Any high interest accounts for non-residents? | General financial discussion | Discussion forum

It will be a challenge to find a high interest savings account for a non-resident.

Just had a quick look. Hubert Financial, EQ Bank, Oaken Financial, and Wyth require the account holder to be a Canadian resident.

I don't know if this would work or not, but perhaps if you were the primary account holder, it would be easier in some financial institutions.

Have you looked to see if there are any options in the UK?

wcg66 said

. . .

We currently have this setup at Scotiabank but the interest rate there is very low.  

I'm surprised Scotiabank was able to do that for you !

And yes, Big Bank interest rates for SA's tend to be
a bit on the 'microscopic' side.

Dean

I think it's a lot easier to retain an existing account than to open a new one if you leave the country.

I know someone, Canadian born, who lived here until about 15 years ago at about age 50, still has a BMO account.

If CIBC will accept you, they've had some decent GIC rates lately.

I think the Big Banks are the best bet but there is the problem of rates. I suspect it's a matter of choice for a lot of financial institutions. The larger ones have to be able to accommodate a greater variety of situations. Consider, for example, foreign students. When I was a foreign student in the US, I was required to have a US bank account with money in it before I got my student visa. Canada has tons of foreign students who probably have to deal with similar issues.

If it were me, I would ask at a large credit union, one with branches. They generally try to emulate large banks. Which province are you in?

Here's an idea that is unconventional but might get you an answer: Phone the International Students office of a large Canadian university. They all have something along those lines. Pretend you are trying to assist a foreign student who might apply, e.g. your English cousin. Ask them what sort of banking arrangements the student would need and where they could make them as you've heard that not all banks will do it. It's their job to be able to answer q's like that.

I suspect that the non-online method is for people who are not a Canadian resident but who work here.

This is from Meridian Class A Shares:

Who can become a Member?

Anyone who lives or works in any Canadian province or territory can become a Meridian Member. There is no fee to join Meridian, but you’re required to hold a Membership Share. A Membership share is only $1 and entitles you access to all the services of the credit union, and full rights as an owner/shareholder. You can discontinue Membership at any time, at which point the Membership Share will be redeemed.