EQ Bank GIC Rates Change | Page 2 | EQ Bank | Discussion forum

Alexandre said
Jan 6, 2023. https://dailyhive.com/canada/personal-bankruptcies-up-inflation

This year, nearly 100,000 Canadians declared bankruptcy, up from 90,700 last year.

While that might look bad in percentage, in absolute numbers extra 800 bankruptcies monthly for the country with the population of 38,500,000 does not count as substantial increase in personal bankruptcies, in my book.  

Just wait, those bankruptcies will be significantly increasing. There is no way the 60% of Canadians, living on the margins, are going to be able to absorb the interest rate hikes, inflation and standards of living. My bet is on bankruptcies and not changes in standards of living or seriously cutting back. I would really like to see people change their ways, but I’m not confident.

I'm pulling my money from EQ Bank as soon as my existing GICs mature. They are officially no longer competitive for both a high interest savings account and for GICs.

Even RBC offers me 5% so this does not bode well for EQ Bank.