Published 2 years ago

Savings are slowly dripping away as deposit interest lags far behind inflation

Summary by Ground News

Interest rates for savings accounts are still largely languishing at around one per cent. Part of the problem is the concentration of Canada's banking sector. There are an increasing number of online banks and credit unions with competitive rates. Some banks have also started to increase rates, though often via short-term promotions.

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CTV News

Savings are slowly dripping away as deposit interest lags far behind inflation

2 years ago·Canada

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Winnipeg Free Press

Savings are slowly dripping away as deposit interest lags far behind inflation

TORONTO – The savings accounts of Canadians have sprung a leak. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one per cent, haven’t kept up. “They will lose […]

2 years ago·Winnipeg, Canada

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Financial Post

Savings are slowly dripping away as deposit interest lags far behind inflation

TORONTO -- The savings accounts of Canadians have sprung a leak. Read More

2 years ago·Canada

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The Epoch Times

Savings Are Slowly Dripping Away as Deposit Interest Lags Far Behind Inflation

The savings accounts of Canadians have sprung a leak. As inflation tops eight percent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one percent, haven’t kept up. “They will lose money. The value of their savings is decreasing,” said Claire Celerier, an associate professor of finance at the University of Toronto’s Rotm…

2 years ago·New York, United States

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Toronto Sun

Savings are slowly dripping away as deposit interest lags far behind inflation

The savings accounts of Canadians have sprung a leak. Read More

2 years ago·Toronto, Canada

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The Globe & Mail

Savings are slowly dripping away as deposit interest lags far behind inflation

While inflation tops eight per cent and the Bank of Canada raises interest rates in response, the interest banks pay for savings accounts are still largely languishing at around one per cent

2 years ago·Canada

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