High interest savings accounts

[Julio]

Anybody have any ideas as to where to go for one? I've been with Citizens Bank of Canada for a few years and liked their rates, but they are shutting down. ING Direct is the logical bank to look @, but have heard some negative about their customer service. Any thoughts or suggestions?

[albertGQ]

I've been with ING for years and love it. Higher interest and no fees

[DOK]

Bank of Montreal has a good one if your willing not to touch your money for some time. Royal Bank has one too but I haven't used it yet, that one has no charges for using it, which generally means that people will spend what's in there and not accumulate any real interest anyways.

[I-Hate-Hulse]

ING seems to be fine, although a 1.2% is not. Especially with the way the markets have been lately. Though 1.2% is still more than what the MoneyMarket funds are yielding lately. That said, I realize cash is a must sometimes, and ING has worked well for me. Transfers are pretty easy from my main bank to them and back, although the waiting time for transfers to clear at ING is a little long.

[lazypucker]

Originally Posted by Julio

Anybody have any ideas as to where to go for one? I've been with Citizens Bank of Canada for a few years and liked their rates, but they are shutting down. ING Direct is the logical bank to look @, but have heard some negative about their customer service. Any thoughts or suggestions?

What? Citizens Bank of Canada (which is Vancity Credit Union of BC) is shutting down? Is there a link to any news item relating to that?

I opened up one of those savings accounts with them where I put in $100 they give me $50 as a sign up bonus. What a great deal. Maybe that's why they are going under? I think I should go take all my money out from there tomorrow.

[metallicat]

I have a 4.25% savings account with Servus Credit Union, but I got that years ago when I was with Common Wealth Credit Union before it merged. Not sure if it's still available. Too bad I have to pay massive amounts of tax on the interest earned.

[Caged Great]

What I find to be a real pain the ass with banks is that they usually make 10-15% interest off the money that you put in, and only pay you 1-5% interest.

That's part of the reason why citizen banks are starting to become a trend in Europe.

[Pastiche]

http://www.renaissanceinvestments.ca...ducts/hisa.asp

1.05%

Good

[Slava]

You can also get a high interest account through Manulife Bank. The current rate for their advantage account is 1.05%.

If you are getting over 4% risk free at this point that is a huge steal! (oilers_fan)

[bcb]

ING is awesome. I just wish the interest rate climbed a bit. It was 3% a year ago, now it's 1.2%

[TurnedTheCorner]

I've used ING for years - first for a regular savings, then a US savings, and now a tax-free savings. Simple and easy to use. I don't imagine the accounts are much different from any institution, but I can say I've never had a complaint with ING personally.

[algernon]

Originally Posted by lazypucker

What? Citizens Bank of Canada (which is Vancity Credit Union of BC) is shutting down? Is there a link to any news item relating to that?

I opened up one of those savings accounts with them where I put in $100 they give me $50 as a sign up bonus. What a great deal. Maybe that's why they are going under? I think I should go take all my money out from there tomorrow.

Citizens will become a non-deposit-taking bank, and as a result is selling the majority of its residential mortgages, personal loans and lines of credit secured by real estate to the Toronto Dominion Bank for an undisclosed amount. Depositers, including those with registered savings plans, will have to transfer their accounts to another financial institution.



I wonder how the Citizens mortgages will be handled?

[metallicat]

Originally Posted by Slava

You can also get a high interest account through Manulife Bank. The current rate for their advantage account is 1.05%.

If you are getting over 4% risk free at this point that is a huge steal! (oilers_fan)

Everyone should just send me their money then, and I'll pay them 2.5% on their investment. The bank of oilers_fan is now open for business.

[Slava]

Originally Posted by oilers_fan

Everyone should just send me their money then, and I'll pay them 2.5% on their investment. The bank of oilers_fan is now open for business.

Thats a great idea...except for some reason I don't see that as being risk free anymore!

[Bob]

I think you can still get 9.5% from the Bank of Iceland, but there's a fair bit of risk involved (like the fact that the whole country is broke).

[metallicat]

Yeah, and revenue Canada might not like the idea much either.

[kevman]

Don't forget your simple chequing account!

Ok, seriously hear me out... My bank charges me $3.50 a month for a chequing account plus $0.65 for every transaction over 15. If I maintain $1,500 these fees are waived. $42 saved annually from an investment of $1,500 is 2.8% and a better return than most major banks "high interest" savings accounts. So before you go ahead with a high interest savings account make sure you at least carry your minimum balance in your chequing account!

Edit: I should add, that 2.8% is an after tax return so in reality it's like having a "high interest" account paying 5.6%...

[albertGQ]

ING's TFSA is 3.0% instead of 1.2%

[ken0042]

What about the promotion the TD was running, for every deposit of $100 they will give you $10. Isn't that like automaticaly getting 10%- or was there some other kind of catch there?

[Slava]

Originally Posted by ken0042

What about the promotion the TD was running, for every deposit of $100 they will give you $10. Isn't that like automaticaly getting 10%- or was there some other kind of catch there?

Its only good up to $200...in other words you get $20 maximum.