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Hi all,
I was just about to transfer my savings from ING to RBC's new 4% esavings account (already bank with RBC), but thought I'd do some searching online before transferring. Due to the nature of my business I generally have between 20-60k in my savings at any time, so I'm trying to find a good savings account which allows me access to my funds with no penalties for online transfers, etc. ING has been great, but if I can get a better rate I'll go elsewhere.
Any suggestions for 4.25% or greater accounts? Or should I just go with RBC for now?
Thanks.
7:52 pm
May 15, 2007
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If you already have a Royal Bank account, I would suggest just going with the eSavings account. Then you could make hassle-free transfers to your existing RBC chequing account whenever you want. Accepting a slightly lower rate in 4.0% is probably worth the peace of mind.
9:06 am
I would suggest getting an HSBC Direct Savings account. (4.25% interest paid monthly). You get a debit card to make unlimited debits (retail purchases), unlimited bill payments, unlimited free atm withdraws/deposits from any atm thats apart of the exchange network (HSBC, Bank of Montreal, Alterna Savings, National Bank of Canada, etc). You could pretty much use the account as your new chequing account (have your employer make your payroll deposits into this account). You can also request void cheque forms so that you may setup direct bill payments)
The only drawback from this account, is no cheques. So I would suggest still keeping your RBC Chequing account for this purpose (or open up a PC Financial no fees chequing account along with the HSBC direct savings account) so you would not inquire any fees period for any of your day to day transactions.
Yes, there are bank to bank transfer holds (as with any bank), to avoid this, I simply make cash/check deposits into my HSBC account right at any ATM thats apart of the exchange network as with my account standing, I dont have any holds on any deposits made into my HSBC account from an ATM.
Let me know if you have any questions about this.
4:12 pm
Kerwin said:
Yes, there are bank to bank transfer holds (as with any bank), to avoid this, I simply make cash/check deposits into my HSBC account right at any ATM thats apart of the exchange network as with my account standing, I dont have any holds on any deposits made into my HSBC account from an ATM.
Let me know if you have any questions about this.
I have an HSBC account, but there are holds on my deposits. How do you get no holds?
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