Rob Carrick says stay on top of the interest rates you receive, as some banks will cut harder and faster than others
Wealthsimple got in touch with me the other day with some sad news I expect to hear a lot in the next 12 months.
Savings rates don’t precisely mirror changes in the Bank of Canada’s overnight rate. In setting rates, banks also consider their internal need to attract money and what competitors are offering. For this reason, the declines in savings rates differ widely. Something to watch for as the Bank of Canada lowers rates further in the next 12 months is how Motive, NEO, Saven and Wealthsimple handle things. These challenger banks – that’s a term for alternative financial players – have used market-leading rates to draw customers. With rates falling, will they maintain their rate advantage for customers or quietly let it fade away?. You get 5 per cent, subject to change, if you provide 30-day notice for a withdrawal and 4.5 per cent for 10-day notice.
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