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Email this10:18 am
May 15, 2007
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I'm seriously considering adding Zenbanx to the comparison chart and finally dropping PC Financial, Tangerine, and Zag Bank. I'd been keeping PC Financial and Tangerine on the chart for comparison purposes, especially for newbies who have only heard of those two before, but I think it's been far too long that their regular rates have been uncompetitive -- they've used up their "credit" from being high interest savings pioneers. I'd still track their promos, including those from Zag, and they all still have their own discussion forums. What do you all think about this?
11:55 am
May 28, 2013
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Peter, you are right that the regular interest rates at the institutions you list are not very competitive or attractive. As long as any special rate offers at these places are still being recorded somewhere, with the ability to discuss them, that is fine with me.
12:13 pm
September 11, 2013
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I agree, it's about high interest savings bank accounts so drop whoever doesn't qualify on any given day and just keep those who in fact have "high" interest rates compared to everyone else. In other words, you have to qualify to get on the chart. Of course, we all agree promos need to stay, that's a big part of what some of us here do, i.e. move to where the pickings are best at a particular time.
2:32 pm
July 15, 2014
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I would rather see as many institutions listed as possible. The ability to sort on rates allows one to look at the higher interest payers very easily. When a Promo is in effect, I think an additional "Promo" column with terms would be useful. EG. Zag would then show 2.50% under rate and "to June 1/16" in Promo column. After June 1, if no new promo, rate would be changed to new low rate with Promo column blanked.
3:20 pm
December 23, 2011
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Peter, firstly thank you for allowing our participation in the decision making. I agree to drop....perhaps any HISA lower than 1%....to be adjusted to current conditions.
But just another thought for the newbies.....if the PC, Zag, and Tangerine remained and if they were misinformed and came to this site they would see the comparison chart all neat and tidy so they can realign there investing strategy. As a newbie may just think the list is incomplete. Or simply leave them listed as less than 1%??
4:01 pm
October 27, 2013
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There is no perfect list. As I think I have pointed out before, some of the big 6 have specialized accounts that attract well over 1% as well, albeit with restrictions. I think I tend to agree with those above to cut the list off at 1%, with a note than several other entities often have promos or specialized accounts with special rates, potentially quite temporary.
6:31 am
January 3, 2013
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I don't see the benefit of dropping any unless I am missing a point. I'd rather see more than less. Also, possibly add a new column as "Promo". I know the updating won't be easy but it gives a better idea on the interests specially many here always look for temporarily promotions and move money accordingly. You are dumping the banks I have accounts with. 
8:31 am
August 4, 2010
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My suggestion would be something like this. For the main chart, ignore "new money only" promos, or have a separate "promos" section for stuff like this. For something like Zag, where they publish a base rate (0.8%), but have an "all comers" promo rate for a certain time, use strikethrough on their normal rate, and show the promo rate under it, perhaps in red or something, perhaps with the ending date shown in a hover tip. The promo rate is what should be used for sort. I'd keep Tang/PCF in, especially if there is some sort of linked promo section.
11:32 am
February 20, 2013
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I use PC Financial and Tangerine for various services where they still provide value without requiring a costly bank plan of some sort. They no longer offer regular high interest saving accounts but have offered bonus deals from time to time. I would like to see them left in the comparison list but if they are removed, I would like to see them left in the free chequing and services charts.
5:52 pm
February 18, 2016
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There are many sites keeping track of ALL banks/CU in Canada and their interest rates... Why duplicate? Link to one of those will be sufficient. Here is one of examples: http://www.cannex.com/canada/e...../index.htm
I would keep only those 'real' high interest banks (+/- 0.1%) on the list.
As for Tangerine/PCF, correct, they provide fine service, no fee bank accounts, etc. but that is not the point here. This site is about HIGH interest rate fin. inst. not about 'how to help those who do not want to pay bank fee'. There is already tab above 'free chequing' and both fin.inst. are there.
The main benefit of this site is forum where members can share their experience, and through (mainly) friendly discussion help other members get the most of their savings.
I would suggest some sort of 'e-mail alert' (if members wishes to receive) for any promo interest rate at any high interest FI no mater if you are it's client or not. You never know, you might change sides...
All kudos to site owner who spends his (most likely) free time to do updates, moderate, and keep everything in order. Just daily visits and reading new posts takes time. Imagine how much time takes to moderate it...
