3% 1Yr through Some Brokers | Wealth One Bank of Canada | Discussion forum

Watching the rates change for this bank,is entertaining. The GICs are now right near the top on the chart.

hotmony said
Why were they stingy before now at the top of the charts..  

I think they threw the 2.5% out there last fall in order to gain deposits and new clients like me. They then discovered that 2.5% on savings was too high for their business model and dropped. Of course most of us probably withdrew our cash and now they are trying to lure us back with better GICs. But I'm not biting because I can get roughly the same GIC rates from banks I trust, respect and am loyal to. W1 needs to offer higher than everyone if they want me back. I mean much higher. The savings account needs to be 2.5% with no intent to drop unless the BoC drops. And even then, I'm quite happy to be loyal to EQ at 2.3%.

hotmony said
"Roughly" the same who else is offering 3% for 1yr?  

I consider 0.5% to be large, 0.2% more from EQ at 2.8% is too little to bother. If it's an FI I like then I definitely would take the extra 0.2%.