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Email this10:12 pm
October 21, 2013
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Just imagine - if insurance coverage went up to a reasonable 200K, the banks would have to pay about DOUBLE! 
7:48 am
September 7, 2018
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Loonie said
Just imagine - if insurance coverage went up to a reasonable 200K, the banks would have to pay about DOUBLE!
Per an associate who used to deal with OSFI, CDIC was meant for those who deposit with the upstarts to encourage Canadians to use them. CDIC was not considered essential for depositing with the big six. Highly. doubtful there will be any increase in the CDIC 100K.
The big banks are considered very stable, are highly monitored and profitable. It is banks like WealthOne and Oaken I would never exceed 100K - no way! Royal Bank no problem!!!
7:51 am
April 10, 2013
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National Bank's Altamira cash performer CAD increased its interest rate to 3.8% today.
8:06 am
September 11, 2013
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canadian.100, I'd be interested in your take on exceeding CDIC limits with Tangerine, due to its association with Scotiabank.
10:04 am
September 7, 2018
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Bill said
canadian.100, I'd be interested in your take on exceeding CDIC limits with Tangerine, due to its association with Scotiabank.
I would have no problem exceeding CDIC with Tangerine. If you read Doug's recent excellent analysis of Tangerine's financial position and financial results , it demonstrated that Tangerine is very successful and very profitable. It is a very efficiently run FI with very low admin costs and (I believe) at this time no brick and mortar locations (other than HO in North Toronto.) The association with Scotiabank is a positive. I appreciate that you and others may not agree and would not exceed CDIC with Tang and that is fine.
10:09 am
January 12, 2019
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Bill said
canadian.100, I'd be interested in your take on exceeding CDIC limits with Tangerine, due to its association with Scotiabank.
As we know, it's more than just an 'association' ... Tangerine Bank is a Wholly Owned Subsidiary of Scotia Bank.
Would Scotia Bank let Tangerine go under? In theory, it's possible I suppose. But it's also 'Highly Unlikely'. Besides, Tangerine is doing just fine . . .
- More details here ➡ https://www.highinterestsavings.ca/forum/tangerine-bank/financial-update-for-tangerine-bank/
But as I've said before (as have others here) ... regardless of the circumstances, if a person is still uncomfortable with going over the CDIC Limit(s) with any given FI, then Don't. It's just not worth the mental grief.
- Dean
" Live Long, Healthy ... And Prosper! "
10:32 am
April 6, 2013
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Is it possible to include National Bank's discount broker HISA (Altamira Cash Performer) in your next update? Currently paying 3.25%
Bob said
National Bank's Altamira cash performer CAD increased its interest rate to 3.8% today.
Was not keen if it had continued to trail at a distant 3.25%. But, yes, if it was only a bit slow and is now 3.8%.
10:58 am
September 7, 2018
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Dean said
As we know, it's more than just an 'association' ... Tangerine Bank is a Wholly Owned Subsidiary of Scotia Bank.Would Scotia Bank let Tangerine go under? In theory, it's possible I suppose. But it's also 'Highly Unlikely'. Besides, Tangerine is doing just fine . . .
More details here ➡ https://www.highinterestsavings.ca/forum/tangerine-bank/financial-update-for-tangerine-bank/
But as I've said before (as have others here) ... regardless of the circumstances, if a person is still uncomfortable with going over the CDIC Limit(s) with any given FI, then Don't. It's just not worth the mental grief.
Dean
I concur 100% with the above. I am a shareholder in several Canadian banks so I suppose I may be considered to be taking a real risk since shares are not insured at all - however I am comfortable with it - it does not disturb my sleep. (Obviously I never put all my eggs in one basket in the event of a "bad event".) So it works for me. I also believe that once interest rates really plateau and start their decline (maybe not so far off) my bank shares will start to recover - not too worried.
11:55 am
April 10, 2013
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re: Tangerine. I am not comfortable with Tangerine solely because it doesn't have a physical branch to visit when problems arise. One simply cannot visit a Scotia branch to resolve a Tangerine problem. I doubt Scotia will let Tangerine go under. It is the lack of branches that prevent me from taking them seriously.
12:57 pm
September 7, 2018
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Bob said
re: Tangerine. I am not comfortable with Tangerine solely because it doesn't have a physical branch to visit when problems arise. One simply cannot visit a Scotia branch to resolve a Tangerine problem. I doubt Scotia will let Tangerine go under. It is the lack of branches that prevent me from taking them seriously.
Valid point. I know a lot of people who would never deal with an online digital bank with no branches, so you are not an exception. You certainly have the choice of at least six banks with branch networks. Also, you may want to use credit unions with branches, but my experience has been that credit union systems are slow and clunky.
1:01 pm
September 11, 2013
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Thanks, canadian.100, I tend to agree with you in this instance, I'd sleep just fine exceeding the limit at Tangerine.
