New Bank - Canadian Tire??? 4.50% 90Days

[kani]

Canadian Tire is now offering financial services, as a promotion they are offering 4.50% savings rate (Max 50K balances 90days). Additionally, there is a nice $10 CDN tire card for applying. Everything was easy to setup and fast, 1 weeks. Not a bad bonus, I do lots of shopping there!
https://www.myctfs.com/


If you are interested in bank bonuses I have attached a pdf showing offers for cash referrals! (Not bad for spending a few min filling online applications and getting over $100)

Disclosure: Soft credit checks when opening savings account do not impact credit score (see attachment - but remember to be diligent and ask)

[bcteagirl]

How does 4.5% compare to ING, does anyone know?

[travelgeek]

ING is currently offering 4.25% on new deposits until Aug 31/07. The 4.5% rate offered by CTFS is only good for 90 days. So if you already have an account at ING, it's hardly worth opening a new account for a quarter point, IMO. If you were to shift your entire account to CTFS, the gain is a full percentage point. You'll need to do a calculation of the difference, less taxes, to see if it's worth it.

[blistex]

i wonder if you get the $10 GC no matter what?

[acl]

hi Kani ... do you earn the 4.5% rate for a limited time after you open the savings account or does it stay stable once the account has been opened.

[kani]

blistex - You get the $10 CDN tire when you open an account no matter how much your initial deposit.

acl - the 4.5% is only for 90 days when you open the account. What I did was I sent them a check from my line of credit which is offering 2.9% for 6 months. I will detail more maybe next week to show how you can make a few a thousand from different passive income stratergies. Hope this helps.

[acl]

hmm thanxs kani .. just for 90 days and for a mere difference .. its a hassle ..

[y2k]

acl - lol....For some people, but not when you have over 150K line of credit.

[travelgeek]

acl - lol....For some people, but not when you have over 150K line of credit.

For the purposes of the CTFS offer, you can only earn 4.5% on a max of 50K.

With a spread of 1.6% (4.5%, less interest on the CC), it works out to $3.95 earned over 90 days for every 1K you can borrow. Of course, you will get a T5 if interest over a year totals $50 or more.

[kani]

Thats correct, In my case that's pre-tax of approx $400 for 90 days for this single stratergy. I open two accounts, good to have family . Also, document the transfer and the carrying cost, I checked with a few Tax people and it's reasonable to deduct the interest. But in my case I usually have business losses to cover most of my investment income. (However, this all depends on how risk adverse an individual is, so please do your research before diving into anything)