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Email this6:05 pm
April 19, 2019
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Hi All,
I always get disappointed that all available HISA rates are not listed under HISA CHART link: https://www.highinterestsavings.ca/chart/ and the reason I get for that is because those great rates have conditions...well, maybe you can put the conditions beside it and still list them. Current list is misleading as it omits info.
Anyhow, what is the *highest HISA rate you know today *regardless of conditions?
Thanks,
7:08 pm
February 27, 2018
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Hi butterflycharm,
With the likes of tangerine, they offer a countless number of different rates at the same time, so it's very difficult to list an accurate result. Some here are being offered 0.25%, while another member was offered 1.85% BUT the best currently from Tangerine is 2.25% for 90 days or 2% for 6 months.
https://www.highinterestsavings.ca/forum/tangerine-bank/very-specifically-targeted-offers/
7:57 pm
December 4, 2016
Offline
You can negotiate. Most banks will budge a bit.
If you have a higher amount you have more negotiating power.
They do not want to lose customers and money.
At some point they will not bend.
Conditions can also be negotiated.
Negotiating is a tough process and you do not always get what you want. You may waste valuable time as well. Making you feel defeated.
Wiggle room is also based on where their initial rate is set. For example, TD has a low rate. Where EQ bank has a higher rate.
EQ is less likely to budge on rates.
How the negotiation goes can depend on how bad they need the money and customers.
The more you know about the bank the better position you will have to negotiate or to know not to negotiate.
Knowing this, the highest savings rate regardless of conditions is probably in the high single digits (complete guess).
Most people avoid negotiating with banks as they lack negotiating power that comes with time spent studying companies and accumulating money. They rather spend money, or save their money in a carefree way (less hassle), and spend their time studying other subjects.
The people in these forums are at least trying to study the companies and learn more. Which could lead to better negotiating power or at least potentially better carefree options to think about. I think many of the people in this forum want the carefree option. I think some might be getting higher rates by negotiation, these are the people that might be able to answer your question. Although their situation and negotiating power will be different than yours and so gathering this information might mean nothing at all.
11:34 pm
October 21, 2013
Online
This is, unfortunately, a bad time to ask.
Even with conditions, there isn't much. Most of the deals with conditions have expired for the purpose of receiving deposits. For example, DUCA has 2.5, but you had to have enrolled in it a while back and the window of opportunity was very small.
You just need to keep reading the forum posts or keep scouring FI websites yourself. As was said above, it can be time-consuming, so there may be a trade-off between the amount of research time needed and the payoff if any.
In my opinion it would be great if the chart could accommodate rates-with-conditions, but I realize it is difficult to do this without a lot of clutter and endless footnotes. For example, Steinbach CU offers 3 different HISA rates, depending on how much money you deposit, and they don't compound monthly like others, so the rate is not directly comparable to others anyway. How would you accommodate all that in a chart?
It's worth remembering that, right now, FIs probably don't need a lot more cash from us. As people have lost jobs or income or credit rating, borrowing is going to be down. This could well carry on for several more years as we all adjust to new realities.
12:55 pm
April 19, 2019
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Loonie said
This is, unfortunately, a bad time to ask.
Even with conditions, there isn't much. Most of the deals with conditions have expired for the purpose of receiving deposits. For example, DUCA has 2.5, but you had to have enrolled in it a while back and the window of opportunity was very small.
You just need to keep reading the forum posts or keep scouring FI websites yourself. As was said above, it can be time-consuming, so there may be a trade-off between the amount of research time needed and the payoff if any.
In my opinion it would be great if the chart could accommodate rates-with-conditions, but I realize it is difficult to do this without a lot of clutter and endless footnotes. For example, Steinbach CU offers 3 different HISA rates, depending on how much money you deposit, and they don't compound monthly like others, so the rate is not directly comparable to others anyway. How would you accommodate all that in a chart?
It's worth remembering that, right now, FIs probably don't need a lot more cash from us. As people have lost jobs or income or credit rating, borrowing is going to be down. This could well carry on for several more years as we all adjust to new realities.
User230 said
You can negotiate. Most banks will budge a bit.If you have a higher amount you have more negotiating power.
They do not want to lose customers and money.
At some point they will not bend.
Conditions can also be negotiated.
Negotiating is a tough process and you do not always get what you want. You may waste valuable time as well. Making you feel defeated.
Wiggle room is also based on where their initial rate is set. For example, TD has a low rate. Where EQ bank has a higher rate.
EQ is less likely to budge on rates.
How the negotiation goes can depend on how bad they need the money and customers.
The more you know about the bank the better position you will have to negotiate or to know not to negotiate.
Knowing this, the highest savings rate regardless of conditions is probably in the high single digits (complete guess).
Most people avoid negotiating with banks as they lack negotiating power that comes with time spent studying companies and accumulating money. They rather spend money, or save their money in a carefree way (less hassle), and spend their time studying other subjects.
The people in these forums are at least trying to study the companies and learn more. Which could lead to better negotiating power or at least potentially better carefree options to think about. I think many of the people in this forum want the carefree option. I think some might be getting higher rates by negotiation, these are the people that might be able to answer your question. Although their situation and negotiating power will be different than yours and so gathering this information might mean nothing at all.
