It’s a sharp contrast to the last time inflation ran this hot. In 1981, inflation peaked at over 12 per cent, but Statistics Canada data says bank accounts were paying out 19 per cent interest, and even in 1990 when inflation was running a little under five per cent, accounts were paying out over nine per cent.Article content
There are an increasing number of online banks and credit unions with competitive rates. After the Bank of Canada raised its key interest rate by one percentage point in July, Oaken Financial boosted its rate from 1.65 per cent to 2.25 per cent, while Duca credit union increased its rate from 3.1 per cent to 3.25 per cent, said Natasha Macmillan, Ratehub.ca’s director of everyday banking.
Scotiabank is offering a temporary rate of up to 4.05 per cent interest thanks to several time-limited bonuses on top of their regular 1.35 per cent rate. CIBC is offering up to 3.55 per cent interest that then drops to 0.8 per cent after 120 days, up from a February 1.5 per cent promotional rate that dropped to 0.3 per cent.Article content
Part of the challenge though is that banks are not so desperate for deposits after Canadians have seen savings swell during the pandemic.Article content
Source: Loan Digest (loandigest.net)
Banks making record profits and telling everyone else to go F themselves
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