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Best High Interest Savings Account to park CAD 100,000?
March 20, 2020
6:20 am
dutter
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Greetings all,

I would like to park $100,000 in a reputable credit union or bank in a high interest savings account.

Since I am new to Canada, any feedback would be much appreciated.

Thanks in advance.

March 20, 2020
8:36 am
Winnie
Ontario
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I would choose Ideal Savings (idealsavings.ca) and/or Hubert.

March 20, 2020
9:02 am
Loonie
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It may depend on what part of the country you live in.
It may also depend on how long you need to park the money for.

For shorter term, I would look into DUCA credit union. They are still offering 3% until June 30. Their branches are in Toronto area, but also online. I have accounts there and find them good to deal with.

March 20, 2020
9:04 am
dutter
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Thanks a ton!. I guess I will opt for DUCA.

I am in Ontario and looking at 6 months of investment.

March 20, 2020
9:05 am
Dean
Slocan Valley, West Kootenays, British Columbia
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.
And I would add 'Oaken Financial' to the list.

Link ➡▶ https://www.oaken.com/

sf-cool " Live Long And Prosper " sf-cool

March 20, 2020
10:56 am
Loonie
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dutter said
Thanks a ton!. I guess I will opt for DUCA.

I am in Ontario and looking at 6 months of investment.  

You will get 3 months from DUCA then, but will need to use another FI for the other 3 months. First, pay attention to DUCA withdrawal limits. I am not sure what they are off the top of my head but would be $X per week or per day. So, you may need to start withdrawing in advance.

I think Oaken would be a good bet for the other 3 months if no better deal comes along. Tangerine and Simplii often have introductory offers that are good for 3 to 4 months. Of the two, I would choose Tangerine as the interest comes monthly. Some Simplii deals only pay out at the end.

Personally, I would not go out of province (Hubert, Ideal) for such a short time.

Be aware that deposit insurance will cover $250,000 in Ontario credit unions. Banks anywhere are covered up to $100,000. These figures include interest.
Oaken (Home Capital Group) has had liquidity issues in the past but seems OK now as far as we know.

EQ Bank often has 3 month GICs at a good rae. They have had one recently for 2.45%. You might check for that for your second 3 months.

March 20, 2020
12:52 pm
Nehpets
Ontario
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Loonie said
.......pay attention to DUCA withdrawal limits. .......  

DUCA Maximums:
Incoming (deposit) maximum EFT:
$100,000.00 per transaction
$200,000.00 per day

Outgoing (withdrawal) maximum EFT:
$50,000.00 per day
$250,000.00 per week
$500,000.00 per month

Mobile cheque deposit has a daily deposit limit of $10,000. ; weekly max $40,000.

10 calendar days hold on incoming EFT funds

Stephen

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