HISA rate is now 1.7% (was: 1.15%) | LBC Digital | Discussion forum

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HISA rate is now 1.7% (was: 1.15%)
August 23, 2022
6:47 am
Alexandre
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Effective as of close of business on August 22, 2022, the annual interest rate for the LBC Digital High Interest Savings Account (HISA) on deposits up to and including $500,000 will change from 1.15% to 1.70%. The annual interest rate on deposits over $500,000 will remain at 0.30%.

August 23, 2022
7:25 am
savemoresaveoften
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saw it too.
Why do they even care to update when it will attract a big zero deposit anyway...

August 23, 2022
7:37 am
AltaRed
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It clearly seems underwhelming relative to other Canadian options but it may be they have a large Quebec depositor base that tends to 'stay local' and don't need to offer more relative to their regional competition. It is always about managing the deposits they want/need at the lowest cost (to them). Their shareholders (owners of the bank) demand it.

August 23, 2022
10:52 am
evercareful
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With the big bank brokerage HISA's at 2.25 %, anything less is subpar. I opened an acct with LBC when their rates were among the best (3.3% ). I transferred out earlier this year to Oaken and now Motive as rates started to rise. Will likely close my LBC acct in the near future.

August 23, 2022
11:15 am
JohnnyCash
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AltaRed said
Their shareholders (owners of the bank) demand it.  

Yes, and we the depositors demand more by moving our funds accordingly.

August 23, 2022
12:11 pm
AltaRed
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JohnnyCash said

Yes, and we the depositors demand more by moving our funds accordingly.  

As we should and do (as did I). Win-win for both the FI and the depositor.

August 23, 2022
12:26 pm
Bill
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And win-win for depositors who also happen to be shareholders!

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