Italy approves 40% windfall tax on banks
Italy approves 40% windfall tax on banks
Italy dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits.
While it might not directly relate to Canadian Finance News, I believe we could implement a similar regulation for big banks in Canada. Currently, none of these banks have raised their deposit interest rates, and I think this practice should become the standard.
@mxwarp I mean, what incentives do these banks have to pay higher interest? They own like >80% of the market and their name recognition alone draws deposits.
Keep in mind that paying higher interest rates is a way to attract deposits, when your name recognition & size can already do that for you, why pay more?
As a consumer, people need to consider shopping around. Far too many Canadians believe there's no choice when in fact there is.
For higher paying options, see: https://highinterestsavings.ca/chart
