ING drops GIC rates to 3.6%

[PocketRockets]

I guess people who said rates were going to drop were correct. 3.6% is a heft drop from 4%. I hope PCF doesn't drop the Interest Plus account rate.

[Lowriderz]

ING keeps making it more and more difficult for people like me to stay with them.

I will probably be openning a PC account soon...

[Bunkhouse]

My credit union dropped thier high interest savings from 4.5% to 3.6% last month too. Quite dissapointing.

[eelfliw]

Yay! I renewed one of my GICs @ 4% pa for another 6 months just 2 weeks ago.

I wonder how long will PCF hold their 4%? This is gonna cost them.

[cloudycanada]

they were always behind on rate increases, but they are ahead of rate decreases

can't find a reason to stay with ING anymore....other than buying some of the mutual funds they offered.

and i hope the 4% in PCF will stay .... or i'll need to find a new home for my extra cash again

[lesnar]

if PCF drops i might just move my money to eTrade.ca: currently at 4.15%

has anyone tried etrade? what are your feedbacks?

[Hellfire]

Mehh... all my money is moving out of my PCF account later today anyway since I purchased some land. I want prime to drop now so I can pay less.

[john widow]

I have some money in my achieva bank. Do you think now's the time to say, I want it to be in a GIC......it's just sitting there....for a few months already.

[B40]

What's the point of even putting it in a GIC if it's all 3.6%? What a joke..

90 Days 3.50%
180 Days 3.60%
270 Days 3.60%

1 Year 3.60%
2 Year 3.60%
3 Year 3.60%
4 Year 3.60%
5 Year 3.60%

So what's the easiest way to transfer money out of ING into PCF? Can I add a new bank to ING online and then transfer it over?

[Hellfire]

So what's the easiest way to transfer money out of ING into PCF? Can I add a new bank to ING online and then transfer it over?


ING usually wants you to send in a void cheque to link accounts..

[cardfixforhu]

Does anyone know if you goto the ING office downtown toronto if they could like your PCF account right away or be able to issue you a draft? If not what's the fastest way to get your account linked (I'm in Mississauga). I too am disappointed with ING and am thinking of moving my money out of ING. I want to get this done as fast as I can just incase PCF drops their rates.

[ElChico]

I'm glad i'm locked in at the higher rates. Their rates offer no incentive to buy GICs when the ISA is at the same level.

[eelfliw]

What's the point of even putting it in a GIC if it's all 3.6%? What a joke..

90 Days 3.50%
180 Days 3.60%
270 Days 3.60%

1 Year 3.60%
2 Year 3.60%
3 Year 3.60%
4 Year 3.60%
5 Year 3.60%

Because ING is anticipating rates to drop over the next 5 years? Let say the rate dropped to 2.6% 2 years from now, you'll be glad you locked in @ 3.6% for 5 years.

[ferkel]

going back down to 2% soon?

[Big Brother]

Is the prime rates going down? IS this why ING GIC dropped?

[PocketRockets]

PCF dropped their GIC rates too, I hope the Interest Plus account doesn't drop.

[taile]

My credit union dropped thier high interest savings from 4.5% to 3.6% last month too. Quite dissapointing.

Which credit union are you with? I'm with Achieva, their interest rate is 4.1 right now, and 1yr GIC is 4.35, 2yr is 4.55, just transfer some fund into GIC. Hope it's worth it.

[adamtheman]

I agree. Now would be the perfect time to transfer as many funds as you can into Achieva 2yr GIC at 4.55%.

If ING and banks are dropping their rates, it definitely means something is coming, like a prime drop. ING isn't stupid, they aren't some monkey sitting behind a desk pushing buttons. They know when they drop their rates from 4% to 3.6% that they will instantly lose tons of customers, but obviously it must be a move they need to make. Which shows you even more, if they could have stayed at 4% they would have. So count on PCF dropping soon too. But any GIC you can lock in to for 1-2 years at 4.5% is great, then reevaluate your situation.

[belfour]

PC went down too. 3.75% now.

(was at 4% the other day)

[Agent_J]

PC went down too. 3.75% now.

(was at 4% the other day)
then just keep it in the Interest Plus savings account, still @ 4% and your money isn't locked in

[lakshmi]

they haven't dropped the rate so far.

[RBK]

:arrowu: Icici haven't been getting the greatest reviews from people here.

[newbie7]

:arrowu: Icici haven't been getting the greatest reviews from people here.

Their customer service has been alright for me. I've read tons of horror stories from their customers too, however.

Their phone service works well (fast pickup, english is acceptable, and issues are resolved).

If you are just leaving some money there gaining higher interest, I wouldn't worry too much about customer service since they are insured and it's not like you will have too many transactions with them anyway.

[Bullseye]

then just keep it in the Interest Plus savings account, still @ 4% and your money isn't locked in

They can change that rate at any time, you can't lock it in. That's why they can let it keep going at that rate until an actual change in interest rate happens, not just speculation about it (which affects rate of locked in products like GIC's).

[ferkel]

ING is just being greedy. I moved my money out, lots of places are still offering 4%+ interest.

[dealers]

oh....I miss the PCF GIC..locking in.....now I just lock a little bit in 3.75%....not that good.....

anywhere else I can find a better rate....

[daisyville]

PCF Interest Plus is still posted at 4%, according to their web-site:

http://www.banking.pcfinancial.ca/a/rates/savingsPlusAccountRate.page

[83_gemini]

Some possibilities to consider:

Canadian Tire still has 4% GICs I believe, which might be worth looking at assuming PC's account rates go down.

Deposit brokers (Fiscal Agents, GIC Direct etc.) may be able to offer higher rates then posted.

Some credit unions offer decent rates. DUCA, which has branches in North York and elsewhere in the GTA offers some decent rates-currently they have a 1 year@ 4.25%. If their rates remain high I might start moving my GICs there from ING when they mature. I've dealt with DUCA before and have had no issues.

Look around-other credit unions sometimes offer better rates then even the online banks.

One caveat-credit unions are generally speaking insured by their province, not the federal government, and so theoretically speaking the money is marginally less secure. Marginally of course-DUCA, and many other credit unions, are large and well-established.

[pm_john]

Looks like I have to open a PCF account now.

[dealers]

I just found out that citizenbank GIC pays as much as 4.1%, it is good time to lock them. However, the purchase of GIC is not very friendly.

[jackieskwong]

i'm still thinking about outlook financials' GIC