manulife financal drops interest rate 1.55% | Manulife Bank | Discussion forum

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manulife financal drops interest rate 1.55%
March 12, 2013
9:54 am
doc
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manulife has dropped interest rate on savings account to 1.55%

March 12, 2013
10:13 am
Peter
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Interesting, thanks. 6 out of 14 financial institutions on our chart have dropped their savings account interest rates this month.

Hubert Financial is the only one to have seen a rate increase, although that was at the end of February.

March 12, 2013
11:48 am
moneysaver
Ontario
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Whats with all these rate drops all of a sudden?? Is it because BMO dropped their 5 year mortgage rates to 2.99%?? Is it because Ally is almost out of the market?? It makes me wonder. Mark Carney kept the Bank of Canada rate at 1% the other day. Thats no big surprise. It's been at that rate since Sept 2010. It's depressing seeing all these rate drops by almost every bank lately. Hopefully, It's short term. Any guesses or facts why all the rate drops all of a sudden?? sf-yell

March 12, 2013
12:05 pm
Yatti420
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Handful have dropped since Hubert's raise.. Interesting for sure..

March 12, 2013
4:46 pm
maxi
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My opinion...most of these banks were not expecting rates to remain as stubbornly low for as long as it has been (now for over two years) and the price they are now getting on the mortgages they lend-out has been dropping to their lowest levels as a result of some fierce price competition. Until the Bank of Canada changes their position to reward the saver, rather than the borrower, we're in for a long haul!

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