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Offered 3.5% on non-registered savings.
July 21, 2022
12:19 pm
Canuck
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I just received this email:

"A new special Savings rate is coming your way!

Very soon, you’re going to be able to earn a 3.50% special interest rate on all of your eligible non-registered Savings balances of up to $5,000,000 combined*!

1. Look out for a message from us dropping in your inbox on August 2, 2022.

2. In that email, activate your offer to earn your special rate.

3. To make the most of your special rate, just keep your money right where it is."

I was on a 2.8% "multi-product" promotion (i.e. including registered and non-registered savings) expiring on July 31, 2022.

I JUST called in earlier today and accepted a 2.75% "multi-product" offer expiring on January 16, 2023. I accepted this offer before receiving the above email.

I accepted the 2.75% "multi-product" offer because my TFSA funds (approximately $86,500) would have been stuck at Tangerine at 0.4% for around a month .. so I had no choice.

Do you think that my accepting the 2.75% "multi-product" offer excluded me from being offered 3.5% as a "multi-product" offer? And that's why I was only offered 3.5% on my non-registered savings account?

July 21, 2022
12:55 pm
lhsaid
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Got it too

July 21, 2022
2:45 pm
want8tracks
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I got this same email today too. It also said, to make the most of this offer, keep your money locked in over here.

But wait! If this offer is on new deposits only, which they usually are, shouldn't I move my money out right now, and move it back in on August 2?

July 21, 2022
4:17 pm
Canuck
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want8tracks said
I got this same email today too. It also said, to make the most of this offer, keep your money locked in over here.

But wait! If this offer is on new deposits only, which they usually are, shouldn't I move my money out right now, and move it back in on August 2?  

The offer will probably be on your whole savings account balance (including any existing funds).

July 22, 2022
4:30 am
dougjp
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want8tracks said
I got this same email today too. It also said, to make the most of this offer, keep your money locked in over here.

But wait! If this offer is on new deposits only, which they usually are, shouldn't I move my money out right now, and move it back in on August 2?  

In the quote in the first post, #3, seems clear it will include existing funds? We will see when the fine print is available.

I'm on the 2.8% expiring August 31, and didn't get any e-mail. I'll do nothing until closer to the time.

" We may never pass this way again " - Seals & Crofts

July 22, 2022
5:03 am
savemoresaveoften
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Good to see deposit leaving Tang forcing them to offer 3.5% to bring money back in.
On the other hand, they are reducing the attractiveness of their 1y 4.25% or that’s their intention.
As HISA rates keep climbing while GIC rates seem stuck, it’s telling savers bank treasurers are now expecting rates to peak sooner rather than later.

July 22, 2022
6:52 am
COIN
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"As HISA rates keep climbing while GIC rates seem stuck, it’s telling savers bank treasurers are now expecting rates to peak sooner rather than later."

I heard somewhere that we now have an inverted yield curve. Can someone confirm?

July 22, 2022
7:12 am
savemoresaveoften
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COIN said
"As HISA rates keep climbing while GIC rates seem stuck, it’s telling savers bank treasurers are now expecting rates to peak sooner rather than later."

I heard somewhere that we now have an inverted yield curve. Can someone confirm?  

yup

GoC-bond-yield.jpg

July 22, 2022
7:52 am
mustang
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dougjp said

In the quote in the first post, #3, seems clear it will include existing funds? We will see when the fine print is available.

I'm on the 2.8% expiring August 31, and didn't get any e-mail. I'll do nothing until closer to the time.  

Yes, exactly the same here. (Although we often don't get the email, have to login to see offer). I'm pulling my funds out now, and thinking might get an offer for Sept

July 22, 2022
8:00 am
agit
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The rate are not going down anytime soon, inverted yield curve mean nothing for the GIC this time arround. The CB arround the world are doing everyting to bring down inflation just look at ECB, they just increase their rate by 50 point for the first time in 11-12 years. inverted yield or not, recession or not etc.. The rate will remain elevated until inflation start to go down and that wont happen until 2023.

Scotiabank forecasts Policy Rates at 3.50% by the end of 2022 and stay at 3.50% all of 2023

July 22, 2022
8:47 am
canadian.100
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agit said
The rate are not going down anytime soon, inverted yield curve mean nothing for the GIC this time arround. The CB arround the world are doing everyting to bring down inflation just look at ECB, they just increase their rate by 50 point for the first time in 11-12 years. inverted yield or not, recession or not etc.. The rate will remain elevated until inflation start to go down and that wont happen until 2023.

Scotiabank forecasts Policy Rates at 3.50% by the end of 2022 and stay at 3.50% all of 2023  

Interesting that the Scotiabank communique does not expect there will be a recession because consumer spending is so healthy and there is pent up demand by consumers so this will keep Canada out of a recession.

July 22, 2022
12:23 pm
Bill
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Scotiabank & I agree, no recession, if what you mean by recession is unwanted job losses. Pretty well every business needs more staff, today. Sure, house prices might well come down (interest rate increases), cars might become much more costly (supply chain and labour shortage issues), etc, but for households wanting full-time work of some kind there will be no problem. Unless we have a depression.

July 22, 2022
12:36 pm
mustang
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Seems like the coming recession may be like no other recession I've ever heard of.
A "full employment" -- defined as anybody can find work -- recession?

July 22, 2022
1:15 pm
agit
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The V/U ratio (vacancies/unemployed) is very tight the V/U ratio is over 2.0, which meant that there were nearly two vacancies for every unemployed worker, so all the hype about a recession nothing more then wall street and bay street "whining".

July 22, 2022
1:24 pm
Norman1
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The hope is that the coming "recession" will be a slowdown that results in large losses in unfilled job positions and not as many filled ones.

A recession is defined as two consecutive quarters of negative growth in real GDP. Massive layoffs are not part of the definition.

July 22, 2022
1:26 pm
savemoresaveoften
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recession is defined as 2 successive quarters of negative GDP growth, employment/unemployment is a byproduct of it, not a measure.

July 22, 2022
1:33 pm
Bill
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Plus baby boomer retirement in full swing now, every day.

You see it in attitude now too, i.e. many choose not to work unless employment situation fits them perfectly. Power now not with employers.

True, employment situation not a measure, but if gdp shrinks and people who want to are still working then who cares?

July 22, 2022
2:13 pm
Canuck
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[I removed this response because my question was answered further down in the thread.]

July 22, 2022
4:36 pm
RetirEd
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I'll echo savemoresaveoften's note: Recession means negative GDP growth (of some standard or other, depending how formal you want to be), not a measure of employment.

I don't think we have any real read on when the rate tide will turn, in terms of day-to-day decisions. I'm holding off on my TFSA cash for a bit - perhaps until the next rate-setting.
RetirEd

RetirEd

July 29, 2022
9:58 pm
smayer97
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Strange as I just received my 3.5% offer for Aug 2... quite a lag from others. Glad I received it though.

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