Canadian Capitalist

31 responses so far ↓

• 1 0xcc // Nov 28, 2006 at 9:22 am

  I recently opened a PC Financial High-Interest account and the $1000 threshold is a little confusing. I’m not sure if the interest rate is 4% on everything over $1000 or if the 4% applies to the whole balance when the balance is greater than $1000. Our balance in that account didn’t reach $1000 until this month so I should be able to tell in a month or two if the 4% applies to the whole balance or just the balance over $1000.

• 2 Canadian Capitalist // Nov 28, 2006 at 9:39 am

  The wording seems to indicate that the as long as your daily balance is $1,000 or more, you get the 4% on the entire amount. I don’t have an account with them, so I am not 100% sure.

• 3 Crzay8 // Nov 28, 2006 at 10:13 am

  When your account reaches to $1000. You will earn 4% yearly rate on the $1000. I have an account with them and they’ve been paying. 4% sounds OK but with the inflation and taxes you’ll end up losing money buy puting it in the bank.

• 4 Steve Heath // Nov 28, 2006 at 11:00 am

  I can confirm that if your account has over $1000, it’s 4% on the entire balance (plus a little bonus amount at the end of the year supposedly).

  I have some tuition money set aside that doesn’t come out until about April and June of next year so I’ve got it parked in there in the meantime, and I do plan to always have some “liquid” cash… maybe $10,000 or so, so I find this account perfect for that since I do my banking at PC and can transfer back and forth quickly.

  Of course, the downside to having an emergency fund is that your wife doesn’t worry about going overboard with Christmas presents, so maybe it is better to lock it up

• 5 Loki // Nov 28, 2006 at 11:15 am

  PC Financial is comparatively very good. Not only do they offer the highest interest for the big 5 banks (direct banking division of CIBC) but if you open a chequing account with the interest plus it’s easy to use and if you set up direct deposit from employer to this chequing account they give you 10,000 PC points ($10). The funds in the PC Financial Interest Plus savings are roughly 96.35% liquid (since there is a 1 day hold on transferring funds out of the savings). This is a rough calculation based on having 365 days in a year.

• 6 Phil S // Nov 28, 2006 at 12:18 pm

  Are any of these account RRSP eligible? It would be great to have a high interest savings account linked to a self-directed RRSP brokerage account where I could temporarily park cash while waiting for the markets to tank.

  Outside of an RSP, I have little or no use of any savings accounts as most of my investing is done through the use of leverage. As a result, if I end up with some extra cash at the end of the month after all my bills are paid, I always just use the excess to pay down leverage.

• 7 Canadian Money Blogs Reviewer // Nov 28, 2006 at 2:12 pm

  Phil S: you should double-check, but I don’t think transferring money back and forth between RRSP accounts in different institutions is allowed. You would have to fill a form each time!

  —–

  Personnally, I really like PC Financial, because I do my daily banking (no fee!) with them as well. Very convenient.

• 8 James // Nov 28, 2006 at 3:06 pm

  You would have to check to be sure but I’m quite certain you can use achieva financial for RRSP savings at 4.1% currently and link it to an RRSP trading account with credential direct.

• 9 Phil S // Nov 28, 2006 at 3:45 pm

  Hi James / CMBR,

  Thanks for the tip! I’ll have to look into it to see whether Achieva would allow me to move money back and forth between Achieva and Credential inside an RSP, preferably from the internet. =0)

  Sincerely, Phil

• 10 Joseph // Nov 28, 2006 at 8:58 pm

  Silly question, why aren’t many of these services offered in Quebec?

• 11 Canadian Capitalist // Nov 28, 2006 at 10:19 pm

  Joseph: Are you sure that these accounts are not available for Quebec residents? Since all these accounts are with online banks, it seems to me that they should be available for all Canadians.

• 12 Lego // Nov 28, 2006 at 10:46 pm

  Gentlemen, any forecasts about future Wal-Mart Canada high-interest savings accounts? My thinking is they will start with 4.0%. http://www.canada.com/nationalpost/news/story.html?id=a41e0cda-dd28-46df-996d-56dd291e9e63&k=67140

• 13 Meadow // Nov 29, 2006 at 5:06 pm

  “Silly question, why aren’t many of these services offered in Quebec?”

  Maybe it’s something to do with the fact that Quebec law follows the (French) civil code rather than the (English) common law. Just a guess tho.

  Meadow

• 14 High Interest Savings Accounts :: Newstack // Dec 7, 2006 at 11:01 am

  [...] Read more: here [...]

• 15 Troy // Dec 22, 2006 at 2:23 am

  I read all the comments and my opinion is Achieva is the best account out there. I have my cheqing acct with PC though and it is linked directly to my Achieva savings. There’s absolutly no fees and yes you can use it as a 4.1% RRSP liquid account. Customer service is also everything and more. I deal with Outlook Financial aswell at 4.1% which is very comparable. In addition the comment about ICICI and customer service is valid, it’s terrible.

• 16 Troy // Dec 22, 2006 at 2:27 am

  For the people inquiring about Quebec residents and accounts, all these accts are on-line based so everyone can apply. I also forgot to mention that Achieva is one of the only institutions out there that does not have a RRSP transfer out fee.

• 17 Fireflyzephyr // Feb 23, 2007 at 2:53 pm

  I thought you might be interested to know that RBC is going to offer a high-interest savings account in mid-March, with an introductory rate of 4% and a guarantee never to go below 3.25%.

