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Canadian financial institutions offering high-interest savings accounts?
September 14, 2007
1:35 am
dee_dub
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From what I've seen so far, most of the high-interest savings accounts are offered by institutions owned internationally. I prefer to do my banking with Canadian-owned institutions. Any suggestions?

September 14, 2007
1:54 am
Peter
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May 15, 2007
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My favourite is Citizens Bank (owned by Vancity): https://www.highinterestsavings.ca/?p=17

PC Financial (owned by CIBC) offers a slightly higher rate: https://www.highinterestsavings.ca/?p=18

There's also Monequity and Achieva Financial, which I haven't tried.

RBC even offers one.

September 24, 2007
3:29 am
zipperhead
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It seems Canadian Tire Financial is offering a 5.5% interest rate for 90 days on their saving account. They are also CDIC insured.

September 24, 2007
12:14 pm
Peter
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Forum Posts: 1281
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Wow, that is a crazy rate.

Here's their site:

https://www.myctfs.com/

Their regular rate is currently 4.0%, which it supposedly reverts to after 90 days.

September 25, 2007
12:09 pm
Salty Bob
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Yes, I already have an acct with CTFS and was drooling at their 5.5% special for new users, but was glad to see their regular rate went up from 3.8 to 4%! This must be to keep a step ahead of ING Direct's increase from 3.5 to only 3.75.

Am still debating whether or not to open up an ICICI for their 4.5%.

October 2, 2007
10:05 am
Salty Bob
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Just an update. I received a letter from CTFS stating that, for every $ we transfer into our existing accounts with them, between 1 Oct - 31 Dec 2007, we too will receive the 5.5% rate! Basically, they are doing what ING did this summer, with the big difference being that of their FIVE point FIVE interest rate!!!!! Afterwards, they will revert back to their regular 4% rate (ie in 1 Jan 2008).

Yee-haaaaaaaaa! Perfect timing cause that HSBC 5% rate special is about to end in a week, and I can't stand their website's design and accessibility!

October 18, 2007
1:16 pm
Possum
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Guests

Good Site: I'm a Citizens Account Holder at the moment. Was also thinking of moving to ICICI for the 4.5% but might stop in at Canadian Tire's 5.5% now. Is there any fees that you guys ran into?

October 18, 2007
1:21 pm
Possum
Guest
Guests

Also looking at HSBC as their rate increased to 4.5%

October 18, 2007
1:21 pm
Possum
Guest
Guests

Sorry meant 4.25%

October 18, 2007
3:08 pm
Kerwin
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And with HSBC, you can pretty much use that account has a chequing/savings account (except that you cannot request cheques, but they can give you a void cheque form).

October 19, 2007
3:50 am
jc
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Kerwin said:

And with HSBC, you can pretty much use that account has a chequing/savings account (except that you cannot request cheques, but they can give you a void cheque form).


Can you set up pre-authorized bill payment with the void cheque forms? How are you using it? Thanks.
October 20, 2007
5:58 pm
Meh
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TD Canada Trust now has a promotional 4.25 promotion as well. on Deposit more than $5,000

October 25, 2007
12:11 am
guest
Guest
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I was intriqued at the Canadian Tire option, so I took a look. Unfortunately it isn't open to residents of Quebec. Any clue why?

November 2, 2007
2:21 pm
James
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Scotia Bank offers 5% if you deposit 75K (note there is some tricky fine print about only getting 5% on the portion of your balance in that tier (i.e. exactly at 75K, or above... I think that's what the means lol.... it's worth a call to find out though).

November 3, 2007
12:32 am
Kerwin
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jc said:

Kerwin said:

And with HSBC, you can pretty much use that account has a chequing/savings account (except that you cannot request cheques, but they can give you a void cheque form).


Can you set up pre-authorized bill payment with the void cheque forms? How are you using it? Thanks.

Yes you can use the void cheque forms to setup pre-authorized bill payments. I've done so with my Car insurrance (belair direct).. and my car payments from Toyota.

November 4, 2007
3:18 pm
jc
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Kerwin said:

Yes you can use the void cheque forms to setup pre-authorized bill payments. I've done so with my Car insurrance (belair direct).. and my car payments from Toyota.


It seems I have to go into a branch obtain this. I guess I'll do this in the future since at least one of my bill (CITI Mastercard) requires an actual chequing account and this isn't too convenient when there is a hold on my transfer ins. Thanks for the info though.
November 4, 2007
5:14 pm
Whoa!
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James said:

Scotia Bank offers 5% if you deposit 75K (note there is some tricky fine print about only getting 5% on the portion of your balance in that tier (i.e. exactly at 75K, or above... I think that's what the means lol.... it's worth a call to find out though).


That's crazy. Who in their right mind is going to carry $75K around in a savings account? You would make more interest in a conservative investment.

November 5, 2007
12:26 pm
Anna
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Sorry, a conservative investment like what??

November 5, 2007
12:30 pm
Salty Bob
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When Jan 1st 2008 comes around, I will probably move my money from CTFS to ICICI. I'm a little hesitant because, they have very BAD customer service. Did some research and found this out already but also experienced it first hand. My gf was so upset that she is closing her newly opened acct, but I think has to wait 6 months or be charged a fee ($60??).

Despite this, I will probably still park my $ at ICICI til another bank matches them. Already opened up an acct so I'm all set for 1st of Jan. Was seriously tempted to convert some Can $$ into US$$, based on our high dollar rate, and then deposit into ICICI's US$ acct as they are offering 5% interest rates, but problem is that their US$ accts are insured. Also, didn't do the math to see if its worth converting some Can $ to US$, collecting the 5% interest for a while but when I convert back to Can$, will I be actually losing money??

Something to think about in Jan...

November 5, 2007
8:01 pm
Moneyman
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Whoa! said:

James said:


Scotia Bank offers 5% if you deposit 75K (note there is some tricky fine print about only getting 5% on the portion of your balance in that tier (i.e. exactly at 75K, or above... I think that's what the means lol.... it's worth a call to find out though).





That's crazy. Who in their right mind is going to carry $75K around in a savings account? You would make more interest in a conservative investment.


What kind of a conservative investment? No conservative investment is as liquid and will guarantee that ROR.

And to answer your question, many businesses have a savings account that carry large sums of money.

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