Maxa down to 1.85% | MAXA Financial | Discussion forum

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Maxa down to 1.85%
October 5, 2009
12:55 pm
dave
Guest
Guests

It's been a few days already that Maxa dropped to 1.85%.

October 6, 2009
12:38 am
mike
Member
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Forum Posts: 161
Member Since:
March 25, 2009
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I noticed their GIC dropped to 2.1% as well. Still, 2.1% for 1 year GIC is an exceptionally good rate.

But I am surprised that the savings rates are STILL dropping. I would have thought they would be quite stable now and in fact, start to raise soon.

GIC's are dropping in all the banks as well.

Thankfully we are in a deflationary cycle right now for the past 18 months. I'm starting to think it won't be until June/10 that we see rates start to go back up for us savers now.

Have a great day

October 11, 2009
3:16 pm
Hornswoggler
Guest
Guests

there is no deflation. things are only going up in price not down. Salaries however remain stagnant.

Savers are being ripped off to prop up the rest.

October 13, 2009
7:40 pm
Madkatjim
Guest
Guests

Rates are down and likely to remain down. Are deposits with Maxafinancial covered by CDIC insurance?

October 14, 2009
1:57 pm
Doug
British Columbia, Canada
Member
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Forum Posts: 3815
Member Since:
December 12, 2009
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They're covered by Credit Union Deposit Guarantee Corporation of Manitoba, which insures 100% of eligible deposits.

Bear in mind, though, that deposit insurance is only as good as the insurer. If a major bank or credit union were to fail, the overall economy would have to be so bad that it would spawn a whole slew of failures and eventually, the deposit insurance funds would be overrun - forcing the government to borrow copious amounts of money to cover deposits or do an about-face and stop guaranteeing deposits.

Your best bet is to park your money with an institution that is financially solid, of the highest calibre and globally linked. In short, one that is "too big to fail".

Cheers,
Doug

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