Since the Bank of Canada has been neutral for a while now, interest rates on personal savings accounts have barely budged. However, competition in this area is heating up and here are some of the better options:
- ING Direct Investment Savings Account: 2.4%.
- AMEX Investment Savings Account: 2.4%. $10 with an initial deposit of $200.
- President’s Choice Financial Interest First Savings Account: 2.15%
- Achieva Financial Savings: 2.85%
- ICICI Bank HiSAVE Savings Account: 2.75%. $20 with an initial deposit of $100.
Full Disclosure: Apart from holding a savings account, I have no financial interest in any of the companies mentioned above.
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8 responses so far ↓
1 frugal chick // May 11, 2005 at 8:33 pm
Hi Arbee,
Which Canadian bank offers the highest interest rate on a US savings account? Maybe you can do a research on this : )
Thanks,
Frugal Chick
2 Canadian Capitalist // May 12, 2005 at 10:42 am
Sure Frugal chick, I will make a future post on this. Right now, I only know of ING Direct with offers a USD account that offers 2%.
3 frugal chick // May 12, 2005 at 6:11 pm
Thanks Arbee - I will look forward to your post. I just wanted to let you know that your blog is very informative - keep up the good work!
4 Anonymous // May 13, 2005 at 1:17 pm
Glad to see some Canadian content. I just signed up for a ICICI account. I am planning on putting my GST and taxes set aside in there until it is due, as I am self employed and need to save up these for remitting.
5 Tom Weir // May 16, 2005 at 6:14 pm
Citizen’s Bank (VanCity) is just slightly edges out ING Direct with their Ultimate Savings Account.
The nice thing about this bank is that you can also have accounts for checking & other normal banking needs as well; I can transfer funds between my chequing and Ult. Savings accounts (you can open as many as you want) instantly. None of the 2-3 business day delay you get with ING.
6 Canadian Capitalist // May 16, 2005 at 11:13 pm
Tom, thank you for the excellent tip. I will update the post with your information soon. It definitely is very convenient if you can transfer money between checking and savings instantaneously.
7 AllThingsFinancial » Blog Archive » Day 3 - Basics of Banking and Saving // Feb 3, 2006 at 2:58 pm
[...] High Interest Savings Accounts [...]
8 James // Sep 20, 2007 at 11:16 pm
Hi,
Do you have a listing of companies in Canada that offer US accounts that pay High Interest. With the C$ nearing parity with the US$ it makes sense.
Thanks,
James
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