Quote:
Originally Posted by kevman
I want to know when the banks are going to give us our .2% back on their lending rates.
In 2014 or so when the BOC rate was 1% and the banks had 3% prime rates the spread was 2%. When the BOC cut their rates .25% in consecutive sessions the banks only provided .15% cuts enlarging the spread to 2.2%. This summer when the BOC rate was 2.5%, the banks had a 4.7% prime rate. With the BOC jump to 3.25% are the banks going to 5.45% or are they finally going back to the historical spread of 2% over BOC rate?
|
I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.