Study: Higher Balance, Higher Rate Not Fair
A study conducted here by Ipsos Reid and commissioned by Coast Capital Savings has found that more than 60% of Canadians feel it is unfair for higher-balance investors to receive preferential rates on their term deposits.
Women were even more likely (70%) to say that higher rate for bigger investors are unfair, vs. 51% of men. Not too surprisingly, income was a big driver of attitudes. The study found that Canadians with an annual household income of $30,000 to $60,000 were most likely to consider such tiered pricing unfair (68%), compared to 63% of those with incomes less than $30,000 and 56% of those with incomes of more than $60,000.
The study of 1,270 Canadians also found that 45% of Canadians are aware that consumers can negotiate rates on term deposits, compared to 70% for mortgages. According to the Ipsos Reid study findings, 51% of Canadians have a term deposit while 42% of adult Canadians say they hold a mortgage.