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New services chart
July 3, 2012
8:50 pm
Peter
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This is a highly detailed chart on the services offered by various Canadian high interest savings accounts. It seems timely as these financial institutions are starting to offer fuller service options to compete with the big banks.

It is produced and maintained by an anonymous forum visitor (who is not affiliated with any financial institutions):

https://www.highinterestsavings.ca/comparison-of-services-offered-by-high-interest-savings-banks/

Please share your thoughts and feedback in this thread!

July 4, 2012
8:54 am
88kanaka
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Peter said:

This is a highly detailed chart on the services offered by various Canadian high interest savings accounts. It seems timely as these financial institutions are starting to offer fuller service options to compete with the big banks.

It is produced and maintained by an anonymous forum visitor (who is not affiliated with any financial institutions):

https://www.highinterestsavings.ca/comparison-of-services-offered-by-high-interest-savings-banks/

Please share your thoughts and feedback in this thread!

Looks Good! Would be nice to see:
What provinces do they accept customers from.
What provinces are they legally allowed to attract customer from.
Is early redemption allowed for GIC's and if so any penalty
Who is the backbone if any.

July 5, 2012
8:55 am
Yatti420
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Why does ING have fees specified under interac access is this for INTL use? I am confused..

July 7, 2012
9:22 am
pebbles
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With ING - if you look at their web site (click on ING on the Comparison chart) there is a page with all the fees. There are fees if you are using ABM withdrawals outside of the ING Exchange Network.

August 30, 2012
9:12 am
GuySmiley
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There appears to be an error for AcceleRate Financial - they don't offer Lines of Credit.

February 23, 2013
1:30 pm
brand404
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February 23, 2013
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Just a heads up...People's Trust DOES have Online Banking.

February 26, 2013
5:59 am
dougjp
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Would be nice to have a column to indicate which are covered by CDIC insurance.

March 2, 2013
4:18 pm
Doug
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Good suggestion. I'd also like to see the "services chart" cleaned up a bit, to remove some of the excess, under-utilized information (it's the most "cluttered" of the various charts) and, to increase the timeliness of its information, how about converting it to a Google Docs spreadsheet with assigned contributors/managers and then embedding it on the site (like the "free chequing" chart)?

Cheers,
Doug

March 3, 2013
11:10 am
kanaka
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Doug said

Good suggestion. I'd also like to see the "services chart" cleaned up a bit, to remove some of the excess, under-utilized information (it's the most "cluttered" of the various charts) and, to increase the timeliness of its information, how about converting it to a Google Docs spreadsheet with assigned contributors/managers and then embedding it on the site (like the "free chequing" chart)?

Cheers,
Doug

Could there also be a column for teaser rates have been offered, added?

March 3, 2013
11:43 am
Doug
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Not sure I like the "teaser" rate column...I hate those things and can't fathom why people take advantage of these - especially in "registered" accounts where you are somewhat tied-in! :(

Cheers,
Doug

March 3, 2013
12:37 pm
kanaka
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Doug said

Not sure I like the "teaser" rate column...I hate those things and can't fathom why people take advantage of these - especially in "registered" accounts where you are somewhat tied-in! :(

Cheers,
Doug

ummm. I was not thinking that way of WANTING a teaser rate. I was thinking if a CU or Bank had offered teasers in the past to mention that they have done so and what Month/Year they did. Build some history ... it would be a way of ELIMINATING who you may want to deal with. As it appears to me that it is mainly Hubert, and any of the other House Name banks backed by one of the major banks like PC, CANADIAN TIRE, ETC. that have offered teasers.

Does that not make sense to track?

March 3, 2013
12:46 pm
GS
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Teaser rates are something I ignore -- unless there is an easy way in and out. Nine months ago BMO was offering a $350 premium payment for $10,000 deposited into a new HISA and left there for 9 months. My wife and I both opened accounts and that made the effective interest rate something like 5.9%. The first half payment was paid 4 or so months ago and the second one is due by April 30th.

The money was able to be moved out February 28th and I am waiting till my Implicity account gets opened to move it there.

Greg

March 3, 2013
3:13 pm
Doug
British Columbia, Canada
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kanaka said
ummm. I was not thinking that way of WANTING a teaser rate. I was thinking if a CU or Bank had offered teasers in the past to mention that they have done so and what Month/Year they did. Build some history ... it would be a way of ELIMINATING who you may want to deal with. As it appears to me that it is mainly Hubert, and any of the other House Name banks backed by one of the major banks like PC, CANADIAN TIRE, ETC. that have offered teasers.