Thanks for the feedback. Never had the experience to get a bank to change the interest rates so I would like to ask:
A- Which bank(s) could you negotiate rates with?
B- What amounts of deposits yielded how much bargaining percentage?
12:56 pm
April 19, 2019
Offline
Loonie said
This is, unfortunately, a bad time to ask.
Even with conditions, there isn't much. Most of the deals with conditions have expired for the purpose of receiving deposits. For example, DUCA has 2.5, but you had to have enrolled in it a while back and the window of opportunity was very small.
You just need to keep reading the forum posts or keep scouring FI websites yourself. As was said above, it can be time-consuming, so there may be a trade-off between the amount of research time needed and the payoff if any.
In my opinion it would be great if the chart could accommodate rates-with-conditions, but I realize it is difficult to do this without a lot of clutter and endless footnotes. For example, Steinbach CU offers 3 different HISA rates, depending on how much money you deposit, and they don't compound monthly like others, so the rate is not directly comparable to others anyway. How would you accommodate all that in a chart?
It's worth remembering that, right now, FIs probably don't need a lot more cash from us. As people have lost jobs or income or credit rating, borrowing is going to be down. This could well carry on for several more years as we all adjust to new realities.
You accommodated what you said about SCU in one simple sentence so the chart can do that too. I think the chart will be stronger with taking the rate as the BASE factor and all the remarks (bank gimmicks) should go beside the rate. If a remark is not likable, then user simply moves down to find the next best rate with *likable remarks.
This is doable technically very easily and also is manageable too. If rates listed here are not skewed in favor of certain FIs due to certain interests then this will bring transparency and will make the chart much stronger with more views as it becomes more comprehensive.
1:14 pm
September 11, 2013
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Used to be outfits like Cannex, and papers like Financial Post, Globe and Mail that had fairly comprehensive lists, not sure if they're all still around.
Checked Cannex just now but it seemed kind of selective, plus showed a rate for Motive of 1.25% - ?
4:16 pm
February 27, 2018
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Butterflycharm, in most cases the amount in your account makes absolutely no difference. The service rep you talk to over the phone, couldn't care less if you accept their offer or not. PLUS they lie through their teeth, encouraging you TO move your money elsewhere.
I go at them with an interest rate that i know they're offering others. To hear a csr say... "that's not doable" infuriates me when i know for a fact, other's are getting that rate. When I ask to speak to someone with intelligence, I'm put on hold. Tangerine lost my rrif and tfsa years ago and they're never getting those accounts back because of their moronic tactics.
Savings money is easily moved, so I've kept that account open with them.
I want to fill in the questionnaire Doug received from Tangerine. Though, they don't need a questionnaire, all they have to do is listen to all the complaints they receive.
8:42 pm
April 19, 2019
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Kidd said
Butterflycharm, in most cases the amount in your account makes absolutely no difference. The service rep you talk to over the phone, couldn't care less if you accept their offer or not. PLUS they lie through their teeth, encouraging you TO move your money elsewhere.I go at them with an interest rate that i know they're offering others. To hear a csr say... "that's not doable" infuriates me when i know for a fact, other's are getting that rate. When I ask to speak to someone with intelligence, I'm put on hold. Tangerine lost my rrif and tfsa years ago and they're never getting those accounts back because of their moronic tactics.
Savings money is easily moved, so I've kept that account open with them.
I want to fill in the questionnaire Doug received from Tangerine. Though, they don't need a questionnaire, all they have to do is listen to all the complaints they receive.
What you said is also my experience.
User230 has made a comment contrary to that so I was asking to see if he has a different experience and by how much.
9:07 pm
April 20, 2019
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butterflycharm said
What you said is also my experience.
User230 has made a comment contrary to that so I was asking to see if he has a different experience and by how much.
I feel like its hit or miss. It also depends on the FI. Sometimes i call Tangerine and they give me better rates. Ive had no luck Negotiating with other FI’s. I am losing my interest in tangerines games.
I called tangerine in May and was given 2.5% For 3 months after i said id consider transferring 6 figures. Maybe it depends on the CSR you get on the other line.
Out of curiosity, does anyone have suggestions for corporate HISA accounts with good rates?
10:14 pm
October 21, 2013
Online
If you mean business accounts, Koogie is our "resident expert" on that subject.
For other kinds of corporate accounts such as cooperatives or charities or non-profits, you are usually better off with a credit union. DUCA is good for that. Steinbach CU has them for farming groups. Worth looking around.
6:03 pm
April 20, 2019
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Loonie said
If you mean business accounts, Koogie is our "resident expert" on that subject.For other kinds of corporate accounts such as cooperatives or charities or non-profits, you are usually better off with a credit union. DUCA is good for that. Steinbach CU has them for farming groups. Worth looking around.
Thanks loonie. Yeah I am not looking into personal accounts at the moment.
This is just another random thought. I don’t hear much about this on here but don’t accredited investors get much better than retail rates for gic’s and other financial products? I don’t hear much about this on here but maybe someone might be able to shed some More light on it?
