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Best real HISA rate?
July 3, 2020
6:05 pm
butterflycharm
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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,

July 3, 2020
7:08 pm
Kidd
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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/

July 3, 2020
7:57 pm
User230
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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.

July 3, 2020
11:34 pm
Loonie
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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.

July 4, 2020
12:55 pm
butterflycharm
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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?

July 4, 2020
12:56 pm
butterflycharm
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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.  

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.

July 4, 2020
1:14 pm
Bill
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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% - ?

July 4, 2020
4:16 pm
Kidd
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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.

July 4, 2020
8:42 pm
butterflycharm
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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.

July 4, 2020
9:07 pm
suburbs4life
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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?

July 4, 2020
10:14 pm
Loonie
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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.

July 5, 2020
6:03 pm
suburbs4life
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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?

July 5, 2020
8:07 pm
User230
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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.

Please write your comments in the forum.