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Email this8:55 am
May 9, 2020
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I don't know enough to say what banks are considered the best for offering the most consistently high rates over time. If I had to guess, would it include Motive? But I know they are being bought out by NBC, and I want to recommend banks that are (for all we can know) are more likely to continue offering consistently high rates.
Putting personal opinions of everything but savings rates aside (TFSA and non-TFSA rates), which banks are the best for family members who don't want to rate shop and just put money into 1 or 2 savings accounts?
Kindly, 🙂
9:51 am
January 12, 2019
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.
There's an old Tried & True saying, and it goes like this . . .
- "Past performance is no guarantee of future results"
Those family members that you speak of, need to Up their game ❗
'Caveat Emptor'
- Dean
" Live Long, Healthy ... And Prosper! "
9:54 am
November 19, 2022
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Wealth simple pays 3.25% on cad and 4% on usd.
11:56 am
May 9, 2020
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UkrainianDude said
Wealth simple pays 3.25% on cad and 4% on usd.
Thanks. Ya I've considered recommending Wealthsimple, but was wary of the CDIC confusion. I saw people disagreeing on here about what exactly the CDIC coverage is, and took away that it's a risk for depositors, because if Wealthsimple failed, other's would be first in line for reimbursement.
Besides Motive, EQ was competitive in the past, although I figured not so much recently. Not sure about all the smaller banks and credit unions.
Kindly, 🙂
11:59 am
May 9, 2020
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Dean said
.
There's an old Tried & True saying, and it goes like this . . .
"Past performance is no guarantee of future results"
Those family members that you speak of, need to Up their game ❗
'Caveat Emptor'
Dean
It's impossible to predict the future yes. Just wanting to see what people think/feel themselves.
Not all folks want to or have the tech-savvy to rate shop. But they also shouldn't be getting ripped off by basement rates from big banks.
12:53 pm
October 27, 2013
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finance trance said
Besides Motive, EQ was competitive in the past, although I figured not so much recently. Not sure about all the smaller banks and credit unions.Kindly, 🙂
I don't think any one or two FIs will be consistently among the best for any definitive amount of time. It depends quite a bit on their niche in the market for their loan book, and the reputation of the FI itself, i.e. Wealth One will have to pay more due to its terrible (shady?) reputation.
Others can comment better but I suspect chasing promos is out of the question (I won't do that either) so on a more steady state basis, maybe Oaken? Saven?
1:12 pm
May 9, 2020
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AltaRed said
Others can comment better but I suspect chasing promos is out of the question (I won't do that either) so on a more steady state basis, maybe Oaken? Saven?
Thank you Alta for the helpful reply. I'll look into these two.
Separate question, but what is the best way to mass transfer money between accounts if one is wanting to? Interac e-transfer limits make the process slow @ 3-4k daily + weekly limits.
I've linked up the maximum 3 external accounts within Tangerine; not sure if other banks have this option? Nor have I gone through the process of transferring between any accounts other than thru Interac e-transfer, from my Tangerine acc's or elsewhere.
Any insight really appreciated.
1:24 pm
October 27, 2013
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Others here have far more experience in this than I do. For sure, Oaken has the ability to push/pull funds to/from multiple other banks. They may need an online form to be completed (check the various Oaken threads), or in some cases Bill Payment mechanism may allow for transfers between banks.
I do that with EQ Bank but only between BMO/EQ and/or BNS/EQ and I don't have account proliferation by design/intent. I have never used e-transfer to move money between institutions.
1:27 pm
April 6, 2013
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If they already bank with BMO, Canadian Western Bank, CIBC, or RBC, they can try one of their cashable, variable rate GIC's instead of a digital-only savings account.
1:48 pm
May 9, 2020
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Norman1 said
If they already bank with BMO, Canadian Western Bank, CIBC, or RBC, they can try one of their cashable, variable rate GIC's instead of a digital-only savings account.
thanks Norman. If I may ask, what are the main benefits to those, (beyond the benefit that they are not digital only)? Cheers. 🙂
1:50 pm
May 9, 2020
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AltaRed said
Others here have far more experience in this than I do. For sure, Oaken has the ability to push/pull funds to/from multiple other banks. They may need an online form to be completed (check the various Oaken threads), or in some cases Bill Payment mechanism may allow for transfers between banks.I do that with EQ Bank but only between BMO/EQ and/or BNS/EQ and I don't have account proliferation by design/intent. I have never used e-transfer to move money between institutions.
Thanks Alta. I guess part of my confusion/laziness in the past has been because unlike Interac e-transfer, I was a little lost with the different terminology for such "pushing/pulling" of funds. "Bill payment" being an example of such counter-intuitive terms. Cheers, - 🙂
6:08 pm
April 6, 2013
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finance trance said
thanks Norman. If I may ask, what are the main benefits to those, (beyond the benefit that they are not digital only)? Cheers. 🙂
They offer similar rates without having to set up the transfer of funds to and from a different bank.
If one already banks at RBC, the proceeds from cashing an RBC Prime-Linked Cashable GIC during business hours arrives in one's RBC chequing account in minutes, regardless of the amount. The current 3.0% rate is competitive with the digital-only savings accounts.
6:26 pm
January 12, 2019
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Dean said
.
There's an old Tried & True saying, and it goes like this . . .
"Past performance is no guarantee of future results"
Those family members that you speak of, need to Up their game ❗
'Caveat Emptor'
Dean
finance trance said
It's impossible to predict the future yes. Just wanting to see what people think/feel themselves.
Not all folks want to or have the tech-savvy to rate shop. But they also shouldn't be getting ripped off by basement rates from big banks.
I mean Absolutely 'No' offence, but . . .
It doesn't take Any of what you refer to as 'tech-savvy' to set up accounts at three or four of the better paying FIs (https://www.highinterestsavings.ca/chart/), and two or three times a year rotate between them, as their rates change over time.
If 95+% of the members on this forum can do it, then so can your family members ... especially if they have your help. It's Not Rocket-Surgery ❗
And if they can't be bothered ... then so-be-it. Let them live with sub-1% interest rates, like most people do.
O & O,
- Dean
" Live Long, Healthy ... And Prosper! "
7:23 pm
November 5, 2022
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HISA hopping is inevitable, it's not really possible to leave it one place.
If one takes a few minutes to think on this, depending on how much cash is at play, doing financial transfers pay hundreds of dollars an hour in terms of a wage.
Sometimes 5 minutes total work, can pay out a couple thousand. (over time).
9:53 pm
November 18, 2017
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This morning, I took a 1-year cashable TFSA-GIC at one of BC's credit unions. 60-day lockout and 2.6% for the term. This is close to many HISA rates, and will allow me to do the end-of-year TFSA transfer without the hefty $150 fee. Also a good hedge if rates change direction, though the amount is not huge.
There are many not-usually-bountiful outfits out there that offer promotional rates. Taking multi-year promotions does not demand constant vigilance, just a calendar.
RetirEd
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