I feel like I've seen this game. ING Direct, Tangerine, PC Financial, Simplii, EQ Bank all originally had competitive interest rates. Over the years those rates dropped.

I have gotten tired of opening new bank accounts. Even my credit union no longer offers a competitive interest rate, so I'm just using ISAs and money market mutual funds at a brokerage now.

 

I would agree, the game is to grow assets / more cash under management = more loans for banks of course....and then lower any introductory rates over time. Promos, get more people via promos, and then change the rates. Constant gamification.

Get an ISA for some taxable money and keep for it near-term savings or throw $5k - $10k or more as you wish in it for an emergency fund. Invest everything else.

That's just me.

 

DYN6004 at Scotia iTrade is now 4.50%
TDB8150 at TDDI is 4.05%

I presume that BMT104 at BMO is the same as TD's? Does anyone know?

 

BMT104, 109 and 124 are now 4.50%

 

I noticed that DYN6004 is now at 3.70%, which is 5 bp below the policy rate (it used to be aligned with the policy rate recently).

Not sure what that means, if it means anything.

 

Probably that Scotia isn't as hungry for money to loan out.