Citizen's Bank Ultimate Savings rate change | Citizens Bank | Discussion forum

They have to make money somehow. Even at 3.15%, their margins have got to be remarkably thin. They have almost no non-interest revenue, except for maybe stop payment and NSF fees, with the launch of their fee-free Global Chequing Account. So, it stands to reason they reduce their rates nominally to bring in some additional revenue. I say, good for them!

They're still among the highest and at least they're higher than the huge 3% crowd that is ING Direct, HSBC Direct, Canadian Tire Bank, PC Financial, Outlook Financial, Achieva Financial, MAXA Financial and Alterna Savings (some of them have a rate of 3.05% but that's essentially the same as 3%, the difference is so miniscule). 🙂

Cheers,
Doug