Interest rate holding at 3.5% | Citizens Bank | Discussion forum

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Interest rate holding at 3.5%
April 23, 2008
9:55 am
Simon
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With the interest-rate cut announced yesterday by the Bank of Canada I expected Citizen's Bank to drop the rate on their Ultimate Savings Account, but so far it's holding steady at 3.5%:

https://www.citizensbank.ca/Personal/HistoricalRates/

Wonder how long it'll stay that way. Anyone remember how they reacted last time the interest rate dropped?

April 24, 2008
12:44 pm
Peter
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Yes, so far all of the major accounts have kept their rate steady. I imagine it's only a matter of time before they drop slightly.

May 20, 2008
5:07 pm
Lee
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Hello Peter,
I've just discovered this discussion column. My investment is currently HSBC Direct but they've dropped to 3.0%, while Citizens seems to be holding at 3.5%. Is the latter likely to fall in line with the others or has it already dropped?
Thanks,
Lee

May 20, 2008
5:09 pm
Peter
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Unfortunately I have no inside scoop for the Citizens rate. I am quite surprised that it has held steady!

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