December 22, 2011
It looks like Canadian Direct Financial is increasing their GIC's effective tomorrow on the 2 and 3 year GIC's only. I just notice it says Effective April 3/12. I was looking at the Financial Post like I do everyday and I noticed it. I am not a Client of Canadian Direct Financial so if you are Peter or anybody who is maybe you can correct me if I am wrong. If its true, Maybe its a sign rates may be on the rise a bit. The 2 year is going up by .15% and the 3 year is going up by .10%. Here the link which I noticed it.
In my humble opinion, I don't see any immediate signs deposit rates are on the rise in any significant way and doubt any FI will make any significant increases until the BoC moves the overnight rate.
In looking at the recent increase at Canadian Direct, we have to recognize they are still lower than many of their competitors. My bet...they are adjusting some rates to become more competitive in certain terms.