ISA and GIC rates raised | Tangerine Bank | Discussion forum

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.

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.

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