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You know you are old when you remember compound interest on your savings..
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OntarioCanuck
Posted 9/30/2014 12:30 (#4101125 - in reply to #4100978)
Subject: RE: You know you are old when you remember compound interest on your savings..


North of London
I think it depends on what period of compounding you are referring to.
I have an account for surplus cash which compounds monthly, when I have surplus cash in it.

I have cash term deposits (called GIC's in Canada) which compound semi annually or annually, may have one that compounds quarterly but compounding interest is still available here just the rate is not very high any more.
Go back to the 70ies and GIC's could get you double digit interest rates for terms of 5 years, some as high as 18% or a little more.
Today you have to look hard for an extra 0.1% to stay above 2% sometimes but they still compound the interest on a term deposit.
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