September 23, 2014
CDF will match the recent PC Financial promo for 2.5% until the end of March. You just need to give them a call and let them know you are aware of the competing offer.
The only catch is that they are matching the rate with a GIC instrument, which means you will lose your liquidity privelages over the period. However, if you can lock in for the time (<90 days), you can save the hassle of moving your money to capture the promo.
September 11, 2013
That happened to me last year, when they called me and asked why I was moving it out, so looks likes it's a general policy to match on a GIC rate for the same period as their competitor's promotion. This time I got an email from one of their employees asking me if I intended to close my accounts and I replied no, what I do is move my money back about a week before the end of the promotion unless there's a better deal elsewhere. (I'd fully understand if they want to close my accounts due to my constant in and out, lots of promotions in the last year or so.) I got no response indicating they would match, but of course by then the funds were already moved. I'm happy to move this liquid money to whoever has the best rate, to do business with whoever takes it upon themselves to offer a better deal than their competitors, even if it's for a short time. Among family and friends loyalty is important (we all agree on that, I'm pretty sure) but regarding money I expect, and offer, none (we all don't agree on that, I can see from reading these forums for a while now).
June 29, 2013
November 4, 2014
We had problems in the past with financial institutions promising to match rates either from savings accounts, term deposits, GIC's etc.
If we don't have something in writing that we can refer to either an email, fax, website printout etc. with the rate, term and other important details, we just avoid it.
They should be more competitive in the first place as they are more informed than us, consumers, borrowers, clients etc.