DEPOSIT RATES RISING!

Over the years I've held savings and term deposits with a virtual division of one of Manitoba's Credit Unions. Generally, these virtual "banks" offer higher deposit rates than their "brick & mortar" parents. All Manitoba Credit Union deposits are 100% guaranteed without limit.  A number of years ago I asked one of them if this guarantee applies to deposits made by non-Manitoba residents.  The answer, at the time, was yes.  If  you live outside the province and are considering an investment, I'd recommend asking the question. 

With the recent uptick in the Bank of Canada overnight rate, deposit rates for all institutions are on the rise. Because of my particular interest in Manitoba Credit Unions and because they often offer the best available rates I decided to track their rates for a bit.  Until things stabilize or plateau, I'll update this as available rates change.  I've moved the chart to the top of the blog for easy access.

I'm finding it curious that a deposit rate of 5% for 5 years was available before the Bank of Canada hiked by a full 1% on July 13 and added an additional .75% on September 7.  There seems to be reluctance to move beyond 5%...but, it's gotta happen!

I haven't included all Manitoba Credit Unions.  A couple don't post their rates online.  A few others make no effort to be competitive and one retains the old "closed bond" format and membership is only open to a select employee group.