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Email this6:20 am
March 18, 2020
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Greetings all,
I would like to park $100,000 in a reputable credit union or bank in a high interest savings account.
Since I am new to Canada, any feedback would be much appreciated.
Thanks in advance.
8:36 am
December 7, 2011
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I would choose Ideal Savings (idealsavings.ca) and/or Hubert.
9:02 am
October 21, 2013
Online
It may depend on what part of the country you live in.
It may also depend on how long you need to park the money for.
For shorter term, I would look into DUCA credit union. They are still offering 3% until June 30. Their branches are in Toronto area, but also online. I have accounts there and find them good to deal with.
9:04 am
March 18, 2020
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Thanks a ton!. I guess I will opt for DUCA.
I am in Ontario and looking at 6 months of investment.
9:05 am
January 12, 2019
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.
And I would add 'Oaken Financial' to the list.
Link ➡▶ https://www.oaken.com/
" Live Long, Healthy ... And Prosper! "
10:56 am
October 21, 2013
Online
dutter said
Thanks a ton!. I guess I will opt for DUCA.I am in Ontario and looking at 6 months of investment.
You will get 3 months from DUCA then, but will need to use another FI for the other 3 months. First, pay attention to DUCA withdrawal limits. I am not sure what they are off the top of my head but would be $X per week or per day. So, you may need to start withdrawing in advance.
I think Oaken would be a good bet for the other 3 months if no better deal comes along. Tangerine and Simplii often have introductory offers that are good for 3 to 4 months. Of the two, I would choose Tangerine as the interest comes monthly. Some Simplii deals only pay out at the end.
Personally, I would not go out of province (Hubert, Ideal) for such a short time.
Be aware that deposit insurance will cover $250,000 in Ontario credit unions. Banks anywhere are covered up to $100,000. These figures include interest.
Oaken (Home Capital Group) has had liquidity issues in the past but seems OK now as far as we know.
EQ Bank often has 3 month GICs at a good rae. They have had one recently for 2.45%. You might check for that for your second 3 months.
12:52 pm
December 20, 2016
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Loonie said
.......pay attention to DUCA withdrawal limits. .......
DUCA Maximums:
Incoming (deposit) maximum EFT:
$100,000.00 per transaction
$200,000.00 per day
Outgoing (withdrawal) maximum EFT:
$50,000.00 per day
$250,000.00 per week
$500,000.00 per month
Mobile cheque deposit has a daily deposit limit of $10,000. ; weekly max $40,000.
10 calendar days hold on incoming EFT funds
Stephen
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