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ISA and GIC rates raised
July 3, 2010
6:08 am
Nightowl
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May 18 ING raised their long term GIC rates:

1 yr up 0.35 to 1.60%
1 1/2 yr up 0.50 to 2.00%
2 yr up 0.50 to 2.25%
3 yr no change 2.50%
4 yr up 0.25 to 2.75%
5 yr up 0.25 to 3.25%

June 30 ISA rate went up 0.10 to 1.30%

July 3, 2010
7:53 pm
mike
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That's good news for us savers. 😀

If gov'ts want us to save, they need to encourage people to save by increasing the prime rate.

Have a great day

July 4, 2010
5:51 pm
Doug
British Columbia, Canada
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The government doesn't control the prime rate. It has delegated control over monetary policy to the Bank of Canada, a Crown corporation with an independently appointed board of directors. Only a couple of the directors are directly chosen by the Minister of Finance.

Cheers,
Doug

July 5, 2010
1:31 am
kilarney
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so the people who are trying to live within their means are thrown a tiny bone of encouragement.... I think they will never let the rates rise much so people still borrow to buy crap they dont need to keep this pyramid economy from crashing down around us. Car makers need buyers...house builders need buyers... china needs buyers... so you arent going to get much if you keep cash in a bank. The other angle is they want you to dump it into the stock market..same effect. keep it all from crashing down.

July 5, 2010
6:03 pm
Mike
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ING raising GIC's again. 1 year to 1.75% and 2 year to 2.5%

Maybe they are losing business to Ally?

July 6, 2010
1:24 am
Doug
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I'd say so. I've seen numbers recently that Ally has already surpassed Canadian Tire Bank in terms of customer deposits (GICs, HISAs, TFSAs, etc.) with over $3 billion on deposit (Canadian Tire Bank had $2.5 billion or somewhere around there). They have a ways to go until they catch ING Bank of Canada (about $25 billion) or HSBC Bank Canada ($50 billion). I believe they've already surpassed Manulife Bank (which makes sense, their deposit rates are crap since they're only targetting mortgage "all-in-one" account clients).

I'd like to see them launch an Ally Chequing account similar to their product in the U.S. If they did that, PC Financial might as well close up shop as should ING because everyone will migrate to Ally.

They are a company on the move - and they have terrific, Canadian-based customer service!

Cheers,
Doug

July 6, 2010
1:15 pm
Simon
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Keep in mind that Ally still doesn't offer its services in Quebec, and until it does (if ever), ING has little reason to feel threatened.

July 10, 2010
3:32 am
Bobster
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ING's raised their short term GIC rates. 270 day GIC is now 1.65%

July 14, 2010
5:11 am
Guest2
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ING's raised their short term GIC rates. 270 day GIC is now 1.65%

Yes. I think I'll tie up my money for 9 months to earn that paltry interest rate.
😮

July 14, 2010
5:13 am
Guest2
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kilarney said:

so the people who are trying to live within their means are thrown a tiny bone of encouragement.... I think they will never let the rates rise much so people still borrow to buy crap they dont need to keep this pyramid economy from crashing down around us. Car makers need buyers...house builders need buyers... china needs buyers... so you arent going to get much if you keep cash in a bank. The other angle is they want you to dump it into the stock market..same effect. keep it all from crashing down.


You nailed it.

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