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2016 Savings Results
December 15, 2016
9:09 am
ertyu
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Over 2016 my savings account earned a simple average of 2.85%.
I followed the promos and new offerings, used 3 different banks and moved the money 5 times.
How did your accounts fare?

December 15, 2016
1:25 pm
Loonie
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Well done, ertyu!
I haven't figured it out but I know I didn't do that well. My spouse have though, being faster on the uptake than I but it's me who provides the advice!

I think we're both slightly ahead of inflation-plus-taxes on cash though, which is my major concern - or at least we are between the two of us.

I know I'll do better next year though because of the changes I made this year, assuming interest rates don't slide significantly.

December 18, 2016
11:31 am
Top It Up
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ertyu said

Over 2016 my savings account earned a simple average of 2.85%.

That's quite a high rate on just a savings account . love to see some context . any chance of a breakout . don't need to see the dollars used just the institution and the interest rates they offered, to get you to that 2.85% average . thanks.

December 18, 2016
12:18 pm
2of3aintbad
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You could get 3% at EQ for a few months starting in January, and at Tangerine at various times, and also 3.5% at Luminus Financial for a few months.

December 20, 2016
8:03 pm
Loonie
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It depends, too, on how much money you need or want to keep in savings accounts. If you have more than 100K, you are likely going to be dealing with more than one financial institution at a time (for insurance purposes), so you have to look for more than one rate at a time. The more institutions you require, the lower your average will likely be.

December 21, 2016
6:35 pm
Saver-Mom
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However do not forget joint accounts to extend CDIC coverage, and that Oaken has double coverage via the option of choosing Home Bank vs Home trust. It appears the rates are getting even worse with fewer promos, Tang offering more 1.6-2% instead of prior 2.5-3%. Not hearing much about special TFSA or RRSP rates yet. Not holding my breath.

December 22, 2016
12:26 am
Loonie
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Yes, it is sometimes possible to extend CDIC coverage with joint accounts. However, not everyone has someone to share with, and the most profitable rates don't always offer joint accounts. Right now, for instance, EQ offers the best savings account which is not a restricted promo, but they don't offer joint.sf-frown

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