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Investment Savings Account up
August 5, 2010
9:00 am
Jay
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now 1.5%

August 5, 2010
11:02 pm
kilarney
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its about time..... they are only half a percent behind Ally now.....sad.

August 6, 2010
3:39 am
88kanaka
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August 6, 2010
6:08 pm
Guest2
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They're all heart. At this rate I'll only be able to buy a picture of a boat when I retire. Not the real thing!

August 6, 2010
9:17 pm
kilarney
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the only thing worse than the low savings rates is watching your mutual fund lose a chunk of money then getting the statement with the charges for the "professional management" fees they charged you to blow it. None of the managers lose a dime if they run the funds into the ground just like all the other gurus who crashed the markets in the past few years. If I can get a 3 or 4 percent GIC I will stick the cash there just to deny the "professionals" their un-earned rewards.:yell:

September 9, 2010
10:12 pm
Guest2
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Isn't this great? The Bank of Canada raised their rate, the Prime Rate increased, yet here we are with no increase for this "Investment" savings account.

September 10, 2010
10:50 am
Simon
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Guest2 said:

Isn't this great? The Bank of Canada raised their rate, the Prime Rate increased, yet here we are with no increase for this "Investment" savings account.


What do you expect? The prime rate increased only yesterday.

It's not very hard to recognize ING's pattern. It keeps a 0.25% edge over the Big 5. Nothing more, nothing less.

September 10, 2010
11:18 am
Carnworth
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Simon said:

What do you expect? The prime rate increased only yesterday.

It's not very hard to recognize ING's pattern. It keeps a 0.25% edge over the Big 5. Nothing more, nothing less.

Oh really? What savings accounts in the Big Five (not counting TFSAs) are paying anything near what ING pays?

September 10, 2010
5:23 pm
SImon
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Oh really? What savings accounts in the Big Five (not counting TFSAs) are paying anything near what ING pays?

BMO and BNS are both offering 1.25%, which is 0.25% below what ING offers.
My point stands.

September 10, 2010
6:26 pm
Carnworth
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SImon says:

BMO and BNS are both offering 1.25%, which is 0.25% below what ING offers.
My point stands.

You're a little disingenuous there. BNS offers 1.25% on its Power Savings Account with a minimum balance of $5,000. Under $5,000 and you get zilch.
With BMO, their Smart Saver account offers the same "deal" as BNS.
Your point seems to be on your head.

September 11, 2010
6:17 am
Simon
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You're a little disingenuous there. BNS offers 1.25% on its Power Savings Account with a minimum balance of $5,000. Under $5,000 and you get zilch.
With BMO, their Smart Saver account offers the same "deal" as BNS.
Your point seems to be on your head.

Well you see, the reason why I hang around here is because I obviously have at least $5,000 to put in a savings account, and I suspect most of the people on this forum do as well including yourself. Otherwise rest assured that I'd find better things to do with my time than to worry about the $0 I'd be making with the big banks VS the few bucks I'd be making with ING.

September 11, 2010
3:47 pm
Carnworth
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Simon said:
Well you see, the reason why I hang around here is because I obviously have at least $5,000 to put in a savings account, and I suspect most of the people on this forum do as well including yourself. Otherwise rest assured that I'd find better things to do with my time than to worry about the $0 I'd be making with the big banks VS the few bucks I'd be making with ING.

Yeah, that 1.25% interest rate at those banks should have you rolling in dough in no time.

September 12, 2010
5:33 am
Simon
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Yeah, that 1.25% interest rate at those banks should have you rolling in dough in no time.

Which is why I don't have my savings with the Big banks.
My point was that ING offers 0.25% more than the leading of the Big 5.
If you bothered to look at its history, maybe you'd stop arguing for no reason.

September 14, 2010
7:17 am
mike
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Simon said:
Well you see, the reason why I hang around here is because I obviously have at least $5,000 to put in a savings account, and I suspect most of the people on this forum do as well including yourself. Otherwise rest assured that I'd find better things to do with my time than to worry about the $0 I'd be making with the big banks VS the few bucks I'd be making with ING.
Yeah, that 1.25% interest rate at those banks should have you rolling in dough in no time.

