Ellen Roseman, personal finance columnist for the Toronto Star, writes that even though the Bank of Canada has increased interest rates from 2.5% to 4% since last September (another interest rate announcement is set for next week), ING Direct has only increased the interest rate on its savings accounts from 2.4% to 3%. The article notes that Manitoba’s Achieva Financial is currently offering a savings rate of 3.85%, which is quite a bit more than that of ING Direct.

BoC Versus ING Direct

This article has 5 comments

  1. ING is actually up to 3.15% now. Altamira is a good option as well offering 3.5%.

  2. Canadian Capitalist

    They must have just increased their rates. It was 3% just last night 🙂

  3. Good point. And Steinbach Credit Union, in Manitoba, gives me 4.0 on their regular savings account!

  4. I only invest looking for interest income inside my RSP account, which is a self-directed discount brokerage account. Right now the Government of Canada 1-yr Treasury Bills are yielding 3.424%, which in my opinion is better than a CDIC insured savings account because there is a maximum balance to which CDIC will insure a savings account.
    By the way, I don’t live in Manitoba where Terry can get 4% in a regular savings account. That’s pretty amazing…

  5. What’s up with Manitoba? Are banks (or credit unions rather) treated differently there by the government?