Does that not make sense to track?

hey kanaka,

Oh, okay, I misread what you were after.

Two things: I'm fine with potentially tracking "promotional, limited-time bonus offers" as "teaser rates". However, in Hubert's case, they've never offered "teaser rates". What Hubert has a track record of doing (and now Achieva Financial) is hiking and lowering rates on a whim with no regard to market conditions and their competitors. That's something different, albeit a similar business practice with the same net result as "teaser rates", that I think we should call "rate stability score" (a proprietary ranking assigned by the site/chart administrator(s) whereby 10 is a perfect score and 0 is the lowest in terms of maintaining rates and only adjusting as the market/competitive forces dictate.

Second: The "comparison chart" does track the regular rate history already. Click on the "rate" question mark ("?") to view.

Cheers,
Doug

March 3, 2013
4:10 pm
kanaka
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Doug said

kanaka said
ummm. I was not thinking that way of WANTING a teaser rate. I was thinking if a CU or Bank had offered teasers in the past to mention that they have done so and what Month/Year they did. Build some history ... it would be a way of ELIMINATING who you may want to deal with. As it appears to me that it is mainly Hubert, and any of the other House Name banks backed by one of the major banks like PC, CANADIAN TIRE, ETC. that have offered teasers.

Does that not make sense to track?

hey kanaka,

Oh, okay, I misread what you were after.

Two things: I'm fine with potentially tracking "promotional, limited-time bonus offers" as "teaser rates". However, in Hubert's case, they've never offered "teaser rates". What Hubert has a track record of doing (and now Achieva Financial) is hiking and lowering rates on a whim with no regard to market conditions and their competitors. That's something different, albeit a similar business practice with the same net result as "teaser rates", that I think we should call "rate stability score" (a proprietary ranking assigned by the site/chart administrator(s) whereby 10 is a perfect score and 0 is the lowest in terms of maintaining rates and only adjusting as the market/competitive forces dictate.

Second: The "comparison chart" does track the regular rate history already. Click on the "rate" question mark ("?") to view.

Cheers,
Doug

Hi Doug.
I realize the rates are posted. Call it teaser, promotional or changed on a whim. If there was some standard to gauge that type of rates that shows some one offered an outstanding rate to gain customers or what ever and then change them in 2-6 months while the others did not make any changes .... those institutions should be acknowledged as having unreliable rates. I realize this is not a simple task and needs a standard of measure. This could be too complicated to be bothered with.....just an idea.

March 3, 2013
4:14 pm
Doug
British Columbia, Canada
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Yeah, it's a good idea, kanaka. We should definitely track them as "teaser/promo" rates as well as the stability of their posted rates somehow.

Checked out your personal website - cool that you do stained glass! Very talented. :)

Cheers,
Doug

March 3, 2013
5:26 pm
Peter
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Teaser rates probably irk me as much (or more) as everyone else. However, I think that we have to allow people to use the rate history to determine for themselves what are teaser rates because everybody probably has a different standard. We can use the forums to discuss our opinions.

As for the services chart, I agree that it needs to be updated and I would love to make it a Google doc so that we can share in the work to update it. However, I'll have to contact the original author to OK such a plan first!

March 3, 2013
9:57 pm
Doug
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Sounds good, Peter. The original author could be one of several contributors to the "services chart" as well.

As for "teaser/promotional" rates and rate adjustments, I agree the "rate history" probably works the best.

We can always discuss on the forums our opinions.

Cheers,
Doug

March 4, 2013
9:56 pm
Peter
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I've converted the services chart to a Google doc and added Doug as an editor. I've also invited the original author to be an editor as well.

If anybody else wants to help update and maintain the chart, please send me a private message via the forum tools with your Google accounts e-mail address. Thanks!

March 5, 2013
7:11 am
Doug
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Good job integrating the "services chart" into the Google doc, Peter.

Like you said, it's good to have more editors/contributors to it as it helps to keep it that much more updated and they can bounce suggestions back and forth (as well as accept corrections/suggestions) from the forum members via this forum thread. :)

Cheers,
Doug

July 12, 2013
6:49 am
Dennis
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I just like to point out that there seem small error in Bill Payment.

Achieva Financial has Fee of 0.5$
Canadian Direct Financial provide 1 free withdraw per month including Bill Payment.

And one suggestion:
I find it is a little hard to see what the bank is. Is there way to make header stays as Excel? If not, maybe good idea to repeat the header in some interval.

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