CT lowers HISA rate.... | Canadian Tire | Discussion forum

Thanks, smso, just emptied all accounts. Looks like CT Bank might be heading back to its usual position at bottom of the rate list, after the last one or two-year interlude.

I cant figure out how to get my funds from Canadian Tire to Saven Financial.

Have spent the last 3 months trying to get the linking to work but Canadain Tire keeps blocking Saven. It connects, does all the standard stuff and then the account does not show up. I know it's not Saven because I linked 3 other financial institutions with no problems.

Now I have to move everything to simplii, wait for clearance and then to saven. It just sucks to do it that way.

Jim, you can just leave your CT account open with a buck in it, you never know. Mine had lain unused for several years before CT unexpectedly shot up the chart a couple of years or so ago.

Benjames35 said
I'm guessing they lowered it because they know the rate increases are coming and will probably raise it to 1.35% if the rates go up March 1.  

That would be a pretty big misstep on their behalf because I am about to move out significant amounts. If there are more like me then that is a pretty big loss of investors.

Personally I have always disliked Canadian Tire and only moved funds there begrudgingly. Without a chequing account I have a hard time linking Canadian Tire and now with their 50k transfer limit the entire account has become too limiting for someone with significant funds.

Even the fact that they refuse to link with Saven although the hookups are all there is a terrible misstep by them. Seriously unless they make some drastic changes there is very little hope that I will return.

I have to say I really liked Motive because they had full service accounts with a great interest rate. They were a little slow setting up because most everything was manual but once you got going the services were excellent.

At this point I will take a smaller interest rate to make sure I actually have access to my funds. My god I cannot even write a cheque on my CTC account and unless I beg them on the phone how do I move my money?

I'm really starting to worry about this because as an investor if I don't have rapid access to my funds everything goes to pot.

Benjames35 said
I'm guessing they lowered it because they know the rate increases are coming and will probably raise it to 1.35% if the rates go up March 1.  

I am guessing they lowered it because Canadians have been paying down credit card balances (savings rate supposedly way up in late 2021 vs pre-pandemic) and CT does not need as much float for their CC business.

Bill said
KamWest, I was able to do multiple $50K same day transfers from same account to my linked Big Bank account.  

Thank you for that Bill but for me that would be a lot of transactions.
I have significant funds there and even it would require quite a few transactions making it no feasible for my needs.

The problem I have is I need an intermediate bank like simplii (which is linked) but tying up the funds there is a significant interest hit and always attracts a lot of attention.

I don't mind the bank asking those questions but I prefer to get the funds to the destination financial institution without having to bring it into an intermediate low interest big bank first.

Like I said... 3 months and I have not been able to get the funds to Saven, blocked by a technical issue on the CTC side every time. My Saven is all set up and I am a bit irritated seeing the interest rate is dropping again without me being able to move funds out.

With most other institutions I could cut a cheque to the receiving bank and be done with it.

Bill said
Jim, you can just leave your CT account open with a buck in it, you never know. Mine had lain unused for several years before CT unexpectedly shot up the chart a couple of years or so ago.  

yes, thanks Bill ... that's what I did. Wouldn't want to start over with 'snail mail' signup a 2nd time. 😉
... and that's assuming CT offers something worth our while going forward ??

This might work. Talk to a live agent at CT Bank and I think they can do a large transfer out (or in?).

cgouimet said

If you'd feel more comfortable with more coverage, think Manitoba with 100% deposit insurance for their Credit Unions.  

I was thinking that but the setup process seems cumbersome, then there is the whole merger thing etc.

I thought Saven for the rates until the merger at Hubert and then if they hold the rates move it there for the deposit protection.