Canadian Tire drops TFSA rate | Canadian Tire | Discussion forum

quite fitting that its April Fools day..... and depositors are the fools.....

Peter said

Very interesting. This is the third straight year that they've dropped their TFSA rate exactly 3 months into the year.

Yay for us that use this web site! I guess they run on the theory that there is a there's a sucker born every minute which leaves one to wonder is CT a place to bank on the long term as they are not constant throughout the year.

Doug said

In other words: go with an institution that offers the same TFSA rate as its HISA rate (which "highinterestsavings.ca" illustrates on the "comparison chart" page). Several years of history have now proven their rates to be somewhat lower but stable throughout the year.

Cheers,
Doug

Or go with PT who do not have the same rate between their HISA and TFSA but have never moved their rate since 2009. As stable as a rock.

Doug said

I'm glad Peoples Trust offers online banking but frankly, they scare me a bit. They're heavily involved in issuing credit cards and mortgages in so-called "B" (and lower) lending scenarios.

Canadian history is littered with mainly trust and loan&mortgage company failures (http://www.cdic.ca/WhereInsure.....fault.aspx) and Peoples Trust is somewhat of a secretive organization run out of a single office in a downtown Vancouver skyscraper.

It just scares me, that's all. It may not be based entirely on fact but sometimes one has to "go with their gut" and my gut says "no".

Cheers,
Doug

Doug your comments would be good if you added them to the forum ...." 3% TFSA for long".

Thanks for the link WOW. It only confirms my long time gut feeling too ... If it has trust in their name (or motto) don't deal with them ..... I will have to add mortgage to the list too.

Thanks again.

I realize that, but if there was going to be another financial institution failure in Canada, I suspect it'll come from the trust and/or loan&mortgage company sector(s). Of that, I tend to think it could come from, let's say, a Peoples Trust or a Home Trust.

Again, just going with my bad 'gut' feeling on this one - not necessarily based on financial principles.

Cheers,
Doug

Thanks for the comments, Rick! I agree with you that Canadian Western Bank and its online subsidiary, Canadian Direct Financial, are particularly attractive. Their "scratch & earn" GIC "bonuses" are particularly attractive and popular and their customer service goes unmatched (i.e., you get a real person from the branch when you phone their published line in the "white pages", not redirected to a domestic or overseas call centre). If they offered (or planned to offer) either free Interac e-Transfers or paperless self-to-self, bank-to-bank ("EFT") transfers (or both!), I'd switch to them in a heartbeat and, between them and Peoples Trust, I'd go with CWB any day. They're one of the strongest small- and mid-market Canadian chartered banks and trust companies, I'd say.

Happy Easter!!

Cheers,
Doug

Max said
With that list, I can see what trust refers to. "Trust us, we'll sink with your money onboard."

LOL, that's clever. I think Max has become the forum comic relief, now only quipping with witty one-liners.

Cheers,
Doug