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Significant GIC Rate Drop
August 28, 2019
2:30 am
Loonie
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eTerm Deposit Annual Interest (Rates effective 2019-08-27)
1 Year 1.60%
2 Year 1.70%
3 Year 1.80%
4 Year 1.95%
5 Year 2.05%

Savings rates unchanged.

I was so astonished at this precipitous drop that I am wondering if I somehow misinterpreted but I don't think so.
https://www.alternabank.ca/Rates/

August 28, 2019
4:03 am
Briguy
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Loonie said
eTerm Deposit Annual Interest (Rates effective 2019-08-27)
1 Year 1.60%
2 Year 1.70%
3 Year 1.80%
4 Year 1.95%
5 Year 2.05%

Savings rates unchanged.

I was so astonished at this precipitous drop that I am wondering if I somehow misinterpreted but I don't think so.
https://www.alternabank.ca/Rates/

I'm guessing they have enough deposit money and are trying to discourage any more. I think that it's time for everyone ( at least for me ) to take any money remaining in HISA that they don't need right away and put into GICs. Bank of Canada can't keep interest rates steady if USA continues to drop theirs.

August 28, 2019
5:28 am
3oakwest
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According to Alterna's site, they have lowered the TFSA rate to 2.30%

September 30, 2019
6:58 pm
Loonie
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A month has passed, and these GIC rates have persisted.
But so has the HISA rate, at.2.3%.
Thus, there is a large discrepancy between ALL of the GIC rates (which are not, amongst themselves, inverted) and the HISA rate.
How do y'all interpret the meaning of this?
Are GICs worthwhile right now?

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