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Email this11:16 am
May 21, 2021
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We're looking for a second savings account for my company (partly because my boss is freaked out about the bank failures in the US, and doesn't want all the company money at one bank). Any suggestions for a bank that's easy to open a savings account with a pays decent interest? I did already talk to Scotia and BMO and they both said I needed to have the owner go in in-person to fill out a bunch of paperwork which he will never have time to do, and we already bank with RBC. I have been trying to call Access Credit Union to see what their process is but the wait time is always insane. Any suggestions of other banks or credit unions to check out?
1:19 pm
January 12, 2019
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.
With all that's been going on in the States (& elsewhere), you boss is justified
in being concerned. But is he aware of the CDIC insurance that covers his business account ?
.
You'd be surprised by the number of people who are unaware !
- Dean
" Live Long, Healthy ... And Prosper! "
7:50 am
May 21, 2021
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Yes, I'm aware of CDIC but $100,000 is not even enough to cover 1 week of payroll; it's quite inadequate for our needs. I agree that bank vulnerability can be pretty hidden until it's a big problem, so Canadian banks aren't necessarily safe. But with the domination of a few big banks here if one goes down I think the entire banking system would pretty much collapse, so not sure if diversification really alleviates the risk that much. At least we'd get another $100k of CDIC.
8:25 am
December 20, 2019
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My MeridianCU savings account pay 2.75% Interest
The Business Chequing Account is $30 per month but the interest from the Business Savings account more than pays for that.
9:07 am
February 7, 2019
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Dean said
.
With all that's been going on in the States (& elsewhere), you boss is justified
in being concerned. But is he aware of the CDIC insurance that covers his business account ?.
You'd be surprised by the number of people who are unaware !Dean
I don't think I'd worry about the safety of deposits at RBC, the largest bank in Canada ...
| CGO |
9:40 am
January 12, 2019
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Corange said
. . . they both said I needed to have the owner go in in-person to fill out a bunch of paperwork which he will never have time to do, and we already bank with RBC . . .
It appears your boss is the 'Biggest' problem. Apparently he's; "freaked out about the bank failures in the US", but he's unwilling to spend 10-15min in a bank branch to set up a second bank account.
I've worked for bosses like that too. All talk ... No action. 
'Good Luck' with that,
- Dean
" Live Long, Healthy ... And Prosper! "
8:30 am
May 21, 2021
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Thanks KamWest, I'll look into Meridian
cgouimet, yeah I'm not too worried either about RBC collapsing either, though i'm sure i could at least get a better return elsewhere if we move a bit of money
Dean I wish that getting things done at a brick and mortar bank only took 10-15 minutes - I had to open a safety deposit at the local TD and the appointment which should have taken less than 5 minutes was 2 hours long because they didn't know what the heck they were doing - this is after about a dozen emails before then to try to make sure they were all prepared for the meeting. Corporate accounts tend to have a lot of documents to go through so I think this would be more like a 3 hour meeting with a whole lot of follow-ups - plus I don't trust anyone but myself to make sure it's set up properly 
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