8:07 pm
December 4, 2016
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Many credit unions do not have competitive rates. One time I tried to call them bluff and see if they would change their rates. As they told me they could not change their rates. I provided my research and I knew all the options and numbers. I weaved a way for them to keep my money at their bank. They took that option and gave me that rate.
Problem is they keep notes and the next time I tried this they were less helpful. Unless they need your business, they will not budge. They offered higher than the posted rate but less than what I wanted to take.
The key is to be in person. Talk to a manager even.
Most of the time when you phone and they say you are with a manager; they are actually not a manager. They are usually just another sales person at the same level or lower than the person you spoke to.
They will up their amounts. If they do not you wasted a day talking to some people about nothing.
Most banks and credit unions have clients that are high value clients (high net worth clients). They usually get direct feeds to real managers that are there to keep their business. This is my impression from being on forums and talking with others. I do not know for a fact that higher value customers get preferential treatment or not. The dividing line (for the preferential treatment) would be different for each bank/credit union. For some banks, likely were talking millions or billions (this is speculation).
Everything is fluctuating as well. One day they need that money, the next they do not. Timing is important, knowing about the company is important, how much you have is important, and negotiating skills are important.
As was said before, it might not matter and you will have to start over trying to negotiate with another bank. Its a tiring process most are not willing to do for the money that is involved. Eventually, you will run out of options to try as well. Your tactics will be known and they will push back on you. More likely they will just not respond to your requests and have a take it or leave it approach to you as a customer. Sort of a sad way of thinking about it.
12:13 pm
April 19, 2019
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"Most banks and credit unions have clients that are high value clients (high net worth clients). They usually get direct feeds to real managers that are there to keep their business. This is my impression from being on forums and talking with others. I do not know for a fact that higher value customers get preferential treatment or not. The dividing line (for the preferential treatment) would be different for each bank/credit union. For some banks, likely were talking millions or billions (this is speculation)."
^^^ this probably exists but never heard anyone talk about it so maybe doesn't exist unless it's a billion or so???
Tellers and managers at regular branch are very unknowledgeable and afraid. Mutual fund managers have a personal gain and other than that I doubt there are any personal services. Maybe the likes of CIBC Wood Gundy? Even so they will all be after your money and if you are cashing out or going for your own profits they probably won't provide service or delay etc.
9:29 pm
November 18, 2017
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I know that most of the big banks have special branches for high net worth clients, and other institutions have "personal banking" divisions with minimum assents under management.
RetirEd
RetirEd
12:38 pm
October 21, 2013
Online
"High net worth" is a bit of a guessing game for the banks. All they really know about your worth is what business you have with them and what your house is assessed at.
I used to have one account at Big Bank that was not accessible by internet and only generated statements when there was activity, so I would go in to branch periodically to ask for a balance. Sometimes, because it was more convenient for them, they would print out what appeared to be my profile and give it to me. This included all balances, value of house and a figure that represented my net worth - according to them. I had never had or requested a loan or CC of any kind from them. It was laughably inaccurate. I was glad they didn't know everything about me!
5:24 am
December 20, 2019
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RetirEd said
I know that most of the big banks have special branches for high net worth clients, and other institutions have "personal banking" divisions with minimum assents under management.
RetirEd
You don't get anything for that other than some hick that knows nothing and wants to invest your money into things that will make your net worth shrink.
Hello, meet your new account rep, she is fresh out of school and is going to advise you on how you can take your lifetime savings and invest them in such a way so our bank can make the most profit from you. We will give you a special title, offer you coffee and you will feel good about giving us your money.
Reminds me of being made manager, working hours more for same pay just so I could get the manager title. I saw through that real fast too.
12:55 am
December 29, 2018
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A brokerage account HISA ETF will presently yield 4.59%. Money is held in Canadian banks but you will not get the CIDC guarantee.
Evolve HISA ETF
Purpose High Interest Savings ETF
11:29 am
April 19, 2019
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picassocat said
A brokerage account HISA ETF will presently yield 4.59%. Money is held in Canadian banks but you will not get the CIDC guarantee.Evolve HISA ETF
Purpose High Interest Savings ETF
Mutual fund worse than ETF. ETF worse than your own trading. Your own trading worse than HISA. HISA bad for having to pay taxes. The order goes like that I think. Why do ETFs. Scalp if you want or see what the ETFs carry and match without any fees.
11:30 am
April 19, 2019
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KamWest said
You don't get anything for that other than some hick that knows nothing and wants to invest your money into things that will make your net worth shrink.
Hello, meet your new account rep, she is fresh out of school and is going to advise you on how you can take your lifetime savings and invest them in such a way so our bank can make the most profit from you. We will give you a special title, offer you coffee and you will feel good about giving us your money.
Reminds me of being made manager, working hours more for same pay just so I could get the manager title. I saw through that real fast too.
Or get a very convincing rep who wants to put your money in mutual fund and make a big commission for him/herself. I don't know how people fall for these products. Happy I don't know.
Please write your comments in the forum.