Rate to decrease to 2.80% on March 1, 2020 | Page 2 | LBC Digital | Discussion forum

Interest said
Personally, not happy about the drop to 2.8% after all of the forward looking statements that were made about holding at 3.3% to get people on board and the fact that LBC is completely digital/ online.  

Did LBC actually claim they will hold the rate at 3.3% ? I dont recall they explicitly make that claim. I signed up understanding its going to be an "intro" rate and enjoy it while it lasts. Maybe I am easily satisfied but at least its still 2.8% which is "still" the high rate out there. I will be mad if they drop it to <2% again in the next 3 months. You won't find a FI with physical front offering that kind of rate at this moment unfortunately.

Briguy said

I prefer not to deal with banks where you need to win a lottery to get a good rate.  

That's why I don't deal with Tangerine. If I want to gamble, I'll go to Vegas.

Disappointing, but 2.8% still puts LBC on top of the HISA chart, side by side with Motive. Will be keeping my money with LBC for now.

wcg66 said
... However, it was fairly short lived ...  

I guess it all depends on whether you consider over 6 months rate at 3.3% short-lived because that is how long the offer was available.

BTW, DUCA and Meridian both still have offers of 3%...those are short lived. First is until May 30, 2020 and the second is for 4 months from opening account.

pianoman8849 said

That's why I don't deal with Tangerine. If I want to gamble, I'll go to Vegas.  

I hear ya, but I opened an account with Tangerine in summer of 2016 or 2017 and have always gotten a promo offer except for this past one where there was 2 months with no offer.

Called Tangerine to see if they would offer something better. They didn't, so I moved my $ out to Achieve, but then they offered me another 5 months @ 2.75% and swoosh! moved the money back.

The EFT does not take long, and I've decided not to call and ask for better rate, when the promo rates ends, move your money to a different FI and if Tangerine then offers a better rate I'll ship it back.

Easy peasy!

savemoresaveoften said

Did LBC actually claim they will hold the rate at 3.3% ? I dont recall they explicitly make that claim. I signed up understanding its going to be an "intro" rate and enjoy it while it lasts. Maybe I am easily satisfied but at least its still 2.8% which is "still" the high rate out there. I will be mad if they drop it to <2% again in the next 3 months. You won't find a FI with physical front offering that kind of rate at this moment unfortunately.  

There is this slightly-better-than-mushy-middle quote:
Craig Backman, the bank’s executive vice-president of personal digital banking, said 3.3 per cent was chosen because it’s an eye-catching number that tells people Laurentian is serious about competing on rates.

“This is not meant as an introductory rate,” Mr. Backman said. “Our intent is come into the market and be very competitive into the future.”

Source: https://www.theglobeandmail.com/investing/personal-finance/article-laurentian-bank-of-canadas-savings-account-with-the-33-per-cent/

@Joe
I definitely wouldn't consider LBC Digital to be 2nd best bank in Canada. People have had money disappear when pushing money into LBC Digital from other FIs ( which took a while to recover ). People have had NSF charges after repeating transactions several times on the LBC Digital web site because it didn't appear the original transaction went through. eg. while paying bills or pulling in money from another FI. Lowering the interest rate from 3.3 to 2.8 percent after only 2.5 months, and after claiming this was not a promotional rate, was underhanded. Yes, the rate is still good at 2.8%, but you are not getting the same reliability for day to day transactions that you are getting at Motive Financial which offers the same rate. I still have my money at LBC Digital, but if I had known it would only be at 3.3% for 2.5 months I would not have bothered. I had to make at least 5 calls at the beginning to get everything set up. I don't trust the website enough to use it as a day to day bank either.

Have to agree with Motive at the top, it's regular rate is top notch, so I'd put it up there just ahead of Tangerine and LBC, EQ up there too, they've been the best for my purposes.

Loonie said
My heartfelt thanks to everyone who has complained or "whined" about their negative experiences with LBC and others. It made it easy for me to decide LBC wasn't for me.  

+1

I had tried several times to setup but kept getting the equifax could not identify me error...so after reading about other people's issues with this I gladly gave up. To have accomplished nothing by the looks of it at this point.

LeBronBMT said

Duca has been offering 3% since last summer. That's not short lived compared to LBC who just started in November and is ending before Duca.  

Actually, DUCA's offers are short-lived. The offer only applies to new money for a fixed period of time. So though the offer keeps being offered, it is only for new money. Once your time is up, that's it, AFAIK.