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Email this10:32 am
Canadian Direct Financial, Division of Canadian Western Bank, is still at 3% on savings accounts.
10:52 am
A quick look at the savings account desciption on their website shows that you get one free withdrawl from that type of account per month, and each EFT thereafter costs $2.50.
The difference between Canadian Direct Financial and Canadian Tire Bank savings rates is currently 0.5%. If you plan on making frequent withdrawls from your savings account, then the interest advantage with Canadian Direct is cancelled out by the charge for a withdrawl for every $6000 you have in the account. With other accounts, this amount (the chunk of $6000) would be smaller the lower the competing interest rate.
If you aren't planning on making frequent withdrawls, then Canadian Direct seems to be the way to go.
7:30 pm
February 3, 2009
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Canadian Direct Financial vs. Peoples Trust
| Feature | CDF | Peoples Trust |
| Methods of withdraw | EFT | EFT, cheque, phone |
| Free withdraws per month | 1 | 5 |
| Withdraw fee | $2.50 | $1.50 |
12:19 am
Is Canadian Direct Financial savings account accessible online? or do you have to mail them a Electronic Funds Transfer (EFT) request every time?
10:47 am
February 3, 2009
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guest said:
Is Canadian Direct Financial savings account accessible online? or do you have to mail them a Electronic Funds Transfer (EFT) request every time?
Yes to both questions. You can see your balance and recent transactions online, but you can't transfer money online or by phone. You have to mail or fax EFT form each time. It says so on their Website.
8:46 pm
cdf rate is good but it takes lots of time for transfers. every time you have to call the agent and also they are open only mon-fri. it took almost a week for me to transfer funds. good for money that you dont need , but cant compare with ING and PCF regarding service even rate is good.
5:49 am
If I provide an Ontario mailing address, will Canadian Direct Financial allow me to open an account? I live in Quebec, an area they don't serve but allow access via the 'Net.
Will my current bank, RBC, match Canadian Direct Financial's saving's rate of 3%? What about the GIC rates?
Thanks!
4:09 pm
February 3, 2009
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Sustain26 said:
Will my current bank, RBC, match Canadian Direct Financial's saving's rate of 3%?
Are you going to ask RBC to pay only you an interest rate of 3% while they pay all other depositors 1.5%? Please let us know how that goes at the branch. =)
9:01 pm
But when my GICs come due in August this year, I have to reinvest them because they are in an RRSP account. Could I transfer the funds into CDF issued GICs? What paperwork will be necessary? You can contact me off list, if you wish, please indicate how to reach you.
jeremywong said:
Sustain26 said:
Will my current bank, RBC, match Canadian Direct Financial's saving's rate of 3%?
Are you going to ask RBC to pay only you an interest rate of 3% while they pay all other depositors 1.5%? Please let us know how that goes at the branch. =)
10:52 pm
February 3, 2009
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Sustain26 said:
But when my GICs come due in August this year, I have to reinvest them because they are in an RRSP account. Could I transfer the funds into CDF issued GICs? What paperwork will be necessary?
To transfer your RRSP, ask CDF to send you a Transfer Authorization for Registered Investments form. (You can also get a generic transfer form from CCRA.) Complete the form and send it to CDF. It takes 4 business days to transfer cash. RBC will charge you a transfer fee. When your RBC account is empty, tell RBC to close it (account closure is not automatic).
6:53 am
March 25, 2009
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Are you going to ask RBC to pay only you an interest rate of 3% while they pay all other depositors 1.5%? Please let us know how that goes at the branch. =)
I've asked banks in the past to match rates, they have always said no. But I tried. What I do get is usually a higher than posted deposit rate because I'm depositing more than the average bear. If you are depositing a lot, then you should ask for a higher rate, I've always got one myself when I ask.
Think of it like GIC's, the more you put in, you sometimes get a better rate.
Mike
Have a great day
5:13 pm
February 3, 2009
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mike said:
If you are depositing a lot, then you should ask for a higher rate, I've always got one myself when I ask.
I think the minimum requirement is if you deposit significantly more than the $100K CDIC limit, like a quarter million. Only then can you make a case for getting higher interest for money not covered by deposit insurance.
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