• 18 leethbay // Mar 22, 2007 at 2:25 pm

  Does anyone want a laugh. Check out RBC’s version of being a competitor to ING, HSBC or PC Financials. Google search “RBC - e-savings”. Do they think everyone is going to jump at this. The introductory rate is 4%. Way down in smaller print is the 3.25% after July/07 and also the subject thereafter to change without notice. Want to guess as to whether RBC will always be lower than ING (expect on occasion when they run a promotion to sucker in new clients). But if that isn’t enough to make you shake your head take a look at the fees. Yeh, that’s right $5 per ATM withdrawal (at their own RBC machines). Its gonna cost you more if you go to some other banking institution’s machine. You better not plan on doing any transactions by telephone (even an automated telephone system) because they will get you for another $5 per transaction. I was a bit confused when I saw the category “access to online or telephone banking - FREE”. But then I clicked on the small print (4). “Access” to telephone banking system is free but the per transaction fee for doing a telephone transaction is $5/per transaction. Hands in our pockets. RBC might actually be the worst.

• 19 Mike // Mar 22, 2007 at 2:32 pm

  I have been a customer and advicate of ING Direct’s high-yield savings account for some time. I have just switched savings funds in the high 5-figures to PC Financial because ING simply will not negotiate their rate of 3.5%. Other than the less-than-smooth online/kiosk application process with PC, I’m looking forward to earning an extra 0.5% and maintain the same level of liquidity. It’s too bad that ING went from trend setting to laggard.

• 20 Canadian Capitalist // Mar 23, 2007 at 11:18 am

  ING Direct isn’t a trend setter anymore. They are big enough now that they don’t feel the need to offer the best rates. Fortunately for us, new options are available all the time.

  leethbay: I noticed that the RBC rate is just an introductory rate as well. Another example of “what the big print giveth; the small print taketh away”!

• 21 Roc // Apr 13, 2007 at 4:51 pm

  When looking into high interest savings accounts you should observe how interest is calculated and when is it paid out.

• 22 Roc // Apr 13, 2007 at 4:56 pm

  When looking into high interest savings accounts you should observe how interest is calculated and when is it paid out.

  Achieva Fiancial pays 4.10% compounded monthly, which translates into 4.18%. Steinbach Credit Union pays 4.20% interest paid annually. Which is the better deal?

  Answer of course: Achieva Financial, since the interest earned every month carries forward to the next month where it earns interest again. Kind of like a snowball rolling down a hill effect.

• 23 Derek // Apr 18, 2007 at 1:32 pm

  I just signed up for a Canadian Tire high interest account and got their standard 3.8% rate (no minimums, $20 deposited into my account just for signing up and a $10 Canadian Tire gift card -they seem to have the best deal around these days.

• 24 JohnB // May 19, 2007 at 10:15 am

  I am really interested in opening an account with PC Financial . They sound ok. I am also waiting for Wal Mart but I think Wal Mart will open with around 4.1%.

• 25 Daryl // May 20, 2007 at 6:46 pm

  For those of you who use Achieva Finanical, how long is the hold on money transfers? i.e. if I transfer money from my chequing account to my Achieva Financial savings account, how many days before the money shows up in the Achieva account? ING was about 5 business days or so.

• 26 Paul // Jun 2, 2007 at 12:38 am

  there is a 10 day hold in Achieva (not 10 business days .. but just straight 10 days) ..

  However if you transfer from other account.. the money will show up at Achieva WAY faster than that… ..and will start earning interest right away…

  It’s just that there will be a HOLD on the money transfered for 10 days..

  (actually i could be wrong.. - FOR SURE it’s 10 days hold on deposits through ATMs .. as to transfers in.. not sure 100% on that now. .- it’s either same 10 days.. or faster)

  However, as i said, the money will start earning the interest the moment they are deposited to the account..

  With ING it actually supposed to be like with anyone else.. couple of days for the money to show up there and start to make interest .. - it’s just that they have 5 business days hold on those money (just can’t touch them for that long.. but they are there)

  By the way.. someone mentioned Wal Mart banking in above posts?

  What’s up with that .. Is Wal Mart planning to offer Banking as well now?! If so, approx. when .. do you know?

• 27 J // Jun 7, 2007 at 5:25 pm

  Roc,
  If I am not mistaken, Achieva’s 4.1% is already the annual percentage rate (APY). That is, they actually pay you 4.024% / 12 interest each month, compounding to an effective annual rate of 4.1%.
  This is the convention followed by almost all savings accounts regardless of how often they compound your savings (like ING direct compounds daily I believe).
  Achieva’s website sys “Rates shown are calculated on a per annum basis .” It’s a bit cryptic to me, but I think it confirms what I said.

• 28 Elizabeth // Jun 15, 2007 at 11:19 am

  Are we allowed to open an account in Achieva or Outlook Financial if we are not the resident of Manitoba??? Since I am the resident of B.C., I am so curious about it.

• 29 Andrew // Jun 20, 2007 at 3:34 am

  I am pleased with my Ing accont but have recently opened up an overseas account in Britain paying 5.9% . Several are available and advertised in Weekly Telegraph or Weekly Express. They are tax free but have to be declared for Canadian tax purposes. Only risk is how our dollar changes re sterling but that could also be advantage if sterling rises more than Canadian dollar.

• 30 Canadian Capitalist // Jun 20, 2007 at 10:23 am

  Andrew: How do you open an overseas account in Britain? How do you fund the account? Not that I am planning to, but I’m curious.

• 31 nancy (aka money coach) // Feb 2, 2008 at 4:12 am

  Citizens Bank of Canada should be in the mix. 4.0% today (Feb 1, 2008) for their ultimate savings account. Plus, profits go back to the community since it’s owned by a credit union.

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