Canadian High Interest Savings Bank Accounts

From what I've seen so far, most of the high-interest savings accounts are offered by institutions owned internationally. I prefer to do my banking with Canadian-owned institutions. Any suggestions?

It seems Canadian Tire Financial is offering a 5.5% interest rate for 90 days on their saving account. They are also CDIC insured.

Yes, I already have an acct with CTFS and was drooling at their 5.5% special for new users, but was glad to see their regular rate went up from 3.8 to 4%! This must be to keep a step ahead of ING Direct's increase from 3.5 to only 3.75.

Am still debating whether or not to open up an ICICI for their 4.5%.

Good Site: I'm a Citizens Account Holder at the moment. Was also thinking of moving to ICICI for the 4.5% but might stop in at Canadian Tire's 5.5% now. Is there any fees that you guys ran into?

Sorry meant 4.25%

Kerwin said:

And with HSBC, you can pretty much use that account has a chequing/savings account (except that you cannot request cheques, but they can give you a void cheque form).

I was intriqued at the Canadian Tire option, so I took a look. Unfortunately it isn't open to residents of Quebec. Any clue why?

jc said:

Kerwin said:

And with HSBC, you can pretty much use that account has a chequing/savings account (except that you cannot request cheques, but they can give you a void cheque form).

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Can you set up pre-authorized bill payment with the void cheque forms? How are you using it? Thanks.

Yes you can use the void cheque forms to setup pre-authorized bill payments. I've done so with my Car insurrance (belair direct).. and my car payments from Toyota.

James said:

Scotia Bank offers 5% if you deposit 75K (note there is some tricky fine print about only getting 5% on the portion of your balance in that tier (i.e. exactly at 75K, or above… I think that's what the means lol…. it's worth a call to find out though).

That's crazy. Who in their right mind is going to carry $75K around in a savings account? You would make more interest in a conservative investment.

When Jan 1st 2008 comes around, I will probably move my money from CTFS to ICICI. I'm a little hesitant because, they have very BAD customer service. Did some research and found this out already but also experienced it first hand. My gf was so upset that she is closing her newly opened acct, but I think has to wait 6 months or be charged a fee ($60??).

Despite this, I will probably still park my $ at ICICI til another bank matches them. Already opened up an acct so I'm all set for 1st of Jan. Was seriously tempted to convert some Can $$ into US$$, based on our high dollar rate, and then deposit into ICICI's US$ acct as they are offering 5% interest rates, but problem is that their US$ accts are insured. Also, didn't do the math to see if its worth converting some Can $ to US$, collecting the 5% interest for a while but when I convert back to Can$, will I be actually losing money??

Something to think about in Jan…