Comments on: High-Interest Savings Accounts Revisited

By: No-Fee Business Chequing Account from HSBC Direct | Canadian Capitalist

No-Fee Business Chequing Account from HSBC Direct | Canadian Capitalist — Tue, 19 Jan 2010 14:01:49 +0000

[...] Choice Financial and seeing a substantial reduction in bank fees. If you want to earn a higher interest rate on your savings, you are spoiled for choice with a long list of online banks vying for your business. Even the [...]

By: No-Fee Chequing Account from Citizens Bank

No-Fee Chequing Account from Citizens Bank — Mon, 18 Aug 2008 22:01:12 +0000

[...] there is healthy competition with many players offering high-interest savings accounts at attractive interest rates and features, President’s Choice Financial is pretty much the [...]

By: Canadian Capitalist

Canadian Capitalist — Mon, 31 Mar 2008 02:20:58 +0000

Shoeb, stu: Savings accounts tend to move in lock-step with the Bank of Canada interest rate decisions. The Bank has been cutting rates recently, so that will be eventually reflected in the savings accounts.

By: stu

stu — Mon, 31 Mar 2008 00:55:55 +0000

i just noticed today that rbc has dropped their rate even further for their high interest e-savings accounts, currently hovering way below the competitors at 3%.

very annoying to say the least that there is no mention of this anywhere from rbc to their customers. when i signed up i was getting 4% and now its down to 3%, not cool.

By: Shoeb Ahmed

Shoeb Ahmed — Mon, 24 Mar 2008 04:57:26 +0000

I have a PCF Interest Savings Plus account, and the reason I got it was because of it’s 4.1%. And I _just_ realized that it has been brought down.

I opened an ING Direct IS Account (didn’t send the cheque though), and right after I found this website. I’m kicking myself now for having opened it. (Anyway to close it because I still didn’t send the cash?)

Now, what I want? I want a high-yield savings account with no minimum balance, no fees, no funny-business, that I can link to my PCF Chequing account (It’s my main/primary account) and I can move money between these accounts without paying any “transfer” fees.

What do you guys recommend for a save-money newbie like me?

PS: The link to the Etrade website shows 3.55% interest for CDN.

By: Christine

Christine — Fri, 07 Mar 2008 20:24:12 +0000

If anyone is worried about bank guarantees, Achieva (a credit union subsiduary) has the best one: All deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation of Manitoba. Whereas CDIC only guaranttes up to $100,000 per individual deposit. …and as of today, their rate is still 3.85%

By: Canadian Capitalist

Canadian Capitalist — Mon, 03 Mar 2008 17:21:47 +0000

CF: E*Trade’s Cash Optimizer account is not CDIC insured but rather covered by the CIPF. I have an account with E*Trade and have no complaints and like Albin mentions QuickTransfer allows you to move money between your chequing account and E*Trade painlessly.

By: Albin Forone

Albin Forone — Mon, 03 Mar 2008 17:07:26 +0000

KS: Not listed here is the BNS MoneyMaster, currently 2.35% non-registered, but you may be interested in a feature that is not publicized, but you can confirm with the bank phone reps: if you maintain a constant balance over $10k, they waive all transaction fees for that account and for the associated chequing account. One time I dipped below $10k and found I had about $60 worth of fees, i.e. “saving” that much in addition to the interest rate.

CF: I keep substantial cash at Etrade, main thing is to sign up for their QuickTransfer function which facilitates overnight back and forth xfer (no fee at Etrade’s end) between the “Optimizer” and your specified bank account.

By: CanucksFan

CanucksFan — Wed, 27 Feb 2008 20:38:56 +0000

Thanks for the update! I guess I am switching my savings from PC Financial to E-Trade after reading this post!

Does anyone have an E-Trade account? I assume I will have to transfer money from the E-Trade account to a Chequings account in order to cash out. Any complaints for the E-Trade accounts?

By: » February Link Love (Selected Investing Links) # The Shark Investor

» February Link Love (Selected Investing Links) # The Shark Investor — Wed, 27 Feb 2008 20:22:52 +0000

[...] The Canadian Capitalist has revisited high interest savings accounts. [...]