ING lowers interest rate to 2.70% | Tangerine Bank | Discussion forum

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ING lowers interest rate to 2.70%
November 8, 2008
4:35 pm
Scrooge
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I wonder who is next...

November 9, 2008
1:28 pm
Fouad
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sadly but true.. I just created account with them and moved my money.. now after reducing their rate they are not attractive anymore!

November 10, 2008
12:06 pm
CM
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Interest rates are only going in one direction through the next coming year, so we will all need to get use to these lower rates. Over the past 18 months I have started to ladder my deposits across multiple terms/GICs in an effort to improve my overall return and keep my funds as liquid as possible. Given the consistently high term rates at Achieva Financial, I have moved most of my funds to them, keeping my savings split between them and HSBC --- however, that is only my strategy to best manage through this current rate environment.

November 10, 2008
10:07 pm
Doug
British Columbia, Canada
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Forum Posts: 4247
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December 12, 2009
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ING Bank of Canada isn't really competitive anyway. With HSBC Bank Canada's Direct Savings Account, you have complete, unlimited surcharge-free ATM and POS access across Canada's largest ATM network (any Exchange network or BMO Bank of Montreal ATM) whereas with ING, you get four free Interac withdrawals per month and an interest rate that is below that of most banks or equivalent to that of others with better access, like HSBC.

Moreover, ING's parent company, ING Groep NV, is in a precarious financial position, having recently accepted a bailout and partial nationalisation by the Dutch government (Dutch taxpayers now more than 40% of ING Groep) so they may be lowering deposit rates to increase their net interest income. Personally, I prefer the strategy of increasing loan and mortgage rates rather than lowering deposit rates. So, you may not see others follow suit quite yet.

That said, I have to say, people should definitely move money to HSBC Bank Canada and, in particular, the Direct Savings Account and even some of the Great Rate GICs. I know I have and I'm a happy employee. 🙂

Cheers,
Doug

November 13, 2008
11:03 am
Maxime
Guest
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Sorry Doug, I prefer ICICI 3.40% interest rate 😉

When I need to have some money easy accessible, I transfer it to my HSBC high interest account.

My GICs are unfortunately at ING

and all the money I do not want to lose because of precarious situation of ING, I leave it at ICICI Hisave account at 3.40%!

November 18, 2008
5:12 pm
Palos
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HSBC direct just lowered their rate to 2.75%
ING's drop was the signal, the rest of the competition will surely follow 🙁

November 26, 2008
7:33 am
Isaac Hall
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But doesnt HSBC still offer 2.75 % plus 1% bonus, so 3.75% overall?

and can someone please refer me to sign up at ICICI? my email is isaac_hall@hotmail.com,

thanks

March 2, 2009
11:06 pm
Tanner
Guest
Guests

now at 2.3%

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