Interest rate stays, loonie goes up

LoonieAccording to The Canadian Press, the loonie is very strong sitting at 94 cents US. I am stimulated that the Canadian economy is doing so well. The Bank of Canada recently announced the overnight rate and it is staying at 4 1/4 per cent. In addition, they also mentioned that there is a risk of increased inflation, so the interest rate might increase on the next announcement date, which is on July 10, 2007. What does this mean? It means that we can take advantage of the interest rates and save our money. There are many options available today if you are looking for high interest savings accounts. I will list two:

ING Direct currently has a special offer with a rate at 4.25% available. You can read about it here: http://www.ingdirect.ca/summersale/
ING Direct’s current rate is at 3.50%.
I personally have an account at ING Direct. I can be your referral if you like.

Canadian Tire Financial Services has a special offer with a rate at 4.50% available. You can read about it here: https://www.myctfs.com/Products/HighIntSavings/
CTFS’s current rate is at 3.80%.

Sources:
Bank of Canada
Rogers Yahoo! News

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