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moneysense.ca, 11/05/05
High Interest Savings Accounts
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 $100.
Full Disclosure: Apart from holding a savings account, I have no financial interest in any of the companies mentioned above.
moneysense.ca, 11/05/05
Hi Arbee,
Which Canadian bank offers the highest interest rate on a US savings account? Maybe you can do a research on this : )
Thanks,
Frugal Chick
Sure Frugal chick, I will make a future post on this. Right now, I only know of ING Direct with offers a USD account that offers 2%.
Thanks Arbee – I will look forward to your post. I just wanted to let you know that your blog is very informative – keep up the good work!
Glad to see some Canadian content. I just signed up for a ICICI account. I am planning on putting my GST and taxes set aside in there until it is due, as I am self employed and need to save up these for remitting.
Citizen’s Bank (VanCity) is just slightly edges out ING Direct with their Ultimate Savings Account.
The nice thing about this bank is that you can also have accounts for checking & other normal banking needs as well; I can transfer funds between my chequing and Ult. Savings accounts (you can open as many as you want) instantly. None of the 2-3 business day delay you get with ING.
Tom, thank you for the excellent tip. I will update the post with your information soon. It definitely is very convenient if you can transfer money between checking and savings instantaneously.
[...] High Interest Savings Accounts [...]
Hi,
Do you have a listing of companies in Canada that offer US accounts that pay High Interest. With the C$ nearing parity with the US$ it makes sense.
Thanks,
James