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Email this3:59 pm
December 12, 2008
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Down to 3.00% starting April.
djino
4:33 pm
Got the inside scoop? Thanks! At 3%, still higher than PCF(1.65%) & ING(just lowered to 1.85%) - just moved my money out of both account.
9:55 pm
Whew!!! Thankfully they only went down to 3.00%. Which basically means my $300,000.00 is now going to make about $9,000/yr Formula (I= Prt) or in my case that's $9,000=300000x0.03x1.
Hopefully this will be the last rate cut, as the stock market and economy is starting to recover and if anything rates should be going up later this year not down!!!
As for my RRSP's and TFSA at ICICI Bank, I'm making 2.50% on both of those accounts. In my case that's: (I=Prt) or $3250= 130000x0.025x1. Still making money there too, hopefully this should be the last of the rate cuts for a while.
Roc
10:26 pm
Roc... you seem pretty confident that the worst is behind us.... there's still plenty of room for things to drop further...
5:28 am
March 25, 2009
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Yes, I think we still haven't seen the rates finished dropping just yet either unfortunately.
With the banks getting free taxpayer bailout money they don't need depositors as much anymore. But in the next year or two rates can only go up.
Have a great day
3:20 pm
February 3, 2009
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mike said:
With the banks getting free taxpayer bailout money they don't need depositors as much anymore.
Canadian banks don't get bailout money; they don't need it. You're confusing them with the big ten US banks which had bailout money forced upon them.
10:26 am
March 25, 2009
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It's not really that well known, but here you go...
Canada's Bank Bailout
October 10, 2008
The 64 billion dollar budget deficit should come as no surprise.
It is directly related to a 75 billion dollar bank bailout program for Canada's chartered banks, announced, virtually unnoticed, four days before the October Federal election.
First Tranche: October 10: $25 billion. Already disbursed.
Second Tranche: November 12: $50 billion.
http://www.globalresearch.ca/i.....;aid=12007
and...
Ottawa triples bailout cash
THE CANADIAN PRESS
Nov 12, 2008
Offers $50B more to banks to ease credit crunch.
The plan is meant to take billions of dollars in mortgages off the books of Canada's big banks, which would then give them the financial capacity under current regulations to lend more money for consumer and student loans, lines of credit and corporate loans to help stimulate spending and economic growth in the flagging economy.
Have a great day
7:09 pm
February 3, 2009
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I stand corrected. Canadian banks do get some kind of bailout, but it is debatable whether it can be called bailout. The Canadian government is only buying CMHC-insured mortgages from banks (to improve their liquidity), which is not as egregious as the US government buying stakes in banks. Nonetheless, this form of bailout does reduce their reliance on deposits.
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