Monday, March 10, 2008

Dropping Interest Rates

I did my net worth calculation this weekend. The goal of 100K by next year is developing a little slower than expected due to my investment portfolio being down, but I am getting there.

But I noticed that the high interest savings accounts have dropped their rates. ING direct dropped to 3.3% and PC financial dropped to 3.35%.

So I looked up the two other rates I usually keep track of. Things look a little better. Maybe they are just slow to make the rate decrease? I’m not sure. HSBC is at 3.7% and a promotion where new customers get 4.75% until May 2, 2008. Canadian Tire is so far the best deal at 3.75% and new customers get 5% for the first three months.

*edit* Thanks to Nancy (aka money coach) who suggested another bank offering high interest rate: Citizens Bank of Canada.

Thanks to Canadian Saver for adding ICICI Bank which is at 3.6%

2 comments:

nancy (aka money coach) said...

Hi there - shameless self-promotion (my new job!) - you may wish to add CitizensBank to your list of places you check for rates. Currently, it's offering 3.75%, and I know it usually keeps at, or near, the top. Also it never has FinePrint (eg. limited time for the rates, then they drop).

Canadian Saver said...

You may want to check out ICICI.ca . They are still at 4.1% (and have always been higher than ING).

You do learn something new every day, I had NO IDEA Canadian Tire offered savings and GIC's and stuff!!