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Thread: High Interest Savings Account

  1. #1
    CaNewbie Bamboo_Shoots's Avatar
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    Hi guys,

    I am looking for a savings account with high interest. I saw that ING offers 1.35 which is not bad... but AcceleRate Financial offers 2.10 which is appealing. Here is a list of banks and rates. Anyone has any advice or experiences with these banks?

    http://www.highinterestsavings.ca/chart/
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  2. #2
    Junior Canuck
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    If you are going the ING route, are you going to make use of their chequing account also, or just the savings account?? [IF you go the ING route, my Orange key is at the bottom for signing up bonus]

    If you're not going to make use of the ING direct Chequing account, go with Ally [http://www.ally.ca] or Canadian Tire Financial [https://www.myctfs.com/] .... I got both and each has a 1.80% interest rate.


    I haven't used AcceleRate Financial, so I can't comment on their service
    Please use my Orange Key when Signing up for ING DIRECT. When your first deposit is $100 or more, you will get a bonus of $25.

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    Senior Canuck ING_rep's Avatar
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    Hey Bamboo,


    I'm obvioulsy with ING lol but I might also be looking elsewhere to make a quick move if ScotiaBank decides to ramp up the fees/lower rates. Ally and Canadian Tire are not offered to us in Quebec (Yayy.....) So you really only have Maxa, Outlook Accelerate and Achieva that are insured and available to you.

    I'll let u know if I make a move. I might give accelerate a call Tuesday... you know just to check how reliable they are!
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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by Bamboo_Shoots View Post
    Hi guys,

    I am looking for a savings account with high interest. I saw that ING offers 1.35 which is not bad... but AcceleRate Financial offers 2.10 which is appealing. Here is a list of banks and rates. Anyone has any advice or experiences with these banks?

    http://www.highinterestsavings.ca/chart/
    I was wondering about your chart. Where did the chart come from? Just asking because the brick and mortar banks are not listed. Scotia and TD have high interest savings accounts too. I bet Royal, CIBC and BMO have too.

  5. #5
    Frosh Canuck
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    i use both ally and ing, although the lower rates at ing are bugging me....
    no fees at either
    acheivia has fees, and lots of them!!! check it first
    easy and free to move money around in both ing and ally, ally terms deposits calculate and deposit interest monthly (i think the interest is calculated daily) and that makes a difference!!

  6. #6
    CaLoonie Brad's Avatar
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    The difference between 1.35% and 1.5% is only a few dollars a year (unless you have a huge amount of money), is that even worth the trouble of moving your money to a different bank?

  7. #7
    Luv Saving People Money MortgageQueen's Avatar
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    Depending how much money you have just "sitting", you might want to consider a short term GIC? You can also get monthly interest payments if you want. It's safe and slightly higher than "best" saving account rates.
    LIVE SIMPLE and Bamboo_Shoots like this.

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    CaNewbie Bamboo_Shoots's Avatar
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    Hey,

    Thanks for all the answers!

    Agreed Brad, I wouldn't bother to move it for a small amount.

    MQ, do you know where can I find a monthly interest payments account? I am In Quebec so Ally is not an option for me and I don't want to move it to unless I can get 2%.

    Thanks!

  9. #9
    Luv Saving People Money MortgageQueen's Avatar
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    Quote Originally Posted by Bamboo_Shoots View Post
    Hey,

    Thanks for all the answers!

    Agreed Brad, I wouldn't bother to move it for a small amount.

    MQ, do you know where can I find a monthly interest payments account? I am In Quebec so Ally is not an option for me and I don't want to move it to unless I can get 2%.

    Thanks!
    Are you referring to GIC's? I can get you monthly int. payments for a 3 yr. GIC at 2.15%, a 4 yr. GIC at 2.2, or a 5 yr. at 2.35% but the minimum is $5000.( to compare . . if you did annual int. it would be 2.35, 2.4 and 2.55 respectively) Certainly I would encourage you to shop around though. SOmetimes smaller institutions give better rates.

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    Senior Canuck ING_rep's Avatar
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    I calculated just for fun, on a 50k investment... in 1 year the interest you will get with:
    1.35% is $679.19
    1.50% is $755.18
    1.80% is $907.46
    2.10% is $1060.17

    Quite a big difference between ING and AcceleRate!
    lilo0003 and Candini like this.
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    🌙✨ Candini's Avatar
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    was just about to post a thread asking about this. thanks!

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    CaToonie aemi's Avatar
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    peoples trust is at 1.9% .

    TFSA is at 3% constants for 3 years.

    http://www.peoplestrust.com/main/?en&today_rates
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    I am with peoples trust now (for TFSA)I was with ING but I am not so sure about them anymore( for savings alone),their interest rates really don't stay that high anymore. But I still use their chequeing/savings accounts for money in lesser amounts and just a tip....

    children's savings account interest rate has been at 2 %...I did open one for my daughter but I decided to sneak my savings in there while the interest rate is higher then the ISA,lol.

    She is obviously too young to know to manage her money right now anyways and I am in charge so ...haha.Sorry if this is a big no no that I don't know about, maybe I shouldn't be doing it, just trying to help,lol.
    Last edited by kris10; Tue, Oct 22nd, 2013 at 10:45 PM.
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    Frosh Canuck
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    People's rate is 1.8%....
    I transferred all of my cash from ING to People's yesterday....my GIC's had all come due and 1.8 beats 1.35 any day. Sorry ING, but you need to buck up if you want my money to play with.

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