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Top Ontario small business savings account rates?
July 16, 2022
9:26 am
suburbs4life
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This may be a shot in the dark but I was hoping to learn from the wiser people in this group with small business accounts 🙂

Where have you been parking your money thats not needed day to day? It appears business accounts pay much lower interest rates than personal accounts. I currently have a dismal TD investor account (0.9%) for day to day and Oaken (1.65%) for more longer term cash needs. I am in Ontario. Are there any HISA rates above 1.65% at present? Obviously I am limited at Oaken as I do not want to go much above CDIC insurable limits.

I need this particular money likely shorter term so 90 day GIC or HISA would be my targets. Funde needed for possible upcoming taxes/cash flow changes etc. However, the sums being talked about are not small so lower 6 figure. Long term funds are already in other investment products.

Thanks in advance

July 16, 2022
10:20 am
Norman1
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TD offers a one-year cashable GIC at 2%. Cashable starting Day #31 with interest.

I don't know if it can be held in a non-personal account, though. Their small business Investing page hints that it could be:

Business Investing

Guaranteed Investment Certificates

Safe and secure investment options that come with principal protection and flexible terms from 30 days to 5 years. TD has a range of GICs available including Cashable, Non-Cashable, Market Growth and Foreign Currency.

Deposit insurance is not important with TD. The Toronto-Dominion Bank currently has a DBRS debt rating of AA(high).

July 16, 2022
10:27 am
Loonie
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the fact that TD refers to "principal protection" suggests it is promoting index-inked "GICs" rather than conventional GICs.
Caveat emptor.

July 16, 2022
11:21 am
cgouimet
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Loonie said
the fact that TD refers to "principal protection" suggests it is promoting index-inked "GICs" rather than conventional GICs.
Caveat emptor.  

I have seen a number of FI's promoting GIC's as protected principal vehicles. Also the clip refers to "Cashable, Non-Cashable, Market Growth and Foreign Currency" GIC's.

CGO
July 16, 2022
12:12 pm
julio
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suburbs4life: try The Energy Credit Union, call 416-238-5606, ask for Carmen Guarrasi.
Wait for her, because of her attitude, which is: This is what you desire, let me see, how I can accommodate you, if possible. We all know other reps., that from the start declare, that something is not possible, and then you have to keep countering that.
As of today, daily is 2.60%. Fluctuates, but on the very high side (for bsns accnts). I've been there since 2019.

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