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Email this8:07 pm
I am thinking of opening a Citizens savings account but I have never heard about it until I saw this website. Are their interest rate usually higher than the others when the market goes down? I have a PC financial account at the moment but I am very disappointed at how it has been decreasing as of lately from 4.1 % to 3.75 % *___* I just want a savings account that is somewhat constant in the rate and does not decline too often/ too much.
8:17 pm
May 15, 2007
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Citizens Bank has slowly won me over and become my favourite bank. However, I cannot predict what will happen to the rate...
For the longest time, Citizens Bank always had their rates set to 0.05% higher than ING Direct. However, during this latest rate drop, Citizens Bank has surprisingly kept its rate high.
9:48 am
I have noticed and heard that ING Direct is no longer / interested as the leading competitor of high interest savings rates. With its dismal 3.65% I am very disappointed with them. But then again as a PC financial supporter, I was surprised with their drop and feel like it is the time to find another account where the rate is more steady even in the hard times. How long have you been a customer of Citizens? Are their service good? And is their interface nice and clean like ING Direct?
12:45 pm
May 15, 2007
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I've had an account with Citizens Bank for about 3 and a half years. I wrote a review here although it probably needs a bit of an update. Citizens Bank suits every one of my banking needs except for depositing US cheques (which is rare), which I do at Vancity's physical locations.
8:13 am
hey peter if i sign up now and mail the cheque within the next day, how long do i have to wait to have my account to be fully functional and setup? i'm starting to have the feeling that i won't be getting the 5.5% promo from canadian tire.
10:43 am
May 15, 2007
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Unfortunately I do not recall from when I did it. Most high interest savings accounts take 1 to 3 weeks for the entire sign-up process. When I signed up with PC Financial it took about a week because I was able to sign up in person. However, if you are dealing with mailing things in, it simply takes longer.
Perhaps someone else has some extra input? Otherwise you could simply call Citizens Bank and ask. I've always found them to be friendly AND their line is open 24 hours.
2:43 pm
Hi Stella, I applied CTFS too. According to my recent experience, you account could be set up right away once CTFS receive your cheque and the copy of application. So usually the regular mail take 5 - 7 business days to get there from my city. But I think CTFS terminated their 5.5% promo already which is a few days earlier than their sayings of "the end of Feburary". You'd better give them a phone call to check it out.
12:30 pm
hey peter,
do you know if I am allowed to mail them a cheque of 1 dollar? I know some other banks that require us to mail in a cheque require at least 100 dollars. Will Citizens accept a 1 dollar cheque to open my Ultimate Savings Account?
5:34 pm
May 15, 2007
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When I joined a couple of years ago, there was a promo where you had to deposit $500 when you opened your account. Therefore, I do not know the answer. You can contact customer service and then report back here with the answer 😀
8:30 pm
Here was my answer!
Please mail a personal cheque pre-printed with your full name and current home address, drawn on another Canadian bank or credit union, as soon as possible.* Make your cheque payable to yourself for any amount
So any amount should be good!
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