I know we're in a recession and everything but come on. I get it. Banks slash interest rates to convince people they're not making any money off their savings, so they may as well just spendspendspend. But I'm not planning on spending until July! I still need to make money!!
When I first opened up my Citizen's Bank of Canada Ultimate Savings Account, the interest rate I was earning was an incredible 3.75%. As of today, they have continued to slash interest rates along with the major 5 banks. At the moment, I'm earning a measly 1.25%. That's 2.5% that I've lost due to a tanking world economy. Not cool.
