12:45 pm
February 1, 2016
12:51 pm
April 21, 2022
1:03 pm
February 1, 2016
1:38 pm
August 9, 2022
Greedy Guy said
Canadian Tire Bank is reverting to its "want deposits mode". Canadian Tire Bank 4.62% 5 year GIC rate is the highest rate at TD WebBroker today
Yeah. May be the response to their GICs hasn't been too great. 4.62%, while still high, isn't terribly appealing for a 5-year in current climate, at least to me.
4:23 pm
May 26, 2022
frencols said
Yeah. May be the response to their GICs hasn't been too great. 4.62%, while still high, isn't terribly appealing for a 5-year in current climate, at least to me.
For someone with a TD brokerage RSP account, a 4.62% 5-year GIC is slightly attractive. An attractive non-sheltered 5-year GIC needs to be at least 5.0%
7:07 pm
December 20, 2019
4:35 am
September 30, 2017
7:59 am
September 11, 2013
Thanks, hwyc, not a bad rate for a HISA. Good illustration of why to keep empty accounts open, you never know what comes along.
https://www.ctfs.com/content/ctfs/en/retailbanking/rates.html#:~:text=Great%20News%3A%20Effective%20November%2024,Accounts%20has%20increased%20to%203.00%25.
2:46 pm
March 8, 2022
hwyc said
Effective November 24, 2022, the Annual Interest Rate for Canadian Tire High Interest Savings Accounts & Canadian Tire Tax Free High Interest Savings Accounts has increased to 3.00%
Based on economic forecasts lately, I am thinking they will need more funds as Credit Card balance payments might lag for a while. So I predict their rate will go up from here.
8:42 am
January 9, 2011
rpotter28 said
Based on economic forecasts lately, I am thinking they will need more funds as Credit Card balance payments might lag for a while. So I predict their rate will go up from here.
Interesting, could be a factor I guess. Also 9 other banks already pay 3% or more, with Motive having been there for over four months. So it's questionable how much new money they will get, without raising to be closer to 'class leading'.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
8:41 am
September 30, 2017
10:12 am
September 30, 2017
6:04 pm
December 12, 2009
hwyc said
HISA & TFSA is 3.70% effective Oct 13 (was 3.50%).
Nice! Canadian Tire Bank looks a lot more attractive to me, with the demise of the superior Old Hubert Financial platform and the introduction of the New Hubert Financial (still not sure which online banking platform it is; it's neither MemberDirect nor Forge, so they've obviously moved away from Central 1 Credit Union's software products). Sure, linking accounts still requires a PAD form and a void cheque or void cheque form, but they have a "just works" online banking system and competitive rates. It's potentially a great virtual bank to add if one is looking to uncomplicate their banking with fewer FIs.
Potential set up I'm considering:
- Tangerine (day-to-day banking, personal line of credit, tertiary credit card, and some savings, when offered a promo rate)
- DYN6004 and DYN3075 at Scotia iTRADE (main savings)
- EQ Bank
- Canadian Tire Bank (alternate HISA and GIC, direct with issuer)
- Scotia iTRADE (investments)
- Scotiabank (secondary credit card and personal line of credit)
- American Express SimplyCash credit card
Then close:
- Coast Capital Savings Federal Credit Union
- Hubert Financial
- Outlook Financial
Cheers,
Doug
11:27 pm
September 28, 2023
I would definitely consider adding Motive into your mix. They have the best non-promo HISA rate, customizable GIC's with good rates, and free chequing account with Exchange ATM card (which allows free transactions at most credit union ATMs), and are also CDIC covered. Setting up is a bit clunky but it is smooth sailing after that.
10:32 am
December 12, 2009
everhopeful said
I would definitely consider adding Motive into your mix. They have the best non-promo HISA rate, customizable GIC's with good rates, and free chequing account with Exchange ATM card (which allows free transactions at most credit union ATMs), and are also CDIC covered. Setting up is a bit clunky but it is smooth sailing after that.
Thanks. I want to like Motive Financial, but they fail several key criteria, including:
* Leaderless operation, which provides uncertainty as to whether CWB will continue the operation on a go-forward business or sunset it/grandfather it à la Laurentian Bank did with LBC Digital
* Woefully insufficient staffing resources (< 10 staff) to manage the number of clients they have (estimated at 20,000 nationwide) and deposits (estimated at between $700-900 million)
Their products and marketing are good, and their HISA deposit rate is competitive, but not meaningfully moreso than, say, Canadian Tire Bank and certainly not the ISAs and HISA ETFs currently on offer. Similarly, GIC rates are competitive, but if I can get the same or better consolidated within a Scotia iTRADE account, including from Canadian Western Bank, why not?
The Exchange ATM network is still a good surcharge-free ATM network, and I agree my potential future set up may be missing that, though I will have surcharge-free ATM withdrawals and deposit access at Scotiabank ATMs with my Tangerine and Scotiabank accounts and will have effectively surcharge-free access to Canada's largest effectively surcharge-free ATM network in EQ Bank, with the EQ Bank Card, with over 20,000+ Interac ATM network ATMs. Should I require Exchange ATM access, I'd probably honestly be more inclined to go with Alterna Bank, which is staffed to scale with 7-day telephone service (versus 5-day "bankers' hours" telephone service at Motive Financial) and which has the added benefit of unofficial "back-door" Acculink ATM access, or maybe First West Credit Union's Valley First division for a no monthly fee USD chequing account paired with a no-fee chequing account.
Cheers,
Doug
9:20 pm
September 28, 2023
Doug said
* Leaderless operation, which provides uncertainty as to whether CWB will continue the operation on a go-forward business or sunset it/grandfather it à la Laurentian Bank did with LBC Digital
* Woefully insufficient staffing resources (< 10 staff) to manage the number of clients they have (estimated at 20,000 nationwide) and deposits (estimated at between $700-900 million)
Yikes, maybe I should do my research on institutions, that doesn't sound promising at all. If their backend system crumbles are my funds with them still secure?
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