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CTC Maximum Account Balance
December 12, 2020
8:41 am
Hubble
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Does anyone know if Canadian Tire Bank has a "maximum" account balance to which their 1.8% HISA rate might apply. Others like EQ, for example , started at $500k max , then scaled back to 100K then recently moved to $200k. Tangerine has no limit that I am aware of, Manulife has 250K limit.
I have gone thru the CTC Terms and Conditions and cannot find any info related to this. By no mention can I assume ...no upper limits.

I am well aware of CDIC issues, so no need to discuss that aspect.

Thanks in advance

December 12, 2020
9:27 am
smayer97
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I have gone through ALL my docs for my CTF accounts and see no mention of max. I would call them to be sure. 1-866-681-2837 (CTFS) M-F 8a-9p Sa 8a-6p

Other banks may not have max for some products but even Tangerine often sets maxs for promos. Others also do too at times.

December 14, 2020
7:58 pm
COIN
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I called CTC last week and was advised no maximum or minimum.

December 14, 2020
8:29 pm
Hubble
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Thanks ....was hoping that was the case.
I have chosen to open a HISA account there. Quite a process compared to other FI's. Hopefully something in place by end if year!!!
Also deal with EQ and Tangerine. From what I can gather CTB seems to keep a competitive rate in a similar fashion to EQ. Hopefully they continue with that.

December 16, 2020
4:38 pm
COIN
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From what I can gather CTB seems to keep a competitive rate in a similar fashion to EQ.  

I heard or saw somewhere that CTB is the funding source for their credit cards. In theory they pay 1.8% and earn interest and fees on their credit cards. Sounds good in theory but there are defaults and operating expenses that cut into the margin.

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