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2 YEAR 2.14%
3 YEAR 2.20%
4 YEAR 2.39%
5 YEAR 2.39%*
5 YEAR Variable 2.20%
Updated September 19th, 2016
Take advantage of low interest rates while they last
GLobe and Mail ~ January 7th, 2016
When I was young, I remember going to the bank to have my bank book updated by the teller. I would always appreciate seeing the “interest deposit” line every month. This week, our youngest son went online for the first time to view his bank account activity. There it was: an interest deposit made at the end of last month.
“Dad, the bank gave me some money,” he said.
“I know, Michael. Isn’t that great?” I replied.
“Sure, but it’s just four cents,” he said.
“Well, interest rates are very low right now,” I told him.
“So, with the amount of money I have today, it will take about 83 years before I have enough to buy a scooter.”
“That’s right, son. I tell you what. When you reach age 50 and you haven’t got enough for that scooter, I’ll give you the rest.”
The Bank of Canada’s key interest rate dropped to just 0.5 per cent last summer, so interest rates are just about rock bottom. This is bad news for those interest deposits each month, but good news for taxpayers. Consider one of these strategies today to take advantage of low interest rates while you can.
Click here to read the full article.