3 per cent was chosen because it’s an eye-catching number that tells people Laurentian is serious about competing on rates.

“This is not meant as an introductory rate,” Mr. Backman said. “Our intent is come into the market and be very competitive into the future.”

Source: https://www.theglobeandmail.com/investing/personal-finance/article-laurentian-bank-of-canadas-savings-account-with-the-33-per-cent/

February 14, 2020
5:49 am
Bill
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Kind of agree with you, Joe, Tangerine and LBC (so far) look pretty good to me too. And easy peasy to cherry-pick what suits you in life and not waste time whining and complaining about what doesn't, keep on the sunny side - now THAT'S winning!

February 14, 2020
7:35 pm
Briguy
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@Joe
I definitely wouldn't consider LBC Digital to be 2nd best bank in Canada. People have had money disappear when pushing money into LBC Digital from other FIs ( which took a while to recover ). People have had NSF charges after repeating transactions several times on the LBC Digital web site because it didn't appear the original transaction went through. eg. while paying bills or pulling in money from another FI. Lowering the interest rate from 3.3 to 2.8 percent after only 2.5 months, and after claiming this was not a promotional rate, was underhanded. Yes, the rate is still good at 2.8%, but you are not getting the same reliability for day to day transactions that you are getting at Motive Financial which offers the same rate. I still have my money at LBC Digital, but if I had known it would only be at 3.3% for 2.5 months I would not have bothered. I had to make at least 5 calls at the beginning to get everything set up. I don't trust the website enough to use it as a day to day bank either.

February 15, 2020
9:57 am
Loonie
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My heartfelt thanks to everyone who has complained or "whined" about their negative experiences with LBC and others. It made it easy for me to decide LBC wasn't for me.

February 15, 2020
11:16 am
Bill
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Have to agree with Motive at the top, it's regular rate is top notch, so I'd put it up there just ahead of Tangerine and LBC, EQ up there too, they've been the best for my purposes.

February 15, 2020
12:25 pm
LeBronBMT
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smayer97 said

I guess it all depends on whether you consider over 6 months rate at 3.3% short-lived because that is how long the offer was available.

BTW, DUCA and Meridian both still have offers of 3%...those are short lived. First is until May 30, 2020 and the second is for 4 months from opening account.  

Duca has been offering 3% since last summer. That's not short lived compared to LBC who just started in November and is ending before Duca.

February 15, 2020
12:47 pm
krwilson
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Loonie said
My heartfelt thanks to everyone who has complained or "whined" about their negative experiences with LBC and others. It made it easy for me to decide LBC wasn't for me.  

+1

I had tried several times to setup but kept getting the equifax could not identify me error...so after reading about other people's issues with this I gladly gave up. To have accomplished nothing by the looks of it at this point.

February 15, 2020
2:39 pm
Bill
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krwilson, did you try calling and talking to them?

February 15, 2020
2:49 pm
smayer97
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LeBronBMT said

Duca has been offering 3% since last summer. That's not short lived compared to LBC who just started in November and is ending before Duca.  

Actually, DUCA's offers are short-lived. The offer only applies to new money for a fixed period of time. So though the offer keeps being offered, it is only for new money. Once your time is up, that's it, AFAIK.

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