Interest Rate Musical Chairs
27 March 2008
by
Jb
Filed under
News + Saving Money
While I was pleased to hear the Bank of Canada lower the prime interest rate 0.25% earlier this month,as it helps me out with my lines of credit, it means that one of my banks has lowered their savings account rates. I was disappointed to see that this bank has lowered its interest rate from 3.75% to 3.30%. This means that it’s now back to a “regular” rate for those types of savings accounts. This is the bank I’ve got my Emergency Fund with, and while 3.30% is still very good, that’s almost half a percentage point of a change. The whole reason I opened this account last year was because of the rate, the fact that it was significantly higher than my other accounts. That and also because I can simply withdraw the money with a bank card if I need it, which is a good thing to have for an Emergency Fund. But still, I am disappointed to see the rate change in general. This doesn’t mean I’ll be moving the money, however it means I’ll be earning a smidge less than previously on my savings.