Carnworth - Actually you would be surprised what a .25% can do with enough savings. That .25% is $250 on each $100k per year.

Have a great day

September 16, 2010
10:09 pm
Carnworth
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Simon said:
Well you see, the reason why I hang around here is because I obviously have at least $5,000 to put in a savings account, and I suspect most of the people on this forum do as well including yourself. Otherwise rest assured that I'd find better things to do with my time than to worry about the $0 I'd be making with the big banks VS the few bucks I'd be making with ING.
Yeah, that 1.25% interest rate at those banks should have you rolling in dough in no time.

Carnworth - Actually you would be surprised what a .25% can do with enough savings. That .25% is $250 on each $100k per year.

Who in their right mind would dump $100,000 into an ING (or BMO, or BNS, or whatever) savings account???

September 17, 2010
3:48 am
mike
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Who in their right mind would dump $100,000 into an ING (or BMO, or BNS, or whatever) savings account???

Humm, well, I would guess anyone doing that would be rich or waiting the market to stabilize or 1.5% rate is better than a GIC?

I don't believe at all that they would be "out of their mind" because they would be extremely smart enough to save up that much cash in the first place.

Have a great day

September 17, 2010
11:00 am
Andrew
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Who in their right mind would dump $100,000 into an ING (or BMO, or BNS, or whatever) savings account???

A savings account is a lower risk, and highly liquid, vehicle that people can choose to put their money in. Granted, the savings may not keep up with inflation, however, there is very little risk of losing any of the principal amount invested and you are able to take the money out immediately for things such as a 25% down payment on a $400,000 house. As with all investments, it is a highly personal choice based on each person's situation and each person's own risk vs benefit assessment. You may not agree with such a decision to dump $100,000 into a savings account, but it does not help anyone reading this forum if you do not explain your line of reasoning and simply state that everyone who doesn't think like you is "out of their mind".

Perhaps it would be more beneficial if you shared your own personal reasons for the decisions you have made to educate everyone so that they have more information to base their personal financial decisions on instead of putting them down.

September 17, 2010
4:07 pm
Carnworth
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A savings account is a lower risk, and highly liquid, vehicle that people can choose to put their money in. Granted, the savings may not keep up with inflation, however, there is very little risk of losing any of the principal amount invested and you are able to take the money out immediately for things such as a 25% down payment on a $400,000 house. As with all investments, it is a highly personal choice based on each person's situation and each person's own risk vs benefit assessment. You may not agree with such a decision to dump $100,000 into a savings account, but it does not help anyone reading this forum if you do not explain your line of reasoning and simply state that everyone who doesn't think like you is "out of their mind".

Perhaps it would be more beneficial if you shared your own personal reasons for the decisions you have made to educate everyone so that they have more information to base their personal financial decisions on instead of putting them down.

Yeah, great advice there. It's always easier to follow the crowd than to actually think for oneself. You cram your $100,000 into the ING account and earn that 1.50% interest. Meanwhile, I'll invest my money in something that's actually increasing higher than the rate of inflation. You figure out what it is, since I don't dispense free advice.
You are indeed out of your mind, since you're one of the legions of people who follow newspaper and so-called "expert" advice and refuse to think for yourself. That's okay though. Feel the comfort of making these mistakes, secure in the knowledge that others are too. 😕
Also, really great advice about investing in real estate when anyone with a whit of sense knows that the market is way over-valued and a major correction is coming. Oh, I know you didn't read that in the Star or hear it from real estate salespeople. Go and believe them and don't come crying on this board when your "investment" deflates.

September 17, 2010
4:12 pm
Carnworth
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Post removed by admin

September 17, 2010
4:33 pm
Peter
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I'm locking this thread. Please share your thoughts without attacking other people. I'm sure everyone on this forum wants to learn from others, but personal attacks will not be tolerated.

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