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Email this1:08 am
Hi there,
First of all, thank you so much to Julia for her comprehensive review of Citizens. I was very confused about which bank to go with, but hearing about their great environmental and labour relations practices as well as 24/7 excellent customer service swayed me. Good interest rate too.
When I just called them to ask questions about setting up, the lovely rep mentioned another product you all may be interested in: their 30-day cashable 1-year term deposits, which have a higher rate than the Ultimate Savings Account. If you can let your money sit there for 30-days, you can cash it in at any time and still get the full interest for the time you've had it in the account. For current rate, see: https://www.citizensbank.ca/Personal/Products/TermDeposits/Rates/
I'm looking for a high interest account to save for a house, which we hope to buy in a year or two, so this may be the perfect product for us... Will update you as the application process unfolds.
Best,
WW
5:44 pm
It has been a while since I've posted some comments, however, after just shopping out a renewing term deposit with a number of FIs and reading your post, I thought I'd advise that I just settled on moving more of my money to Achieva Financial (which I have had an account for just under a year).
http://www.achieva.mb.ca/produ...../index.asp
Their rates across all terms 1 year through 5, were far and away some of the best available today, along with a full deposit guarantee. I also like their online banking and $1.00 a month for receiving my statement online --- good for the environment and me 😉
11:05 pm
Thank you for sharing this info with me.
What I need though is one that is cashable prior to maturity because I can't predict exactly when I will be buying a house, and the GIC I'm interested in at Citizen's Bank is cashable after 30 days with the 3.25% interest paid out for the amount of time the GIC was held before redemption. You can even redeem and reinvest it if the GIC rate increases to access the better rate, apparently without penalty... Finally, I love the idea of supporting a bank that does not contribute to pollution and treats its employees fairly...
Thanks again,
WW
3:08 pm
thanks for the info! I already have a couple of accounts with Citizens (ultimate savings and RSP). I think the cashable option is great! I just signed up for the new account and transfered a chunk of money from my ultimate savings to the new cashable term deposit account.
12:25 am
This may seem like a dumb question but are these "term deposits" like a more flexible GIC? I'm getting my first investment plan set up, and I'm interested in getting an ultimate savings account as well as some of these term deposits. Any information would be kindly accepted.
EM
10:36 am
Given I segregate my savings to short term needs and long term needs, I invest my longer term needs with the best rates available with as much safety as posible. I keep my short term savings in a mix of a high yielding savings and money market accounts, while looking for the highest rate for longer term savings, so I can fully benefit from compounding interest. Given Achieva Financial has had consistently the best GIC rates over many years, I have moved my savings to their online services, where I ladder my GICs one through five years, which gives me access to funds should I need them on a frequent basis, while also benefiting from potentially higher interest rates when these GICs mature.
You can manage all this yourself online with Achieva or get some assistance from their telephone representatives.
Looking today, I see Achieva's 5 yr GIC is paying 4.75% & 3 yr paying 4.25% with a full deposit guarantee, while Citizen is paying 3.5% on 3 yrs and 3.7% on 5 yrs.
11:18 pm
When comparing rates, be sure to also compare whether or not the deposit is cashable.
To reply to the previous question, yes, term deposits are GICs. Some are cashable prior to maturity with interest paid (usually only if cashed after 30 days) or with no interest paid.
What makes me lean toward Citizen's is their 0-emissions operation...
Best,
WW
5:00 pm
Good point on the cashable componant relative to GICs...which is why I prefaced short-term, vs. long-term, as cashable GICs often come at a significantly lower rate, when most FIs will allow an early redemption in most hardship situations.
As for 0-emissions...I'm sure Citizen's emissions can not be much lower than any other true online institution with no branches,etc.
4:52 pm
Citizens are very committed to good causes, and I don't think they would misrepresent themselves so publicly, or they'd get nailed by the many environmentalists out there.... I also appreciate their efforts for fair labour practices, and their customer reps are always so friendly and happy-sounding, not to mention helpful...
Please write your comments in the forum.