Secure Line of Credit - All Banks Raising Rates?
I have a secure line of credit w Scotiabank that use to be at prime. Back in October, I got a letter from the Bank telling me that the rate was being increased to prime plus 1%. I saw an article in the Globe today that TD is also following suit. Are there any Banks that currently offer secure lines of credit at prime? Not sure if I can get a secure line with another Bank if my mortgage is with Scotia?
I have been using my line to pay down my mortgage which is currently at 4.8% and doesn't mature for another two years. I am still saving money but the net savings was cut in half when they increased the line to prime plus 1%.
I have been using my line to pay down my mortgage which is currently at 4.8% and doesn't mature for another two years. I am still saving money but the net savings was cut in half when they increased the line to prime plus 1%.
Comments
My line of credit is at prime + 1/2%, always has been. Had it for over 10 years now.
Credit unions >>> banks, imo. At least, for all the "normal" banking stuff.
Milo, I couldn't agree more.
My account just started being debited a monthly fee in January 2009, so that I have unlimited cheques, Debit payments, etc.
Cost? $6.00
I just started having to buy cheques in 2008. Prior to that, a new box of cheques was a phone call away, gratis.
My Credit Union has paid me almost $15k in the last several years for doing nothing other than banking with them. I like free $$$ . . .
I will NEVER deal with a bank if I can avoid it.