Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this10:09 am
May 15, 2007
Offline
Thanks for pointing that out.
The Bank of Canada is supposedly planning on cutting the key interest rate yet again later in the year.
12:39 pm
I guess after the HSBC 4.75% promotion ends, my money will all go to ICICI at 3.60%
3:08 pm
stupid move by ing.
In spite of the boc rate drops over the last year, the banks actual cost of funds has not decreased and thats why loan rates and mortgage rates have not declined and in fact have increased on some loans.. The governor of the bank of canada has already stated this . Pretty stupid of ING to alienate customers by trying to " nickle and dime" by dropping the rate on what is still very cheap money for them. They will be back up to competitive levels in short order after they start losing deposits to the competition,I would think.
8:06 am
It's not just ING. All the online banks will eventually drop their rates. Right now, they are all just watching and waiting for everyone else to make the first move. The bank that drops their rates last will likely get an influx of funds from disgruntled customers leaving other banks, but that same bank will also pay out a lot of interest to customers in the interim. The decision of when to drop rates to maximize a bank's profits is based on a complex mixture of financial forecasting, market observation, experience, and a good dose of dumb luck.
12:18 pm
craig-I dont think so re all the banks following ING.-- not this time
im seeing several 90 day fixed term gics at 3.5+ and many quality stocks with better dividend yields. although not exactly the same as online savings, i think that that puts a limit on how low the online savings banks will try to go.
we'll see
8:16 pm
When I first saw an advertisment of ING Direct on a publicity panel on the side of the highway I concluded they prefer investing the 0.30% they cut off from their client into FULL ORANGE BOARDS OF CRAP.
I've got plenty of 4.5% and 4.6% GICs at ING I managed to lock-on last November. When they will end, this money will surely won't stay in their crazy-marketing-bullshit hands.
This is the first online bank I've tried. I realize it sucked back in time and they're still on they're crazy sucking spree.
ORANGE SPIRIT, ORANGE SHIT, can we keep your interests please? After all, that's why we're there for.
11:13 pm
bruno said:
craig-I dont think so re all the banks following ING.-- not this time
I think eventually, they will all drop their rates.
Achieva, CTFS, and Outlook all drop their rates today to 3.05%. E*Trade Cash Optimizer Investment Account dropped their rate rate from 3.55% (I think) to 3.05% a few days ago.
Please write your comments in the forum.