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Email this8:51 pm
Now that Ally rate as dropped to 1.55% is peoples choice know the only bank above 2.0%?
9:57 pm
Ally is still 2%, you're looking at the US site (.com vs .ca)
5:03 pm
Ally's dropped its rate already? Surprise, surprise. Classic bait-and-switch. I've got most of my cash with CTFS at the moment and I can live with their 1.2% rate for now.
9:32 pm
You keep your CTFS 1.2% rate.
I'll keep mine with Ally which by the way is still 2%.
I sincerely hope that you look after your money better than you do checking out the highest rates available. Perhaps just reading the couple of threads above would have been enough to keep you informed.
Good luck with CTFS!
12:56 am
It's actually my emergency fund (6 months living expenses) that I keep at CTFS Dave. I'm not really that concerned about getting an extra few bucks per month, although it sounds like you probably need every penny you can get. Thank you for your genuine interest and concern about my personal finances; to answer your question, yes I do a pretty good job of looking after my money. In fact, I'll probably retire 10 or 15 years before you do, assuming you're able to retire at all. I'll be sure to stop in at the Burger King drive-through on my way up to the ski hill to say "hi" and ask how your savings at Ally are doing... 😆
1:29 am
May 15, 2007
Offline
No more arguing over a simple oversight, please.
1:57 am
if all you have is 6 months living expenses put aside
it looks like you wont be retiring in the next 10-15 Years Scone
unless your living expenses are 500,000 a month
6:52 am
you're mixing up "emergency fund" and "retirement fund". a retirement fund is money you draw in retirement. an emergency fund is money set aside to pay for living expenses (mortgage, utilities, food, etc...) or other emergencies like roof repairs or vehicle work. many people don't have an emergency fund and instead rely on credit cards to fund emergency purchases.
9:50 pm
well any extra money you have, should be put in the bank with the highest interest %rate
so your telling me people use credit cards to fund emergency purchases? and dont touch their retirement fund? thats silly,
if you have a mortgage why do people care about 1% on a savings account...
and why isnt your emergency fund, paying down ur mortgage,and then just take it when you need it back , on a reverse line of credit,
11:29 pm
stylintheo: the purpose of an emergency fund is just that; to handle emergencies. if someone loses their job for whatever reason its always nice to have cash in the bank to live off while searching for another job. employment insurance payments only cover about 55% of earnings and payments run out after awhile. tapping into a home equity line of credit (what you call a "reverse line of credit") for emergencies might be fine for some, but the bank needs to get its interest cut on the loan, and HELOCs can be withdrawn by the bank at any time for any reason (banks are uncanny at sensing when people are having financial troubles and turn off the credit taps at the worst possible time). and tapping into an rrsp to handle emergencies is not a good idea at all. for one thing, you lose that tax-free contribution room forever, and you also have to pay tax on the rrsp withdrawal at your current marginal tax rate which for many people is higher than it is at retirement when rrsp funds are meant to be used. i would only use rrsp funds as an absolute last resort if it meant the difference between a roof over my head and living on the street and there were no other options.
12:42 am
well anyone who uses a 19% credit card, over their rrsp fund,
is a loser....
1:40 am
removing 10K from an rrsp eliminates about $30K of interest (or capital gains or whatever) at a reasonable 7% over 20 years. taking a 10K cash advance on a credit card and paying it off over a year at 19% interest would result in a little over 2K of interest paid. either way is bad, but if i was in this situation i'd use the credit card. of course a better option is having an emergency fund...
2:05 am
10 k at 7% over 20 years turns out to be 14,000 in interest
where do you get 30,000 from?
its better to lose 7 % in rrsp, even with the tax shelter
then to lose 19% to visa
11:51 pm
ya sorry it is 30,000 compounded yearly
but who is getting a 7% return on funds in this market?
unless its high risk stuff
4:34 pm
is there any savings account over 2% in canada or us dollars out there?
9:00 pm
June 2, 2010
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just noticed AcceleRate Financial from Winnipeg is offering 2% on daily savings.
7:16 am
March 25, 2009
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Let's keep those 2% rates at banks growing. 🙂
I'm doing a bank run this week at HSBC and taking out 95% of my money to put it at another bank as I'm tired of their .8%
Have a great day
11:54 pm
November 8, 2009
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i wish ING would MAKE A MOVE!!!!!! They were always a leader and now dont do much of anything. There must be a lot of money flowing away from them since they wont even try to match the other rates. I dont see the dude on tv anymore either, did he get cut with the crash? It would be easier to leave cash there than transfer it as they fall further behind....mutter....
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