New high-interest savings account for Quebec resident | General comparisons | Discussion forum

rickiez said

Hello, I am also newbie to this forum. Nice to meet you I am looking to open a new savings account and GICs with good interest rates and conditions. The maximum amount I can invest for the moment would be 15.000 CAD. I have been banking with Tangerine for the last few years but I am not satisfied by their rates and service. And since I live in Montreal, my choice of savings accounts with other banks is a bit limited. I looked at Oaken Financial (they offer short-term GICs which I find interesting) but the reviews don't seem that great. The others I looked at were Implicity, Achieva and AccelerateFinancial. Any recommendations which one is better is terms of interest rates, service, facility and above all security? I am not a savvy investor by the way Thanks for any input!!!

I deal with Oaken very professional. Rates sort of good. No TFSA or RRSP savings accounts.
Also deal with Accelerate and they have everything and have a country style of service.
Also deal with Implicity for non registered and not sure of TFSA or RRSP. They too have a country style of service.

All good. I guess you need to check if a Quebec resident can use. And meets your needs of joint, beneficiary/successor, ATM card/cheques, bill payments, and with associated registered saving accounts.

Hi, I am also an unfortunate QC resident, unable to access EQ, ZAG, PC and many others.
I am happpy with Oaken, decent 1 yr 1.95% rate. Their daily interest is not bad at 1.75% but is beaten by People's Trust for TFSAs at 2%, or Tangerine who may agree to 2% for 6 months or 2.4% for new customers. Good luck!

cesaire said

You should try La Capitale, only available to Québec residents. 2.75% until the end of March on TFSA's. And service available in English as well as French.
Here is the link:
https://www.lacapitale.com/en

Good point.

I think we should add La Capitale to the Comparison Chart, for 2 reasons.

1. We have had a number of inquiries over time from people living in QC, but the rest of us don't think to refer them to this FI because it isn't available to us.

2. The Comparison Chart is organized in a way that shows the rest of us everything that is available to us, with QC being the "odd man out". To be more inclusive, we should equally show what is available to QC , noting where the rest of us are excluded.

I see.

Is La Capitale part of the credit union / caisse populaire movement? If so, do they not have their own insurance, as in other provinces? Just asking, as I know nothing about this.

I believe, but am not certain, that the reason that some institutions do not serve Quebec is because they are unable to provide service in French. I also believe but am not certain that this is because of QC language laws which would require them to do so. therefore they can't function there, I think.
I suppose it could also be because of the more stringent consumer protection laws there.

otherwise, I can't think of any reason why they would not do so.

Loonie said

I see.

Is La Capitale part of the credit union / caisse populaire movement? If so, do they not have their own insurance, as in other provinces? Just asking, as I know nothing about this.

I believe, but am not certain, that the reason that some institutions do not serve Quebec is because they are unable to provide service in French. I also believe but am not certain that this is because of QC language laws which would require them to do so. therefore they can't function there, I think.
I suppose it could also be because of the more stringent consumer protection laws there.

otherwise, I can't think of any reason why they would not do so.

Loonie
La Capitale is an insurance company and is not part of Desjardins. As a matter of fact, they are a competitor.They are covered like other insurers by Assuris:
http://www.assuris.ca/Client/A.....l?ReadForm
Also,institutions that do not serve Quebec may not do so only because of language laws, or consumer protection laws particular to Quebec or other legal reasons, but because of the sum of hurdles they have to clear. Not worth the trouble. Negative cost/benefit ratio.

Since the Manitoba credit unions are open to Quebecers, would you guys recommend one that stands out as a best bet, combining customer service, ease of use, and rates?

cesaire said

Norman1
Here is the answer I got yesterday from La Capitale customer service regarding deposit insurance. It's in French, translation is mine.
Bonjour,
Le régime d'assurance dépôts du Canada est de compétence ''Fédéral'' tandis que le compte Suisse est un produit entièrement offert au Québec.
Or, tous les dépôts effectués dans le compte Suisse sont assurés par la société ''Assuris'' jusqu'à un montant maximum de 100,000.00$. Pour de plus amples informations, nous vous invitons à consulter leur site web, soit le http://www.assuris.ca.

Merci de faire confiance à La Capitale et bonne journée!

Étienne
Relations avec la clientèle/ Customer services
La Capitale épargne et services financiers
Tél: 418-644-4106 ou 1 888 703-4480
Fax.: 418 780-9480 ou 1 855 896-9480
Téléphone pour le courtage / Broker phone number: 1-888-392-2583
Téléphone pour La Capitale services conseils: 1-866-666-6562

HI
CDIC is of Federal jurisdiction, whereas our Stow & Grow account is a product only offered in Québec. So, ALL deposits in our Stow & Grow accounts are covered by Assuris up to $100,000. For more info, visit their website at http://www.assuris.ca

Hope this helps.

Thanks, cesaire. However, the response from La Capitale customer service does not sound correct.

For sure, there is no CDIC coverage. I had a look at the materials on the Assuris site. The Assuris brochure describes protection for certain products:

• Life Insurance
• Critical Illness
• Health Expense
• Disability Income
• Long Term Care
• Annuities
• Accumulation Annuities
• TFSA invested in accumulation annuities

Perhaps the Stow & Grow account is really a kind of insurance contract or accumulation annuity, that would be covered by Assuris, and not a deposit, that would be covered by AMF.

Assuris has a page on their site with instructions for financial advisors to calculate a client's Assuris protection: Steps to Determine Protection.

The first step is:

1. Confirm your client’s policy was issued in Canada by a Member Company.

So far, I have not joined any MC CUs that serve QC.
However, I would likely choose Accelerate, based on what others have said, talking to them on the phone, and info on their website. Somebody else can maybe comment more on their financial viability.

Increasingly, I find myself looking for institutions which are willing to deal with powers of attorney, should the occasion arise. Some are not, so this might be a question to ask if it concerns you.