Canadian High Interest Savings Bank Accounts

Finally have the $5000 (tfsa maxed out). I guess no one knows when they will be offering this promo again? Or should I just keep watching the forums?

I already put in $200 to ing direct, just to get $25 orange key bonus Setup to auto transfer $5/month into account just to keep it active. Stick it to em

ING Direct charges no fees.

Canadian banks have a legal obligation to send written notification after 2, 5 and 9 years of account inactivity.

After 10 years the funds must be transferred to the Bank of Canada. Amounts under $1000 are held for 30 years before prescription. Over $1000, 100 years.

In comparison a certain big bank has the following policy.

An inactive account notice is sent when the customer has not performed any transactions between January 01 and December 31 for two consecutive years. An inactive account fee ($20) is charged each year the account is inactive, but notices are only sent after the 2nd and 5th year the account has been dormant. The fee will be waived if notice is acknowledged within 30 days of mailing date or if account is reactivated within specified time period.
If the account remains dormant for 9 years, the account is closed and the funds balance is transferred to Bank of Canada. $40 fee.

No need for $5/mo. auto transfers just to keep account active. Just move $0.01 in or out once a year. Just don't forget your account.

I assume your talking about the tfsa as opposed to ing high rate savings as well. Since all the banks have a cancellation fee if account closed within tow years don't they?