other options | General comparisons | Discussion forum

Hey there, I've also been searching around for high interest rate accounts and came up with a few options people might want to look into.

Canadian Tire financial: They have a savings acct introductory offer of 4.5% which then drops down to 3.8%

icici bank: already mentioned on this site but pays 4.5%

Pacific and Western Bank of Canada: savings acct 4.05%

pcfinancial: saving acct 4.0% (part of CIBC)

State Bank of India (Canada): super saver acct 4.5%

This one compares to icici but I don't know much about it. It is covered under the deposit insurance corp and also seems to have several branches in Ontario and in BC. Might be worth looking into.

If you need to park a bunch of money somewhere and don't really need it for a little while then a 1 year GIC or short term deposits (30 day min) are another way to go.

Here are some of the rates for those. Sometimes an institution has different rates for different amounts or term length.

What I found that pays more than the highest savings (4.5%) is:

general bank of canada: 4.7%
pacific and western bank of canada: 4.8%
peoples trust: 4.81%
resmor trust: 4.7%
state bank of india (canada): 4.65%

All of the mentioned institutions are listed on the deposit insurance corp website so your funds (up to 100k) should be fine in case someone goes belly up. Especially since it can be hard to tell who will be affected by recent events with the subprime mortgage problem in the US and general tightening of credit everywhere.

Hope this helps someone,

ZH.