Canadian High Interest Savings Bank Accounts

I opened 2 TFSA accounts and just sent 2 cheques for January 1st. I hope they will keep their rate at 3% for the next year. They are higher than most of the other banks.

Do you know for how long the rate is 3% ?

Bil said:

When I asked them they said they cannot promise what will be the rate in January, it could change anytime.

But it's a really good news that the rate is 3% for more than 2 years.

Thank you

Why would you not have waited to Jan 2012, find the best rate, and then pursue?

As a contingency, I would have shopped for the best savings account rate knowing who has the best GIC rates so you could move over to a GIC if the savings rate changed …. within the same institution.

Bil said:

I wanted the interest to start as soon as possible in January. Since sending a letter from Quebec to BC takes a week I wanted to be sure they receive it by January 1st. Right now I'm with ING Direct at 1.5%, so if they lower the rate, it could not be as bad as ING.

I prefer to take a chance with 3% which is the best rate for a saving account.

Makes sense! I have looked at ING a few times. Like Ally they advertise heavily but they just don't have products good enough for my specific needs. There is a lot of choice out there with different policies and rates….take what best suits your needs!!