Hey team, will there be changes to the HISA interest rate after the BoC interest cuts?
Hi @Wasif great question! The team is currently evaluating scenarios and we’ll likely have a decision in the coming days. Stay tuned and I’ll have an update for the community once we have a direction.
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Hi @Wasif, you’ll be receiving an email communication shortly, but also wanted to share here the update regarding our HISA rate:
On November 1, 2024, we’ll be changing the HISA interest rate from 4.00% to 3.00%
Why we’re changing our rate
On October 23, 2024, the Bank of Canada lowered their interest rate benchmark by another 0.50%. This marks the fourth consecutive reduction since June, resulting in a total decrease of 1.25% year-to-date.
You’ll notice that savings rates often shift in response to changes in the benchmark, these adjustments aren’t exclusive to us. Multiple factors influence our interest rate decisions, with the Bank of Canada’s rate being a key catalyst.
We’re committed to providing you with some of the strongest everyday interest rates in Canada and we’ve been able to maintain our 4.00% rate until now.
No action required from your end, the change will happen automatically on November 1.
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Hey Craig, thanks for the update here. 3% is still great if compare to the incumbents. I was impressed how Neo was unmoved with the % with the previous changes by BoC.
Cheers!
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