Survey: Canadians Object To Concept OfHigher Balance, Higher Rate

Register now

SURREY, B.C. - (01/02/06) A study conducted here by Ipsos Reidand commissioned by Coast Capital Savings has found that more than60% of Canadians feel it is unfair for higher-balance investors toreceive preferential rates on their term deposits. Women were evenmore likely (70%) to say that higher rate for bigger investors areunfair, vs. 51% of men. Not too surprisingly, income was a bigdriver of attitudes. The study found that Canadians with an annualhousehold income of $30,000 to $60,000 were most likely to considersuch tiered pricing unfair (68%), compared to 63% of those withincomes less than $30,000 and 56% of those with incomes of morethan $60,000. The study of 1,270 Canadians also found that 45% ofCanadians are aware that consumers can negotiate rates on termdeposits, compared to 70% for mortgages. According to the IpsosReid study findings, 51% of Canadians have a term deposit while 42%of adult Canadians say they hold a mortgage.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER