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Email this11:57 am
May 28, 2013
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TD Canada Trust has the audacity to state that they have a "high interest savings account". They recently sent my wife a letter inviting her to open one, and to get an interest rate of 2% until the end of February, 2014. I only mention this here since there has been recent discussions of interest bonuses from some of the institututions which actually normally offer higher interest (most recent being President's Choice Financial).
It is interesting to notice what TD considers to be attractive terms for their account. One has to have a minimum of $25K at all times in the month to avoid paying debit transaction fees. Their normal interest rate is a paltry 1.05%, and they are currently topping this up with a further temporary bonus of 0.95%. One needs to deposit at least $5K to open this account.
Sorry TD, there is a reason I do not bank with you now, and never plan to in future. I'll stick with the no-fee institutions which are prepared to pay me 1.8% and more year round for any amount of deposit.
12:10 pm
October 27, 2013
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I think that may be typical of the big banks. Example: Scotia Power Savings currently has a bonus topup of their standard 1.05% savinga account to 2% if the funds are left in until Dec 10th or so. One has to keep a minimum balance of $5k to receive any interest.
2:11 pm
February 22, 2013
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If one is willing to shop ones money around some of these promotions may well be worthwhile.
A year or more ago BMO offered a 1.x% interest rate along with a $350 account opening promotion for keeping the minimum $10k initial cash deposit in place for 9 months.
I worked the interest rate out to something like 6.9% and decided to jump. Silly me for not realizing my wife could also open such an account. But she made me see the light and between us we got the 6.9% for committing $20k to BMO for 9 months. At the 9.1 month mark I pulled the cash to somewhere more lucrative than there 1.something rate.
GS
