Ellen Roseman reports today; Savings rate lags interest rate on loans
The Bank of Canada has raised its overnight lending rate six times since last September. So, you might expect that high-interest savings rates have gone up as well.Think again. Banks seem to be tightening their spreads — at the expense of savers.
Oh the banks screwing us again. That's news?! Yep as I have said before the Peoples Bank, credit unions, once again beat the banks. As does the Alberta Treasury Branch the other Peoples Bank in Canada.
The best savings rate I found was 3.85 per cent, offered by two online banks owned by credit unions in Manitoba, Achieva Financial and Outlook Financial.
Hey that's a better rate than ING the online bank. But they offer a GIC without a minimum and NO Service Charges unlike Achieva and Outlook.
See GIC Rates
Also see:
Proudhon
Tory Bankers
Bank Charges
Service Charges
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