Interest-rate bonuses are how online banks pretend to be competitive | General comparisons | Discussion forum

The last line pretty much sums up the general attitude of most people that don't frequent this site.

"Customer passivity makes it all possible. “Most people don’t proactively manage their rates that closely because, frankly, it’s an effort to call in to complain and it’s an even bigger effort to switch your balance to another institution,” Mr. McVay said."

Peter, can we either lock this thread and direct people to this earlier, established thread (https://www.highinterestsavings.ca/forum/gic/paywall-news/), or merge these few later posts into this thread?

With respect, people should try and check, at a minimum, the last 20 or so threads to see if a news article is already being discussed. I think it was hotmony that shared this story and another Carrick column and he, I, and others discussed it in this thread. No sense duplicating this. 🙂

Cheers,
Doug

Koogie said
I don't often read Carrick since he has to write so many column inches that a lot of it turns out to be pablum.

Couldn't agree with you more! The fact that he has a column in the Globe and doesn't self-publish them, in the open, on his own blog as other Globe columnists do speaks volumes to the "ego massaging" that his Globe column does. Most of his columns are, like you said, useless pablum (much of which we already know). He even uses this website's comparison chart, and, presumably, these forum discussions, as his chief source of information at least when his columns deal with HISAs and GICs. In short, most of us already know about what Carrick discusses in his columns, often weeks ahead of Carrick knowing about them. 😉

He is right about this though:

"My advice: Door No. 1. For almost everyone, it’s better to consistently get a very good rate than deal with a bank that pays a minimal rate and strategically offers out tasty rate bonuses to a select few."

I say screw the banks that abuse depositors with teaser rates, targeted specials and 90 day garbage rates. Peoples financial security is to important to be playing games with.

We should reward the Motives, EQs, etc.. of the world that offer a decent rate and stick with it. I voted with my $$ and have been supporting EQ for a few years now. Not the highest but utterly reliable. There are a dozen others on our chart that don't resort to underhanded tactics either. It would be great to see more business slide their way.  

I agree with you completely. I'm done with Tangerine's promo rates and I'm going to give them one more chance to at least add back the enhanced transaction narrative detail with respect to ATM transactions that they took away with the switch from the Exchange to Scotiabank surcharge-free ATM network and, if they refuse, I'm going to close my Tangerine accounts for good. I'll keep my Tangerine scarf and won't formally withdraw my name as a Tangerine Ambassador, but I won't be the social media influencer that they want Tangerine Ambassadors to be. I also won't have any accounts with them.

If Coast doesn't at least add Me-to-Me Transfers within the next 12 months, and ideally make Interac e-Transfers free & unlimited, I will also close my accounts with them. I will also likely keep only one of either Implicity or Hubert (will see how the planned revamp of Hubert online banking later this year shakes out before deciding). Then I'll likely settle on either Motive, Motus, or EQ (leaning towards Motive).

Cheers,
Doug

I don't get you at all Doug. You are the #1 thread hijacker on this place, and for some reason you seem to have taken it upon yourself to be a self-appointed forum supervisor.

There is nothing wrong with this thread. People are talking about the 3 points that TopItUp highlighted in his initial post.

Stop being the answer to a question that nobody is asking.