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January 2019 rate updates
January 2, 2019
9:12 am
Oscar
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Pace 29 month 3.4% promo is gone , replaced with 3 yr 3.51% and 5yr 3.53% promos
Duca expired 3.25% 3 yr redeemable promo is now listed in their regular offerings as well as 5yr @3.75%. Their HISA rate is 1.6%.
Not sure why ICICI is on list at 1.35%

January 2, 2019
11:16 am
AltaRed
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Why not? The HISA chart should only show steady state rates, not promotional rates.

January 2, 2019
11:29 am
Top It Up
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The Forum provides a separate page showing current and past promos - the Administrator always encourages members to provide updates which will then be entered on the link below.

https://www.highinterestsavings.ca/promotions/

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As far as the "rules" regarding inclusion in the HISA chart here are the General criteria for inclusion on the chart found at the bottom of the HISA Chart page

In general, for a bank account to be included in the comparison chart, it must be:

- accessible to all Canadians in all provinces and territories or, alternatively, all provinces and territories with the exception of Quebec (however, when they do exclude Quebec residents, this is indicated on the chart)

- must be able to be opened in-branch at any branch in all or the majority of the Canada’s provinces and territories or opened online through non-face-to-face account opening procedures without requiring a mobile mortgage or banking specialist to come to your home where the product will be sold in conjunction with a mortgage/home equity line of credit

- must not be held in broker “book-entry”/nominee form; must be held in one’s own name

- the regular interest rate on the high interest savings account must be “competitive” (this is loosely interpreted)

https://www.highinterestsavings.ca/chart/

January 2, 2019
2:04 pm
Loonie
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ICICI is not "competitive".
There are at least six banks and ten credit unions that offer a
significantly better regular savings rate.
I too don't know why it's there. Have people really exhausted the other sixteen-plus FIs, so that they want to go to ICICI?sf-surprised

January 2, 2019
2:31 pm
Oscar
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Thanks for the info . And to make it on the GIC chart you have to be on the HISA chart.
- the regular interest rate on the high interest savings account must be “competitive” (this is loosely interpreted)
That last criteria could allow for the big banks to get on both lists too.

January 3, 2019
9:12 am
AltaRed
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I would suggest if certain members don't like the charts/criteria/cut off, perhaps they could start their own forum? I really don't see the point of complaining. Perhaps be happy this resource, as it is, exists?

January 5, 2019
9:52 am
Peter
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I've now done the following:

  • Removed ICICI Bank from both charts due to them no longer being competitive
  • Changed the wording on the GIC chart so that a financial institution does not need to be on the main chart to qualify. This is to reflect some exceptions we made last year for Tangerine Bank and Simplii Financial.
January 5, 2019
10:04 am
Top It Up
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Peter said
I've now done the following:

  • Removed ICICI Bank from both charts due to them no longer being competitive
  • Changed the wording on the GIC chart so that a financial institution does not need to be on the main chart to qualify. This is to reflect some exceptions we made last year for Tangerine Bank and Simplii Financial.

  

But, in the brokerage channel, ICICI are still somewhat competitive but barely

http://www.rbcds.com/gic-rates.html

January 5, 2019
11:03 am
Rick
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Top It Up said

But, in the brokerage channel, ICICI are still somewhat competitive but barely

http://www.rbcds.com/gic-rates.html  

Maybe...but not everyone uses brokers and the rules in post #3 would make them ineligible.
Any promos from anywhere usually make it onto the forum. Got CC's 4% GIC and they aren't listed on the chart either.

January 5, 2019
11:16 am
Top It Up
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I was just pointing out that while they may no longer be competitive on this forum's GIC chart, they still are, to a degree, in the brokerage channel.

January 5, 2019
5:07 pm
Loonie
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thanks for reducing the clutter!

Please write your comments in the forum.