Personal Finance

The Official RFD thread for Savings Accounts! (Updated as of 07/20/2017)

Sr. Member
Sep 3, 2005
965 posts
28 upvotes
Toronto
ace604 wrote:
Jul 15th, 2017 1:37 pm
This might be true if they only lent money tied to prime rate.

Things like LOCs and variable rate mortgages are based on prime rate. Not fixed rate mortgages or other loans.
but when prime decrease, they decrease the savings account interest rate as well... that's why I feel we, the average consumer is hurt by these big banks.
Deal Fanatic
Jan 7, 2002
9962 posts
2972 upvotes
Waterloo, ON
ace604 wrote:
Jul 15th, 2017 1:37 pm
Things like LOCs and variable rate mortgages are based on prime rate.
And are presumably backed by HISAs, 30-90 day T-bills/GICs, etc.
Not fixed rate mortgages or other loans.
Yabbut those should be backed by GICs with matching maturities.

So yes, it's understandable why 1 to 5 year GIC rates haven't gone up by 25bp. But why not HISAs?
veni, vidi, Visa

Help me boost my Downvote count. Please click 👎 below. Thank you.
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
OP updated with Wealth One Bank - 2.50%.
「もし、奇跡を起こせたら……」
Jr. Member
Jun 13, 2017
152 posts
145 upvotes
Any feedback on wealth one? Currently with EQ (and other promo rates).

10 bill payments free and only receiving interac is free so feature wise its not as good as EQ.

I will wait and see if others catch up before trying them.
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
hiddenthread wrote:
Jul 17th, 2017 10:02 am
...only receiving interac is free so feature wise its not as good as EQ.
Seriously, that's not even a feature. If your bank can receive EMT, it's always at no cost to the receiver afaik.
「もし、奇跡を起こせたら……」
Newbie
User avatar
Jun 23, 2017
68 posts
7 upvotes
Toronto, ON
hiddenthread wrote:
Jul 17th, 2017 10:02 am
Any feedback on wealth one? Currently with EQ (and other promo rates).

10 bill payments free and only receiving interac is free so feature wise its not as good as EQ.

I will wait and see if others catch up before trying them.
Their regular rate is 2.5% which is currently a bit better than EQ Bank's 2.3%.
Jr. Member
Jun 13, 2017
152 posts
145 upvotes
Update

It was 0.85% from Jul 2016 until May 2017 (last cache I found). With such a big jump I am hesitant chasing the new rate.

I kinda like EQ's free 5 interacts. It's a fast way to convert money into a usable form (even withdrawing at an Tangerine or PC). For now I will wait and see.
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
OP updated, TD has come up with a new ePremium Savings Account, giving you 0.65% interest (puke) on your entire balance if you have more than 10k in there.

CIBC, TD and Scotia have responded to RBC's rate raise with their own. BMO as usual, still lagging (where is mobile cheque deposit?????).
「もし、奇跡を起こせたら……」

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)