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Should you get that promo rate? Check out the fine print first

– moneysense.ca

Some banks entice Canadians to open new accounts with the offer of a high but short-lived promotional interest rate. A generous interest rate might catch your eye, but there are a few things you should ask yourself before you sign up for a new chequing or savings account.

Should you switch bank accounts for a promo offer?

Not everybody loves promo rates. In fact, a recent EQ Bank survey showed that more than half of Canadians (57%) prefer banks that give all customers the chance to earn a higher interest rate for their loyalty or engagement, with another quarter (25%) preferring banks that offer the same rate to all customers. Only a very small proportion (5%) prefer banks that offer promotions exclusive to a few customers even when it means they may not be included.

That said, if you’ve caught a banking ad promising an extraordinary interest rate, it’s natural to feel tempted, but there are a few pitfalls to be aware of. Often, to get that high rate, you must meet certain conditions—and after a certain time period, your rate reverts down to a less favourable one…

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