Outlook GIC rate increase Oct 30, 2018 | Outlook Financial | Discussion forum

But they were already at the top of the GIC market, partly for reasons unique to their funding crisis awhile back. This may just be them taking the opportunity to fold part of their umbrella without actually reducing rates. And unless their main competitors raise rates by that full 25 basis points, they may not lose much of the gap.

GIC rates are set by the needs and reach of the institution, and relative to the market; there's no ongoing guarantee of some specific relationship to the BoC rate.

SG said

Maybe he is confusing outlook with oaken?  

Oops, yes indeed, I was flipping between things and thought this was an Oaken one. But the principle is still valid - Outlook may have been at a point where they didn't feel it necessary to pass the full 25 basis points along in their rates. Some of the established Manitoba CUs might be at the point where increasing rates for all their customers (many of whom might not be tempted to moved for small differences) costs them more than they might gain in additional business.