Quote:
Originally Posted by Table 5
Anyone know how long it typically takes for banks to adjust their GIC rates after the interest rate increase? I'm looking to lock in a GIC, but wondering if today's rate hike would already have an effect, or if there's a delay.
|
Banks take the elevator up when it comes to raising mortgage rates. But they tend to take the stairs up when it comes to raising GIC rates. I'd probably wait for a bit. EQ Bank 1 year GIC is 5%, which is the same back on Jan 11, 2023 the last time I checked.