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Not for Profit Savings accounts with reasonable interst rate
February 8, 2017
11:01 am
MauriceH
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February 8, 2017
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I am a treasurer for a Not For Profit organisation
In this case a School Parents Association.
We fund raise for items to enrich the school, and for projects.
I have been having a VERY hard time finding a place to deposit our money into savings or GIC and a good interest rate.

While it is easy as an individual to get as high as 2% on personal savings, and promotional rates even higher, the moment you identify as a Not For Profit, they call you a "company" and offer you a fraction of those rates.

I finally found one that is somewhat reasonable:
Oaken Financial
http://www.oaken.com/locations-toronto/

Here is their checklist for opening an account:
https://www.oaken.com/wp-content/themes/oaken/assets/pdf/oaken-commercial-mail-in.pdf

Their rates for savings are 1.5%

February 8, 2017
1:20 pm
Loonie
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October 21, 2013
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Good work, Maurice! And good on Oaken.

February 16, 2017
1:26 pm
julio
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November 21, 2015
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MomentumCU.ca 2.2% for 18 mos, Oakville and Brampton, ON.

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