I'm in Ontario. I'm fine with digital-first banking -- my main spending accounts have been with Tangerine for years. I like no-fee accounts where I can handle routine tasks myself through apps or websites, often outside banking hours. I rarely need a human to help me, but when I do, I appreciate good-enough customer service. As long as my money is safe and customers are treated well, I'm not that concerned about whether it's a bank, credit union, or fintech.

I'd rather pick accounts with good everyday interest rates than be chasing promotions or changing accounts frequently. Another hurdle is that I was laid off and am not wealthy, so accounts where the best rates or features rely on receiving $1-2K monthly of direct deposits (EQ Bank, Koho) or on being wealthy already (Wealthsimple, Neo, others) are not the best fit for now. I need to grow the money I already have while keeping it liquid and low-risk in case the job search goes slowly. It's been hard for me to save up what I do have, so it would be a real setback to lose some of it to banking problems or bad investments.

I'd like to get at least one HISA or hybrid account to hold and grow money for goals like home improvement or travel. I also want to get 1-2 TFSA accounts to replace my existing low-interest TFSA. That could be one high-interest savings account, or I could split the funds into a HISA and an investment account. GICs aren't a good fit right now. It would be nice to keep these at one institution for easier transfers, but I can link accounts instead. I'll have to link my Tangerine accounts anyway.

At first I was looking at Saven Financial and Oaken Financial because they have high interest rates and offer both HISAs and cash TFSAs. The professional reviewers highlight them, but there many more negative user reviews than positive ones about their apps, websites, and customer service. What are they really like? Are they safe enough, but frustrating and slow? Are they bad enough that I'm better off picking somewhere else with a middling interest rate (probably around 1.8-2.5%) but better interface and service?

I'm tempted to try Haventree Bank's brand-new Everyday Growth account for the HISAs. The 2.5% rate is decent, and the reviews I could find were neutral to positive. (Sadly, they don't have a matching cash TFSA.) The 10-Day Notice account at EQ Bank is another option -- middling interest and slower access, but lots of positive reviews. Canadian Tire and Hubert Financial offer both HISAs and TFSAs, and middling interest rates, but I'm not convinced it's a good trade-off.

The TFSAs are trickier to choose than the HISAs. If none of the TFSA options above are worth pursuing, I could either get EQ's cash TFSA at 1.5%, or I could make 2 TFSAs at Wealthsimple -- one in cash for safety (but only 1.25% interest) and one with a low-risk portfolio (likely 3-4.7% interest after fees).

What do you recommend? Thank you!

Try DYN6004, the Series F version of Bank of Nova Scotia DYN6000, that is paying 2.2%.

Scotiabank (ADS): Investment Savings Account has this table of issuers and mutual fund symbols:

But in QTrade, under CIBC Asset Management, I did find ATL5071, F series at 2.05% with CIDC: https://www.renaissanceinvestm.....ducts/hisa (Product issued by Canadian Imperial Bank of Commerce). Also see the 2 PDFs at the bottom (Investor Essentials & Product Features).

Besting the 1.95% rate in post #980. What do people think?

Edit: (Ah, just noticed https://mrthrifty.ca/investmen.....e-account/ has a listing for ATL5000)

Boost your savings with a promo rate until Oct 31, then continue earning the standard rate —all while keeping access to your money.

Eligible for RRSP, RRIF, FHSA, TFSA, and non-registered accounts
$500 min - $250,000 max
All eligible deposits 100% protected+
Eligible on new funds

For new and existing customers.

JenE said
The 4% 2-year GIC sounds tempting. Does anyone have negative feelings about this?  

What's not to like? CDIC insured, has option of paying interest annually. I will be definitely using it when my current Tangerine 4.0% promo ends.

Peter said
Haventree contacted us on Instagram and offered to answer any questions this community has. So if you want to post any questions for them there, we'll consolidate them and try to get some answers straight from Haventree.  

OK, very helpful, and glad Haventree wanted to do that. It will save them time too by reducing phone calls. My questions have to do with joint savings accounts.

1: I assume the primary (account opening initiator) gets the T5 as it will have that person's SIN on it. Like everywhere else, but I just want to clarify.

And the practical day to day stuff -

2: Do both people have access to the joint account with their own separate EFT linked accounts for transfers in and out?

3: Does each person have a separate login ID and password?

Peter said
Haventree contacted us on Instagram and offered to answer any questions this community has. So if you want to post any questions for them there, we'll consolidate them and try to get some answers straight from Haventree.  

I would be interested to know if they have a projected launch date in QC. Thanks.

I'll try visiting them soon.