Personal Finance

When do you think rates will rise

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  • Jun 8th, 2018 1:40 pm
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[OP]
Deal Addict
Dec 25, 2013
1090 posts
660 upvotes
Toronto

When do you think rates will rise

I'm curious what the thoughts are out there about what people think about potential of interest rates rise for consumers particularly GIC's and Savings accounts.
6 replies
Deal Fanatic
User avatar
Feb 19, 2010
6237 posts
2986 upvotes
BOC will likely raise rates in July based on the reaction to their last report. That doesn't necessarily mean a rise in consumer savings rates as much as it may lead to an increase on the lending side.
Sr. Member
User avatar
Dec 28, 2010
650 posts
298 upvotes
I burnt my fingers on a GIC once... since then I stick with investing myself and get a real return, I'm not a believer of savings accounts either. The bank will want your money but will be very reluctant to give it away, I don't see an increase in interest rates soon. (Can you tell I bank with TD? Smiling Face With Open Mouth And Smiling Eyes )
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Deal Fanatic
Jul 4, 2004
9254 posts
2320 upvotes
If the plug gets pulled on NAFTA I doubt there will be a rate hike in July - which is something I'm watching out for as well.
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Deal Expert
User avatar
Nov 15, 2004
20620 posts
4351 upvotes
Toronto
No current politician is going to do anything to reduce house prices or slow the rampant, uncontrolled spending going on. They're all going to kick the debt can down the road as far as possible until they die and it's not their problem anymore.

Every conservative politician in recent history has done everything they can to increase the money supply and reduce regulations. All that happens afterwards is a hot market full of bubbles followed by a massive crash they all run away from and leave to left-wing parties to fix by raising taxes and other revenue generation measures. The economy isn't going to improve enough to raise rates anytime soon under these guys, even outside of their individual wills to keep rates down.
Sr. Member
Oct 14, 2012
837 posts
578 upvotes
Woodstock
Rates have been slowly rising for over 6 months now. You can get an 18-month CDIC-insured GIC from Oaken Financial that pays 3.0% per annum right now.
Sr. Member
Feb 1, 2010
872 posts
173 upvotes
EQ is paying 3.5% on a 5Y GIC now. Best rates I've seen for awhile.

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