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Who has a high interest Business savings account?
October 6, 2009
11:39 pm
blackirish
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Forum Posts: 3
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October 6, 2009
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Hi,

I am trying to find a business savings account with decent interest. I tried ICICI and they have been a nightmare. I sent in an application, one person contacted me telling me the application is not complete. He said someone will phone me to get more information and this is three months later.

Does anyone know of anyone else out there?

Thanks in advance!

October 18, 2009
10:41 pm
blackirish
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Forum Posts: 3
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October 6, 2009
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I forgot to mention I already have an ING acct and currently maxed out the CDIC coverage. Is there anyone else out there besides ING and ICICI that offer a business acct?

October 25, 2009
10:34 pm
Jay
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3

Hi, I had a terrible experience also with trying to open a business account with ICICI. It sort of worked in the end many months later, but I had lost all confidence at that point. Try Coast Capital Savings credit union – their business savings gives 1% (hard to believe we consider that high interest right now!) and deposit insurance in credit unions is unlimited.

November 5, 2009
6:02 am
blackirish
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October 6, 2009
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Thanks Jay! I will try them.

November 13, 2009
3:30 am
Robert
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5

FYI:

I had the brilliant (I thought so) idea of linking my personal PCF chequing account to my business account at ING. Since I own the business, I could then pay myself by direct transfer to my personal account – sort of direct deposit without the setup.

ING Business accounts have a "one and only one external link" restriction on them. since I need the link from my everyday business account (ING is my EI fund of sorts) I can't do this. Too bad.:frown:

Just info for anyone else out there. Seems weird since I can (and do) have multiple links to my personal ING account.

Robert

July 25, 2012
2:03 pm
Cathy Stanton
Guest
6

Manulife Bank has a high interest business account currently paying 1.5, this is subject to change of course, but one of the highest in the industry. You can apply on-line or through a broker that works with them.

July 26, 2012
8:06 am
James
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Forum Posts: 49
Member Since:
January 30, 2009
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Hi Blackirish,

What services were you looking for with the business account? What are your 'must haves', 'nice to haves', etc.?

If you are incorporated, you have many other investment options open to you, of which you might want to take advantage.

If you are a small business (not a corporation) and are risk adverse, personally I would just opt for the highest insured account rate – especially since it sounds like you have a lot cash to invest. There are also tax strategies which will earn you more than the 2-3% on your money depending on the type of business you have – but that may be more complicated than what you are asking.

August 7, 2012
1:45 pm
Haji
Guest
8

James, could you elaborate more on the investment options and tax strategies for corporations?

Thanks

If you are incorporated, you have many other investment options open to you, of which you might want to take advantage.

If you are a small business (not a corporation) and are risk adverse, personally I would just opt for the highest insured account rate – especially since it sounds like you have a lot cash to invest. There are also tax strategies which will earn you more than the 2-3% on your money depending on the type of business you have – but that may be more complicated than what you are asking.

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