How can a bank offer a higher interest rate for a savings account than for a GIC?
At this link on rates offered by ICICI, the TFSA savings account rate currently being offered is 1.8% but the GIC rate being offered is 1.75%.
But why would anyone put money in a GIC and lock it up only to get a lower rate than the savings account?
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This is quite possibly a tactic to attract new clients..
ICICI is one of the banks with a small presence in Canada. There are also banks like Tangerine and PC Financial that are aggressively trying to get new clients to switch over from the big 5 banks.
At the time of writing, for a limited time, PC Financial is paying 2.5% interest on savings accounts versus 1.4% for a 1 year GIC.
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