royal bank drops high interest savings account to 1.1% | General financial discussion | Discussion forum

doc said

royal bank drops interest rate on high interest savings accounts to 1.1%. thats 4 out of the 5 big banks. cibc still has 1.2%

CIBC has now dropped from 1.2% to 1.1%.

Another interesting change was Windsor Family Credit Union - they left their saving rate at 1.0% but moved their chequing rate from 0.5% to 0.25%. This was a day or two ago.

Greg

kilarney said

I wonder if anyone will move cash to those short term high rates at ING and PC... just to give the banks a tiny bit of feedback?

YUP!! I moved all my surplus from BMO to 1.8% elsewhere.

I am not trying to send a message by moving money. I am simply trying to get the most income.

If a message is sent, that is a secondary benefit.

Greg