11:28 pm
October 21, 2013
Online
I have found that Cannex is not always up to date. (I believe I read somewhere that they depend on the institutions to update them rather than doing their own fact-checking, but can't verify that) They don't carry the promo rates, and their list is cluttered with institutions most of us would never use.
So, I prefer something that we have better control of. People on this forum are likely to notice changes fairly quickly, and report them.
The question of how to chart special promo rates remains a question. NorthernRaven may have the answer. We do need to have some way of tracking them as they are often the best available rates.
I would keep Tang/PC.
2:31 pm
December 12, 2009
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Hi Peter:
I've been planning on submitting a thread suggesting something like this (or very similar) for at least six months now as, as you rightly point out, we have banks or credit unions on this "comparison chart" that offer regular/posted interest rates below those of even the "Big 5" banks. I propose that we do this by amending the "inclusion criteria," which I've re-posted below both prior to and with the proposed amendment(s):
In general, for a bank account to be included in the comparison chart, it must be:
* accessible to all Canadians in all provinces and territories or, alternatively, all provinces and territories with the exception of Quebec (however, when they do exclude Quebec residents, this is indicated on the chart)
*must be able to be opened in-branch at any branch in all or the majority of the Canada’s provinces and territories or opened online through non-face-to-face account opening procedures without requiring a mobile mortgage or banking specialist to come to your home where the product will be sold in conjunction with a mortgage/home equity line of credit
* must not be held in broker “book-entry”/nominee form; must be held in one’s own name
* the regular interest rate on the high interest savings account must be “competitive”
That fourth or last point could simply be defined with some detail and amended as follows:
* the regular interest rate on the high interest savings account must be a minimum of 25 basis points higher than the highest rate savings account offered by any member of the "Big 5" Canadian banks, reviewed by Canadian High Interest Savings website administrator(s) on either a quarterly or semi-annual basis
Currently, as far as I can tell, the Scotiabank Savings Accelerator Account pays 1% on balances over $25,000 and the Scotia Momentum Savings Account pays 0.75% on balances of $5000 or more plus a quarterly bonus of 0.75% for every quarter that the balance of $5000 is maintained for an effective annual interest rate of 1.5%. The latter is a bit tricky to calculate as a benchmark and would exclude quite a few of the Manitoba credit unions so I propose to utilize the former, currently, and review the highest rate of "Big 5" savings account product either quarterly or semi-annually, as that would establish 1.25% as the "baseline" regular, non-promotional interest rate to be included in the "comparison chart".
Similarly, I'd also like to propose some general criteria in terms of the "promos" (https://www.highinterestsavings.ca/promotions/), mainly that:
any promotional rate (i.e., that that is paid on a specified interval on "net new deposits" that are above a depositor's closing balance(s) as of a certain date) combined with the regular rate must be equal to or higher than 1% of the lowest regular/posted rate of interest paid by a financial institution from the "comparison chart"
(which, based on the proposed inclusion amendment, would be 1.25%
As for including Zenbanx, as this is primarily a foreign exchange account and electronic payments platform akin to PayPal, I feel it would be better suited for possible inclusion in the "Chequing" accounts chart or, perhaps, a separate "Electronic Operating Account" (would need a better name!) chart. As well, it has a bit of a convoluted ownership structure.
As well as EQ Bank, I'd also like to see this removed from the chart until such time as they implement some technological and process enhancements I've called for, chief among them at automatic payroll direct deposits or pre-authorized payments initiated from a source external to EQ Bank be permitted on the account (this could be due in part to them not operating out of their own institution number and instead clearing everything through their account with TD Canada Trust, which could, potentially, exclude them on the basis of them holding deposits in their name "in trust" for individuals and allowing individuals to view the accounts beneficially owned by them through an online channel) and that they allow a method to open or link additional accounts via either Canada Post identify verification or the electronic "penny test" methods.
Cheers,
Doug
2:44 pm
December 12, 2009
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As to those that argue in favour of "more not less," one need to look only to the "services" chart as an example of the downside of "information overload," trying to include every possible product feature in a general comparison of savings account.
The goal should be to hand-pick, to "actively manage," if you'll pardon the investment terminology metaphor, a list of the "best of the best" high interest savings accounts and provide their posted rates of interest as well as their TFSA posted rates and links to website/discussion forums, not simply to list every possible account. Otherwise, why not include a savings account from BMO or Scotiabank paying 0.05%?
We haven't removed any financial institution's accounts for awhile, likely since "HSBC Direct," once a "top performer" on this chart with its fee-free banking that went into steady decline until it was eventually decommissioned by the bank.
