High interest savings accounts

[Cactus Jack]

ING is good. 1.2% for savings and a nice 3% for tax free savings account. Transfer and deposits are easy and I have found them to provide good customer service. You won't get rich with them but it doesn't hurt, especially the TFSA. The holds on each deposit are many days but your interest accumulates on the day you deposit, regardless of the fact it takes over a week to clear.

[Slava]

There are a number of places with TFSAs that are offering the 3%. Bear in mind that with a TFSA though you can invest that into basically anything...and a lot of things are going to beat 3% over time.

[Cactus Jack]

Strictly regarding TFSA, CIBC, RBC and TD last month only had a 1% TFSA rate. What are the other places you mentioned that get 3% for TFSA? I know there are better options but they all come with a certain amount of risk, and besides, a TFSA is a good investment that is a relatively small amount everyone should have.

[MoneyGuy]

Originally Posted by kevman

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%...

You must not live in Alberta then.

Originally Posted by oilers_fan

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

They don't care where you invest.

Those 3% rates are usually only temporary.

[kevman]

Originally Posted by MoneyGuy

You must not live in Alberta then.

Ok...4.4%... My point is, with only $2,000 or so you're better off to make sure you're not paying any bank fees before you worry about any of the "high interest" accounts that are paying pennies today.

[Pastiche]

My TFSA has accrued 7% is 3 months through self directed investing in equity, ETFs to be specific. Not bad, $350 bucks in three months on a $5000 investment.

edit: I also bought GE about 3 weeks back, it's gone up 14% since then. That's helping the earnings. Super risky though, not a good idea for people who want to have safe reserves of cash.

[Wookie]

I'm not sure of any great ones - Just Watch out for bad apples masquerading as oranges

[macker]

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)

I thought they were 0.85% : http://www.canadianbusiness.com/my_m...ount/index.jsp
Maybe they are going to lower this low payout similar to how they cut their dividend in half the other day....Guess you could always go to Canadian Tire and pick up 1.5% which beats Manulife at 1.05% or 0.85% whichever the case may be. The interest won't even cover your gas to get there however...

[MoneyGuy]

Originally Posted by macker

I thought they were 0.85% : http://www.canadianbusiness.com/my_m...ount/index.jsp
Maybe they are going to lower this low payout similar to how they cut their dividend in half the other day....Guess you could always go to Canadian Tire and pick up 1.5% which beats Manulife at 1.05% or 0.85% whichever the case may be. The interest won't even cover your gas to get there however...

Manulife Advantage is paying 1.05%, as Slava says. And you won't need gas to do transactions as they can be done at 3:30 a.m. if you can't sleep in the middle of the night.

[macker]

Originally Posted by MoneyGuy

M1 is paying 1.05%, as Slava says.

For the Chequings account not the Savings according to Canadian Business and OP was looking for a high interest SAVINGS account....at any rate there are still better higher, low rates out there....

[MoneyGuy]

I meant to write Manulife Advantage, not M1. It is paying 1.05% for savings. I'm not saying there isn't a better rate to be found, just correcting an error is all. Five, 10 or 15 basis points won't make a big difference anyway.

[macker]

Originally Posted by MoneyGuy

I meant to write Manulife Advantage, not M1. It is paying 1.05% for savings. I'm not saying there isn't a better rate to be found, just correcting an error is all. Five, 10 or 15 basis points won't make a big difference anyway.

Actually M1 (Manulife One) is also paying 1.05% as your originally said : http://www.manulifebank.ca/canada/mB...c/todays_rates but it is not a traditional savings account and is the all in one mortgage/borrowing account with MFC.

10 to 15 basis points may not be significant but 45-65- basis points over the long term with a large capital investment can be significant. The difference between MFC and Canadian Tire is actually 45-65 basis points and when companies are offering such low yields you need to take all that you can get if this is what you are looking for....