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Email this7:58 pm
Hi all,
At this point in time, I believe the highest advertised rate for a savings account is AcceleRate Financial at 2.20%. I know that some financial institutions will offer higher unadvertised rates if certain conditions are met (ie. balance minimum, using other services of the bank such as investment accounts, etc.). Short of calling each bank individually, I wondered if any of you have experience or recommendations for getting these higher rates.
10:49 pm
James said:
Hi all,
At this point in time, I believe the highest advertised rate for a savings account is AcceleRate Financial at 2.20%. I know that some financial institutions will offer higher unadvertised rates if certain conditions are met (ie. balance minimum, using other services of the bank such as investment accounts, etc.). Short of calling each bank individually, I wondered if any of you have experience or recommendations for getting these higher rates.
This might help...let me know.
http://www.baystreet.ca/intere.....rates.aspx
3:41 pm
Those are the advertised GIC rates (from the CANNEX site I believe). I am looking for unadvertised savings account rates. Thanks though!
Anyone?
10:43 pm
James said:
Those are the advertised GIC rates (from the CANNEX site I believe). I am looking for unadvertised savings account rates. Thanks though!
Anyone?
Hi Jim,
I honestly think the best way to do it is to call each one of our top interest FI's (i.e Maxa, AccelRate, Outlook, Hubert etc.) and do it ourselves. The only thing is, these rates change quite frequently so it would be tough to have an updated version.. Maybe one each of us can take on this task. I invested with Maxa about a month ago and got a rate of 3.4% for 42 months (3.5 yrs)
Edit by admin: Jim / Robert / Otto / Fred: your posts are appreciated, but please do not represent yourself as multiple people.
4:51 pm
Jim said:
James said:
Those are the advertised GIC rates (from the CANNEX site I believe). I am looking for unadvertised savings account rates. Thanks though!
Anyone?
Hi Jim,
I honestly think the best way to do it is to call each one of our top interest FI's (i.e Maxa, AccelRate, Outlook, Hubert etc.) and do it ourselves. The only thing is, these rates change quite frequently so it would be tough to have an updated version.. Maybe one each of us can take on this task. I invested with Maxa about a month ago and got a rate of 3.4% for 42 months (3.5 yrs)
Edit by admin: Jim / Robert / Otto / Fred: your posts are appreciated, but please do not represent yourself as multiple people.
that explains why he says hi Jim when his name is Jim
9:36 pm
James said:
Those are the advertised GIC rates (from the CANNEX site I believe). I am looking for unadvertised savings account rates. Thanks though!
Anyone?
Try here...
http://www.bankrate.com/can/ra.....mit=Search
List not complete though!!
6:55 pm
January 30, 2009
Offline
Yatti, are you saying Hubert has the best unadvertised GIC rate? Would you mind sharing more about this?
Thanks!
6:36 pm
January 30, 2009
Offline
As a follow up, I did correspond with each bank listed on the comparison chart individually and I wanted to let our visitors know the results.
To be clear, I did not ask about term deposits, GICs, RRSPs, etc. I asked solely about their savings accounts. I offered to negotiate the size of my contribution and regular deposits, as well as agreeing to use other products or accounts that these institutions may offer (credit card, automatic deposits, loans, etc.). In return, I asked each bank to either match, or beat the rate of their competitors in Canada (I told them either of these options would be acceptable).
The results were quite disappointing...
Manulife Financial asked me to call and speak to one of their financial advisors (I am too busy with work so I have not done this yet). ICIC bank told me they will respond later this week.
All other banks refused to match the rates or offer any increase on top of their advertised rate! There were various reasons provided - from wanting to be 'fair' to other customers, to the fluctuations in 'the market', to the 'outstanding service' that they provide which makes up for their lower rates.
Just thought I'd share for those who might be interested.
4:35 pm
I learnt this lesson years ago. Most virtual institutions have a one price philosophy, which frankly, as a consumer I appreciate. That said, you still need to do your own homework, as not all virtual institutions are created equally and you do want to be with one that has a consistent history of strong rates. A good example is comparing the rates between ING Direct and Achieva Financial --- both have been in operation for over 10 years, with Achieva having consistently higher rates in all product areas RSP, Savings & Term Deposits. Outlook is also a good example of having good rates, as they appear to follow the lead of Achieva.
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