To alleviate such concern(s), I recommend providing a direct link at the bottom of the page to the deposit accounts chart as provided by Cannex as well as a post by Peter reminding folks that just because their "pet" account was removed from the chart, they're free to recommend it to have its own separate forum for discussion purposes and that it'll continue to be featured in the "Profiles" section.
Cheers,
Doug
5:05 pm
February 20, 2013
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Doug said
* the regular interest rate on the high interest savings account must be a minimum of 25 basis points higher than the highest rate savings account offered by any member of the "Big 5" Canadian banks, reviewed by Canadian High Interest Savings website administrator(s) on either a quarterly or semi-annual basis
Currently, as far as I can tell, the Scotiabank Savings Accelerator Account pays 1% on balances over $25,000 and the Scotia Momentum Savings Account pays 0.75% on balances of $5000 or more plus a quarterly bonus of 0.75% for every quarter that the balance of $5000 is maintained for an effective annual interest rate of 1.5%. The latter is a bit tricky to calculate as a benchmark and would exclude quite a few of the Manitoba credit unions so I propose to utilize the former, currently, and review the highest rate of "Big 5" savings account product either quarterly or semi-annually, as that would establish 1.25% as the "baseline" regular, non-promotional interest rate to be included in the "comparison chart".
Your amendment is immediately broken based on your second paragraph above. So maybe your amendment needs some weasel words like the original one. Or maybe its best to leave the criteria alone and let the site administrator decide?
BMO currently has a product where you get 1.25% every month if you increase your balance by $200 each month. There are catches though which may involve fees, getting other accounts and a bank plan to get your money in and out. I'm not sure what catches Scotia has, if any? These catches make the higher interest less attractive depending on your circumstances. Personally I wouldn't choose the BMO account and wouldn't want it in the comparison list. Based on your 1.25% criteria both this account and the 1.5% Scotia account should be in the list.
8:43 pm
February 20, 2013
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Doug said
As well as EQ Bank, I'd also like to see this removed from the chart ....
I think EQ should be left in the list. I agree with you that the current services available aren't everything you might want to have but you could argue the same thing for other institutions in the list.
8:48 pm
February 20, 2013
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jgclghrn said
I use PC Financial and Tangerine for various services where they still provide value without requiring a costly bank plan of some sort. They no longer offer regular high interest saving accounts but have offered bonus deals from time to time. I would like to see them left in the comparison list but if they are removed, I would like to see them left in the free chequing and services charts.
I've thought some more about it and have changed my mind. As I said above, I don't consider them to have high interest savings accounts so lets remove them from the comparison chart but keep them in the services and free chequing charts. If they offer deals from time to time then mention them in the promos area.
9:35 pm
October 21, 2013
Online
I would just leave the "competitive" definition somewhat vague. I am uncomfortable with using the Big 5 as the basis of competition., and thereby excluding them by definition. We are looking for superior rates, wherever they are. Less rules, more good judgment from moderator will be easier to manage.
I would remove Eq until such time as it is actually open to new accounts. Right now it is effectively closed, and no telling when it may re-open. It doesn't meet the criterion of being open to all Canadians, with or without QC. I don't really care that much about the other features and would not want it excluded on that basis.
5:39 am
February 20, 2013
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Loonie said
I would remove Eq until such time as it is actually open to new accounts. Right now it is effectively closed, and no telling when it may re-open. It doesn't meet the criterion of being open to all Canadians, with or without QC. I don't really care that much about the other features and would not want it excluded on that basis.
Based on their new "reserve" approach, their accounts may not be effectively closed. They say this approach is being used temporarily until they bring on more help. Has anyone been on the waiting list and if so how long have you been waiting?
9:40 am
September 11, 2013
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There are many people who already do have accounts at EQ so the fact that they are slowing applications for new accounts should not prevent those who do have an account there from monitoring how competitive EQ continues to be compared to others. It is a bank high interest savings account paying 3% and so meets the criterion indicated by this website's name. I'd leave EQ.
1:09 pm
October 21, 2013
Online
I know someone who is on the wait list and has been on it almost since it was created. Will post when they get offered an account.
However, as long as there is a wait list, it doesn't make sense to me to keep it on our list. By the time the wait-listers get an account, the rate will likely be lower.
I mean, who ever heard of any kind of FI with a wait list to get an account?
Those who already have accounts can monitor their rates through the Eq forum or by checking the website in question.
Please write your comments in the forum.