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COMMERCIAL saving account ?
February 11, 2015
1:28 pm
JBil
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I have a commercial saving account with Tangerine but the interes rate is not good.
Do you know any of the banks listed here that accept to open a commercial saving account ?
I know accelerate does not offer it.

Thank you.

Bil

February 11, 2015
3:28 pm
Koogie
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Up until recently I had been using the TDW ISA for my business savings (TDB8150, etc..) It works in much the same way as a regular savings account except it is technically a mutual fund. But no fee to buy or sell and settlement is +1 day to your account.

It had been paying 1.25% but with the recent drop is just 1.00% now. Tiny bit better than Tangerine but not much.

February 11, 2015
3:36 pm
kanaka
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JBil said

I have a commercial saving account with Tangerine but the interes rate is not good.
Do you know any of the banks listed here that accept to open a commercial saving account ?
I know accelerate does not offer it.

Thank you.

Bil

Does Oaken Financial offer Commercial accounts?
Yes. We offer commercial GICs and the Oaken Savings Account to corporations, trusts, non-profits, condominium boards and other commercial entities. Learn more.

February 11, 2015
3:55 pm
Loonie
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I know that Alterna Credit Union offers them (Ontario) and I think DUCA does but not sure.
I don't know if the rates are any good or not.

I think some of the MB CUs offer them to farmers, but odds are that you don't fit that demographic.

February 12, 2015
1:13 pm
JBil
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Thank you for your answers. Oaken with 1.75% is the best I know for now.

Bil

February 12, 2015
1:26 pm
Koogie
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Luminus also has a business savings rate. 1.35% currently.

I find both Oaken and Luminus very easy to deal with. Oaken has the higher rate and CDIC though, so that is tough to beat. I am comfortable with the DICO coverage at Luminus though.

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