The Bank of Canada has hiked its benchmark interest rate to 0.75 per cent from 0.5 per cent, its first increase in nearly seven years, amid expectations of stronger economic growth this year.
With the rise in interest rates announced by Bank of Canada this morning, InterestPiggy.com assures consumers that they will get the most competitive interest rates for their savings, GICs, mortgages or loans. The new platform is already disrupting the dynamics between consumers and interest rate providers who bid on the business through the marketplace, empowering consumers to shop for competitive interest rates with the ease of a few clicks.
“With a steady rise in interest rates, consumers will be looking for the best deal to purchase a home, apply for loans, or even set up a savings account.” says Manny Kandola, founder and CEO of InterestPiggy.com. “This new platform saves consumers time and allows them to connect with multiple financial providers, so they’re left feeling confident that they’ve received competitive rates.”
Consumers sign up on InterestPiggy.com and create competitions on the platform at no cost. The competition is immediately delivered to a network of providers including banks, credit unions, alternative lenders and brokers who bid with their best offer on interest rates. Consumers also have the option of inviting their current financial provider to join the competition.
The identity of both consumers and providers is kept confidential during a 48- to 72-hour timeframe, with contact information shared only after the competition closes and a match is made. For financial providers, InterestPiggy becomes a tactical sales tool that can widen their scope for new clients. As an added feature, InterestPiggy has a two-way rating system that enables both consumers and providers to learn from their peers’ previous experiences.