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Discussion forum General financial discussion Accounts

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9:22 pm
November 24, 2009


Rick

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Hey guys,

I was wondering how are other people are consolidating there accounts? When rates were a lot better I ended up getting various accounts and ended up with accounts at ING, TD, HSBC and PC Financial… I can't say I ended up with a favorite but I use TD for most of my stuff now. As you know they have the worst rates for savings accounts so I was considering putting my savings somewhere else where they could gain some interest. The thing I didn't like about any of the high interest alternatives was that you don't have quick access to your funds in case of an emergency. HSBC was most likely the best because you could withdraw the money but of course there would be some limit on withdrawing cash from an ATM. Anyone offer some experiences on what they are doing?

Thanks.
Rick

11:09 pm
November 24, 2009


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I Personally have a chequing and savings account with CIBC. Their eAdvantage savings account offers currently 1% interest on balances 5k and over. ING is offering 1.05%. So for me that 0.05 difference is not worth the hassle of opening up an ING direct and not having your cash available to you immediatly.

The eAdvantage account offers unlimited transfers so if I need all my funds that day all i have to do is transfer it to my chequing account and withdraw.
Thus i earn a high interest without paying any penalties.
Compare the CIBC eAdvantage savings account 1% interest to the other "high saving accounts" you listed above (using this websites comparison chart)
CIBC 1%
PC Financial 1$
HSBC 0.8%
ING 1.05%
Only drawback is that you need at least 5000 in the CIBC account which could be harder for some to keep in a savings account.

12:50 pm
November 25, 2009


Scone

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Rick, what I found with ICICI is that, astonishingly, I could transfer funds between ICICI and my linked chequing account on the same day, provided the transfer was initiated early enough. This only worked if the transfer was initiated early in the business day (say between 9AM and noon). Something to consider, although ICICI certainly has a lot of negatives as well.
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