Canadian High Interest Savings Bank Accounts

I'v been with ICICI for few years and their service is something to be desired but the if you want the highest return on saving and put up with nonsense than its the place to be. Keep in mind being an Indian based bank they have lot of official requirements for withdrawing your own money compared to any Canadian commercial bank. For example, to withdraw cash from your account that exceeds $5000 you need to provide written 5 days written notice. I found the service very slow – it takes many days to complete one transaction where with Canadian banks the same transaction would be done within a day. That was 2 years ago – hope ICIC has improved. The other down side is that there are not too many branches in Canada – hence the access issue. Recently ICICI indicated that they will apply admin charges if you do not use your account frequently which I find unacceptable and very silly to say the least but this is the kind of nonsense you need to put with when dealing with an this kind of bank. This is based on my experience.

mike said:

Normally I would agree with the Ally recommendation, but GMAC (which is Ally) is in a hold world of hurt right now thanks to the MBS mortgage title "robo-signing" huge issue in the USA. They could be liable for billions of dollars in fraud.

Again, more FUD. We dealt with this before. Ally is 100% CDIC insured so long as you stay within your CDIC limits, you'll be fine.

Cheers,
Doug