the winnipeg sandbox
Would you like to react to this message? Create an account in a few clicks or log in to continue.
the winnipeg sandbox

Latest topics

» Gord Steeves should run for Mayor
by FlyingRat Wed Aug 13, 2014 4:58 pm

» To discontinue?
by EdWin Sat Jul 12, 2014 9:26 pm

» Sandbox breakfast get-together, Saturday, January 25, 2014.
by rosencrentz Fri Apr 11, 2014 11:27 pm

» 2013-14 Bisons/CIS Thread
by Hollywood Tue Apr 01, 2014 11:56 pm

» Katz must resign
by cobragt Mon Oct 28, 2013 5:09 pm

» Best Breakfast/Brunch
by cobragt Mon Oct 28, 2013 5:07 pm

» Manitoba Action Party
by RogerStrong Mon Oct 21, 2013 2:24 pm

» Police Respond to a silent alarm With Guns Drawn
by EdWin Tue Aug 20, 2013 10:10 pm

» Details about Cineplex SuperTicket -- interesting promotion
by MattKel Thu Jul 18, 2013 4:08 pm

» Freep locks out non-subscriber commentary
by Deank Mon Jul 08, 2013 3:58 pm

» 7-year sentence for Berlusconi
by FlyingRat Mon Jun 24, 2013 2:32 pm

» New Stadium
by grumpy old man Mon May 27, 2013 4:34 pm

» Winnipeg News Android App
by grumpy old man Mon May 27, 2013 4:33 pm

» First Post
by grumpy old man Fri May 24, 2013 2:43 pm

» The New Sals at Pembina and Stafford
by grumpy old man Thu Apr 25, 2013 1:35 pm

» Emma Watson wants to do nude scenes for 50 shades of grey movie
by FlyingRat Wed Apr 24, 2013 10:39 am

» Museum finally admits it needs to raise more money priovately.
by FlyingRat Wed Apr 24, 2013 10:32 am

» And You Thought Your Taxes Are High Now!!!
by FlyingRat Wed Apr 24, 2013 10:21 am

» free chocolate sample
by cobragt Sun Mar 31, 2013 6:12 pm

» Do you want a gift certificate for A winnipeg restraunt?
by cobragt Sun Mar 31, 2013 6:12 pm


You are not connected. Please login or register

the winnipeg sandbox » winnipeg sandbox.. » national... » bank of Canada slashes rate to .5%.

bank of Canada slashes rate to .5%.

+5
Triniman
EdWin
cherenkov
rosencrentz
Deank
9 posters

Go down  Message [Page 1 of 1]

1bank of Canada slashes rate to .5%. Empty bank of Canada slashes rate to .5%. Tue Mar 03, 2009 12:26 pm

Deank

Deank
contributor eminence
contributor eminence

in the hopes that it will spur the economy.
http://www.winnipegfreepress.com/breakingnews/40641262.html
part of the statement has the actual banks saying oh yeah we definately need this... and we will play ball
"Canada's major banks appeared ready to play ball with Carney: shortly after the announcement, Royal Bank (TSX:RY), Bank of Montreal (TSX:BMO), TD Bank (TSX:TD) and CIBC (TSX:CM) announced that they would cut their prime rates in step with the central bank."



BMO's current mortgage rates?
TypeTermAnnual Percentage
Rate
Fixed Rate6 month (convertible)5.200%
Fixed Rate6 month (open)7.000%
Fixed Rate1 year (closed)4.500%
Fixed Rate1 year (open)7.450%
Fixed Rate2 year (closed)5.150%
Fixed Rate3 year (closed)5.150%
Fixed Rate4 year (closed)5.750%
Fixed Rate5 year (closed)5.790%
Fixed Rate6 year (closed)7.000%
Fixed Rate7 year (closed)7.000%
Fixed Rate10 year(closed)7.150%
Fixed Rate18 year (open)8.950%
Variable Rate3 year (open)*4.500%
Variable Rate5 year (closed)*3.800%

2bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 2:28 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

They may have cut their prime rate, but they did not cut their mortgage rates. My son was offered 4,5% for a 1 year closed last week.
The banks cut their prime to 2.5%, but no one gets that rate. All that happens is the bank makes 1/2% more if they are loaning money from the central bank.
Banks mortgage rates are 1% higher than some of the credit unions.
Where is the banks variable rate- none posted! I do not think they want those, because of the extra work involved in calculations?
Any bank employees out there?

http://www.elansofas.com

3bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 2:47 pm

Deank

Deank
contributor eminence
contributor eminence

"Any bank employees out there?"
with the crap they are pulling? not for long.

4bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 2:53 pm

cherenkov

cherenkov
contributor plus
contributor plus

My mortgage rate is prime less 0.8%. 2.2% before this cut. Soon to be 1.7% !!!! That is unf*ckingbelievable!

I don't know what BMO is doing with their 3.8% listed rate. Go to a broker instead.

http://anybody-want-a-peanut.blogspot.com/

5bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 7:43 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

Cherenkov- great for you 1.7% is great news- hope you save a ton of money- you can pay down your mortgage way earlier at that rate or invest in the stock market- lol

http://www.elansofas.com

6bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 9:12 pm

EdWin

EdWin
major-contributor
major-contributor

All I have to say it keep droppin'; maybe I'll be able to buy a house this year!

7bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Tue Mar 03, 2009 10:53 pm

Triniman

Triniman
general-contributor
general-contributor

Pretty soon, interest rates will be in the negative. They will pay you to borrow money!

8bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Wed Mar 04, 2009 11:25 am

FlyingRat

FlyingRat
moderator
moderator

Triniman wrote:Pretty soon, interest rates will be in the negative. They will pay you to borrow money!
Will they charge you to make deposits? Wink

9bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Wed Mar 04, 2009 12:21 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

Damn Banks- reducing prime , and at the same time they are increasing the spread that you have to pay. On the radio this AM, one broadcaster had a personal line of credit at 1% over prime, and he got a note yesterday that it was changed to 3% over prime!
How is that going to get the economy moving?

http://www.elansofas.com

10bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Wed Mar 04, 2009 12:24 pm

Deank

Deank
contributor eminence
contributor eminence

bank executives spend money too!.. its only right that they increase the Banks bottom line to make more money to get them higher bonuses!

11bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Wed Mar 04, 2009 2:33 pm

cherenkov

cherenkov
contributor plus
contributor plus

rosencrentz wrote:Damn Banks- reducing prime , and at the same time they are increasing the spread that you have to pay. On the radio this AM, one broadcaster had a personal line of credit at 1% over prime, and he got a note yesterday that it was changed to 3% over prime!
How is that going to get the economy moving?
That is certainly counter productive, but hopefully he will go to another bank for his borrowing needs. People need to shop around to keep the banks honest. Banks count too much on loyalty.



Last edited by cherenkov on Wed Mar 04, 2009 6:49 pm; edited 1 time in total (Reason for editing : typo)

http://anybody-want-a-peanut.blogspot.com/

12bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Wed Mar 04, 2009 2:34 pm

grumpy old man

grumpy old man
administrator
administrator

cherenkov wrote:Banks count too much on loyalty.
And they get it too. People are both loyal AND lazy.

13bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Fri Apr 24, 2009 8:32 am

rosencrentz

rosencrentz
uber-contributor
uber-contributor

And now down to .25%

Anyone's bank credit card interest rate been reduced?

http://www.elansofas.com

14bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Fri Apr 24, 2009 9:10 am

Freeman

Freeman
uber-contributor
uber-contributor

Maybe not, but aren't you getting extra Air Miles?

15bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Fri Apr 24, 2009 11:16 am

eViL tRoLl

eViL tRoLl
contributor plus
contributor plus

EdWin wrote:All I have to say it keep droppin'; maybe I'll be able to buy a house this year!
Hopefully the prices of houses will fall soon and become more affordable.

16bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Fri Apr 24, 2009 11:21 am

eViL tRoLl

eViL tRoLl
contributor plus
contributor plus

These interest rates screw those Canadians who are dependent on investments for their retirement. They lost a very big chunk of what they may have had inequities, and now their "safe" interest paying portion is decreasing in value due to low interest rates in a high inflation environment.

17bank of Canada slashes rate to .5%. Empty Re: bank of Canada slashes rate to .5%. Fri Apr 24, 2009 11:25 am

Freeman

Freeman
uber-contributor
uber-contributor

So those folks who dumped their equities in favour of bonds the moment the markets adjusted are now equally screwed as the rest of us who held firm in our faith in the system. Oh well. Welcome to Freedom 85!

Sponsored content



Back to top  Message [Page 1 of 1]

the winnipeg sandbox » winnipeg sandbox.. » national... » bank of Canada slashes rate to .5%.

Permissions in this forum:
You cannot reply to topics in this forum