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Note: this site tries to be as accurate as possible, but be sure to always check the financial institutions’ websites or call their customer service lines for official information.
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I want to do a post/thread about credit card point programs. Can you open me a discussion room maybe?
Note: Julia wrote an article here: http://www.highinterestsavings.ca/credit-card-programs
Is Outlook Financial mentioned somewhere on this site? Their website is http://www.outlookfinancial.com/
Thanks Rick, I have now created a discussion forum for it and added it to the comparison chart.
Just want to say great site Peter…I really enjoy the discussion threads and topics. Keep-up the great worrk…Lau
just wondering about high interest rate canadian accounts with no maximum limit – I want to lock in a good return for a brief period(1-90 days) prefer savings account so I can access funds, while I seek investment assistance for real estate proceeds
it seems all the banks pay good interst on only the first 100K, with over 800k – I want the best rate on all my money
Hi Heather, I’d suggest posting your question in the forum:
Canadian western bank has a high interest savings account called “summit”
Hi bruno, an interesting alternative, but pays no interest for balances under $5,000. We can continue discussion about this account in the forum.
Can you open a discussion about the tax free savings accounts.
Hi Craig, sure thing: TFSA forum. I’d love to gather enough information on it and also write an article. Anybody interested in writing that?
BMO is starting a Smart Saver account 2.75%
Thanks for the tip, ari. As detailed in this post, there are a few reasons why I wouldn’t list that account. Discussions can continue there 🙂
Just wondered if you’ve looked at Coast Capital Savings. They have a high interest savings account that looks comparable…2.75%, no minimum balance, no monthly fee, free unlimited transactions. And they also have a business savings account, with a few other strings, but still 2.75%
Good idea, Jay. This site did have an older article on no-fee chequing accounts that discussed Coast Capital. However, I’ll add Coast Capital to the forum and chart for the high interest accounts.
Peter, I wondered why no mention of Altamira and Dundee on your list. Both offer similar products/rates to the companies on your list.
Hi Jeff, there was a short discussion about Altamira previously. Regarding Dundee, I had not heard of it before and I welcome you to introduce / discuss it in the forum.
CanadianDirectFinancial.com is missing: 2%.
Reply from Peter: Looks interesting. Feel free to start a thread in this forum to discuss your experiences with them. Then, we can add it to the chart 🙂
Enjoying this website. Thank you.
Could you open a forum for Canadian Direct Financial?
Reply from Peter: Sure — here it is!
This website is great. I wrote about high interest saving account a week ago on my blog, which has a Chinese based audience, before I found this website. I’m not sure if it’s proper to mention my blog here but I’ll add your site to my post.
Reply from Peter: Thanks for sharing. Hopefully your post will help and/or educate the Chinese audience!
You should consider putting RRSP savings rates on your comparison chart if you have time. Usually RRSP savings rates and regular savings rates are the same at each bank, but not always (e.g. ICICI is currently paying 2.00% on RSP savings and 1.60% on regular savings).
Great site. You must be attracting significant attention from the online banks by now!
Reply from Peter: That’s a good idea. Thanks. Now I just need to get around to adding those rates (or maybe deciding on how to best display and maintain another list).
Wondering if you have any information about the high interest savings account at http://ally.ca
I believe they are a fairly new online bank. Their savings account pays 2.0%, which is pretty good right now.
Reply from Peter: Please see the discussion happening in this forum.
Hello Peter :
Although still considered the new kid on the block , Ally deserves , until proven otherwise , a place on your comparison chart for high interest savings accounts. Also Peter would it not be more appropriate and/or beneficial to place the comparison chart of all these hight interest savings accounts by the interest rate they are providing?
ie) Peoples Trust 2.1 %
Canadian Direct Financial 2 %
Ally 2 %
Reply from Peter: Thanks for your feedback. I delay additions to the chart until there has been sufficient discussion about the bank in the forums. Also, I choose not to sort the chart by rate in the hopes of encouraging people to look a bit more into the other factors about a bank. Those are not policies that are set in stone, though. I invite you to continue further discussion on this in the forum.
Any thoughts from the peanut gallery in regards to the possibility of a Wal-Mart Canada Bank setting up shop here in Canada? The pros and cons should be interesting although I personally welcome the competition. Food for thought !
I have a suggestion that I think might improve the comparison chart. Some institutions are “banks” that are CDIC insured up to $100,000 per account. A second group of listed institutions are “credit unions” and it is my understanding that some (or all?) of these are insured by their respective provinces with no limit. Finally, some listed institutions may not be insured at all (I don’t know, I haven’t researched them all and don’t claim to be an expert). Would it be possible to add a column to the comparison chart that lists “$ amount and type of insurance per account?” Thanks . . . great and useful website.
I recently found your website and I think it’s terrific! There’s a topic I would love some input on. I don’t see a current forum on it, so I’m hoping you can start one, regarding fees for closing accounts.
Edit: Discussion moved to this thread
could you start a discussion about the new accelerate financial account thanks L.J.
Reply from Peter: Feel free to start a new thread under this forum. If there’s enough discussion about it, I’ll then give it its own forum.
Interested in domain. Highinterestsavings.ca
please follow up with me.
Reply from Peter: Thanks for the interest, but I do not want to sell the domain.
Do you have any information regarding opening a bank account overseas, and would you recommend this?
I was recently in Australia, and I noticed that the interest rate for a savings account was around 6%, which is substantially higher than here in Canada. I did a search on the internet for interest rates in other countries, and I noticed that in Brazil, it’s as high as 10%. I have an account with Ally (2% interest)and ING (1.5%), and prefer to keep my savings in a bank account vs. investing in the stock market, etc.
I’m just thinking it could be advantageous to open an account overseas, but I don’t know if it’s possible, or if it’s naive of me to think it’s a good idea. Your opinion and any information you have on this topic would be much appreciated.
Reply from Peter: Unfortunately, I know close to nothing on this topic. However, I’d suggest bringing this up in the forum, where there are plenty of more knowledgeable people!
Hi Peter, I am thinking maybe, it might be better if the http://www.highinterestsavings.ca website’s “Home” tab will display the 10 last Forum/Topic than the default 5. It seems better that way as some not so old posts are left out so fast especially if a new post comes along. Also, say if three new guests would make some topics at the same day, there goes the old topics to “wooff/gone!” I can search the older topics of course but if the last 10 posts are there maybe it will make the website easier to navigate and find information?
Reply from Peter: Great idea. I’ve upped it to 12.
I’m wondering if you can add Bridgewater Bank to the comparison chart? We offer a High Interest savings account at (currently) 2.05% (2.10% if you are an Alberta Motor Association member)
We launched the product in March of this year. It is eligible for CDIC insurance as well.
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