I view my equity holdings (including big banks shares) differently than my fixed income, naturally. The latter I look for 100% security as much as possible so I've never considered exceeding CDIC limits (except temporarily for a few days or so) anywhere, hence my long list of accounts including big banks. But reading this site has changed my thinking re exceeding CDIC limits at the big banks or their associated entities, seems kind of over-safety-conscious to me now.
1:04 pm
December 12, 2021
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Wont be an easy sailing for Scotia bank as an example to avoid veil piercing aka lifting the corporate veil.
The Ontario Court of Appeal decision of Mitchell v. Lewis, in which the principals of a corporation may be named personally in a civil action. The decision in Mitchell serves as a reminder to directors and officers of corporations that they must fulfill their obligations in good faith, and act appropriately at all times. If the court found directors and officer personally liable, then the court wont protect the parent company imo.
The court explained that:
The corporate veil will be pierced (1) to achieve equity, even absent fraud, where the officers and employees of a parent corporation exercise control over the daily operations of a subsidiary corporation and act as the true prime movers behind the subsidiary’s actions, and/or (2) where a parent corporation conducts business through a subsidiary which exists solely to serve the parent.
**** (Above info are for educational only and not an advise all info are public)*****
2:08 pm
December 12, 2009
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canadian.100 said
Per an associate who used to deal with OSFI, CDIC was meant for those who deposit with the upstarts to encourage Canadians to use them. CDIC was not considered essential for depositing with the big six. Highly. doubtful there will be any increase in the CDIC 100K.
The big banks are considered very stable, are highly monitored and profitable. It is banks like WealthOne and Oaken I would never exceed 100K - no way! Royal Bank no problem!!!
Agreed. The chances of Royal Bank of Canada defaulting on its debts, let alone failing completely, are likely lower than the Government of Canada. In short, the Big Five banks are so well managed, they might consider guaranteeing Government of Canada bonds! (Oh wait, they're already in that business—it's called credit default swaps, though I'm not sure there's much of a market for credit default swaps on AA or even AAA rated sovereign bonds!)
Cheers,
Doug
8:48 am
April 10, 2013
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BMOIL's HISA is 4.1% for CAD and 4% for USD now
10:18 am
August 10, 2018
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What's your source for the BMOIL rates please?
10:59 am
October 27, 2013
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Primus said
What's your source for the BMOIL rates please?
BMOIL lists the rates on their Fixed Income trading page (HISAs, GICs, Bonds). You have to have a BMOIL account to access these rates best I can tell.
5:06 am
April 6, 2013
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I don't know of any source for the current yield of the BMO ISA's other than BMO InvestorLine or perhaps ones' BMO Nesbitt Burns advisor.
The terms and conditions are publicly accessible:
BMO High Interest Savings Account (terms & conditions)
BMO US Dollar High Interest Savings Account (terms & conditions)
5:47 pm
April 6, 2013
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Since last time, BMO increased its rate and joins Scotiabank at 4.10%:
| ISA | Rate |
| BMO High Interest Savings Account (BMT104) CAD | 4.10% |
| Scotiabank Investment Savings Account, Series A (DYN6000) CAD | |
| Manulife Bank Investment Savings Account (MIP510) CAD | 4.00% |
| Equitable High Interest Savings Account, Series A (EQB1000) CAD | 3.85% |
| Home Trust High Interest Savings Account, Class A (HOM100) | |
| NBI Altamira CashPerformer Account, Series A (NBC100) CAD | 3.80% |
| RBC Investment Savings Account, Series A (RBF2010) CAD | |
| TD Investment Savings Account, Series A (TDB8150) CAD | |
| Renaissance High Interest Savings Account, Series A (ATL5000) CAD | 3.65% |
| B2B Bank HIIA, Series A (BTB100) CAD | 3.50% |
4:04 pm
September 7, 2018
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Can someone who is familiar with moving cash from an external bank account to a discount brokerage non-registered account - is using the "Bill Payment" function on the external bank account preferable to pulling in the cash using "Transfer" function tab in the non-registered brokerage account?
Basically, I would like to know which method actually gets the cash moved the fastest into the non-registered discount broker account.
Also, I realize there is likely to be a "Hold" issue to deal with once the funds get into the brokerage acct before they can be used to purchase some ISAs.
4:49 pm
August 10, 2018
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canadian.100 said
Can someone who is familiar with moving cash from an external bank account to a discount brokerage non-registered account - is using the "Bill Payment" function on the external bank account preferable to pulling in the cash using "Transfer" function tab in the non-registered brokerage account?
Basically, I would like to know which method actually gets the cash moved the fastest into the non-registered discount broker account.Also, I realize there is likely to be a "Hold" issue to deal with once the funds get into the brokerage acct before they can be used to purchase some ISAs.
I deal with Scotia Itrade, not sure who you deal with. I also have a bank account with Scotiabank, so as soon as I transfer bank to bank to Scotiabank from Tangerine, I can transfer directly to Itrade for trading.
Please write your comments in the forum.