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2 news High interest saving account
November 24, 2012
9:57 am
JBil
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Maybe i missed something in the forum and they were already discussed but i found 2 banks offering 2% for their saving accounts:

La Capitale Financial Group:
http://www.lacapitale.com/en/i.....w-and-grow

First Ontario Credit Union:
https://www.firstontariocu.com/Personal/ProductsAndServices/Banking/Savings/eSavings/

Hope it can help somebody.

JBil

November 24, 2012
4:01 pm
Peter
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Thanks for sharing! We don't include First Ontario Credit Union in the chart because it's only available to Ontario residents; however, we certainly welcome discussions about it.

It looks as though people outside of Quebec CAN open an account with La Capitale, although it's a bit unclear as to how long their "promotional rate" will last -- they explicitly state that the normal rate is 1.30% for a non-registered account and 1.50% for a TFSA.

December 1, 2012
9:22 am
doc
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hopefully, more high interest saving accounts from banks, trust companys, and credit unions will open up in the future that will keep interest rates at a higher rate that will cause competion between the other banks that are lowering there rates

November 29, 2013
3:27 pm
AltaRed
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Another new online savings account is coming... from Oaken Financial, a division/subsidiary of Home Trust.... with an initial interest rate of 1.65%. https://www.oaken.com/ It probably should now be profiled and included in the comparison chart.

December 8, 2013
1:20 pm
Doug
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As I like to give my "unofficial" quasi-"stamp of approval" to new high-interest savings account (and GIC) providers, including so-called "virtual" banking divisions of either federally-chartered banks or provincially-incorporated credit unions, I'd like to give my "thumbs up" to including "Le Capitale Financial Group" and "Oaken Financial" (an odd brand that I didn't get at first, until I put 'two & two' together with their unofficial squirrel and his oak nut mascot) in the "comparison chart".

Le Capitale appears to be a subsidiary of a mutual insurance company, owned by its policyholders (similar to Wawanesa Mutual Insurance for those out west), and oddly uses a squirrel-and-nut mascot as well. Their website, logo, mascot and layout are beautifully designed. They do say their promotional rate is a limited-time offer for new accounts on all new money transferred in for three months. It's in effect in perpetuity for all new accounts, but could be withdrawn at any time without notice. Their regular rate appears to be 1.30%, roughly in line with PC Financial or Tangerine (formerly known as ING DIRECT Canada).

Glad to see Home Trust has "branched out" (no pun intended - the tree/nut puns are limitless!) its directly-sourced deposit offerings into high-interest savings accounts under a separate, but united, brand (Home Trust Deposits and "hometrustdeposits.com" simply weren't going to cut it). A bit disappointed "online banking" is coming soon - hopefully it will be sooner rather than later (right Greg!?) and that they'll go with the MemberDirect platform instead of building out their own. :)

On the plus side, no fees on either is a good thing. Appears no debit card, but they can always add that later (potentially). ;)

As for FirstOntario, again, I'd like to see this one included but given it's for Ontario residents only, I'd wish to see it not included at this point. It should be available on CANNEX. I will, however, add it (soon!) to the "Chequing Accounts" comparison chart as they have a great free chequing account for all Ontarians.

Cheers,
Doug

December 8, 2013
1:26 pm
Doug
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Thanks, AltaRed and SD2013, for your posts about Oaken Financial/Home Trust Company. ;)

Oaken's rate of 1.65% is pretty decent (in terms of CDIC member institutions, I believe this makes them fourth highest* in Canada, after Canadian Western Bank, Bridgewater Bank and Peoples Trust Company, respectively).

Peter, in addition to adding Oaken Financial and Le Capitale Financial Group, I'd also like to see Equitable Bank added now as they are on par with Manulife Bank's offering and available to all Canadians. :)

Cheers,
Doug

* Edited to note that Bridgewater Bank is ahead of Oaken Financial, too.

December 12, 2013
7:44 pm
Doug
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Correction: Equitable Bank is only available through financial advisors' and deposit brokers' FundSERV platform, and thus, should not be added.

That said, I do remain fully supportive and would like to see Le Capitale Financial Group and Oaken Financial added. I assume Le Capitale's deposit insurance would either be through the provincial deposit insurer of Quebec (possibly) or maybe the federal insurance insurer and regulator (wow, that sounded funny! isn't that a bit of an oxymoron, an insurance regime for the insurance industry? I digress. ;-) )

Cheers,
Doug

December 12, 2013
10:45 pm
AltaRed
BC Interior
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Where does the Le Capitale Financial Group website indicate what deposit insurance organization covers its deposit accounts? If not stated up front with prominent mention, that seems sketchy to me.

December 23, 2013
1:17 pm
Doug
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Okay, I finally found that residency restriction for Le Capitale Financial Group (too bad! love the squirrel!) SD2013 was referring to. Thanks, SD2013! :)

With that, I'd like to change my recommendation/endorsement that only Oaken Financial, a division of Home Trust Company, be added to the "comparison chart" and a forum created. (If a forum already exists for Home Trust Company, that one could be used and just linked via the "comparison chart"). It definitely should be added.

If the chart is getting somewhat full, maybe it's time to start using a bit of "editorial discretion" and removing a savings account (or two) that either has a sub-par customer experience, below average "features" or a combination of lower rates and higher (or high) service charges. One such account that fits that bill to a tea, if you ask me, is Manulife Bank's Advantage Account. Is anyone actually still using this account!? It only pays 1.5%, is expected to go down soon and I believe they charge either $5.00 (possibly $1.00, but I don't think so) for every debit that isn't a transfer to another Manulife Bank account. That makes it ... on par with the "Big 5" savings accounts and I don't think we want to start adding their savings accounts to the chart.

For the few people that still use Manulife, rates are available on Cannex and a disclaimer could be added to the "chart" that only high-interest savings accounts that offer above-average rates and minimal (or very, very low fees with a certain number of "free" transactions per month) are added to the "chart" going forward. :)

Cheers,
Doug

December 24, 2013
6:39 am
GS1
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Doug:

I agree about Manulife. There are low, higher and highest "high interest savings accounts". We should likely only be charting/recommending the highest and the "good service" higher accounts.

Greg

December 27, 2013
2:47 pm
Peter
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Thanks all. Manulife has been removed and Oaken Financial has been added to the comparison chart.

New sub-forum: https://www.highinterestsavings.ca/forum/oaken-financial/
New profile and review page: https://www.highinterestsavings.ca/profile/oaken-financial/

I also contacted Oaken Financial's customer service to confirm that they do not have a regular TFSA savings account -- just TFSA GICs.

January 8, 2014
5:26 pm
Doug
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Thanks, Peter, for the add. :)

Cheers,
Doug

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