Canadian High Interest Savings Bank Accounts

Now down to 3.35%. Ridiculous…other banks like ICICI have kept it at 4.10%.

Worth it to switch?

I have to admit that ICICI might be winning me over. Getting an account open is a nightmare (at least it was for me), and their customer service is abysmal. But their interest rate has consistently beaten anything the Canadian online banks have been able to offer over the past year or so, and they have consistently credited my accounts on-time with the correct amount of interest (in my case at least). I was also able to complete a transfer of funds from ICICI to one of my linked chequing accounts WITHIN AN HOUR!!! ICICI calls it a "hot transfer" or something like that, and they don't appear to charge anything for it. I was expecting the funds to be posted in my chequing account the next day like with the other online banks, but there they were about an hour after initiating the transfer!

I have some RRSP funds at ICICI, and it remains to be seen how hard it will be to get them out of there (although their rate is still 4.25% on RSP savings (4.1% on regular savings) so I might not be moving anything out of there for awhile).

Despite their apparently good performance, I will not be depositing any funds with them that are not CIDC-insured. I just don't have that level of comfort with them, and I'm not sure I ever will.