Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this9:09 am
does any one know where u can get interest 2.20% or higher that is not locked in? maybe higher money amounts to get more interest?
5:49 pm
jack said:
help
Check this out....Outlook Financial ... but check the redemption policy. You wont get the rate if you redeem early but you will get some return on your money.
6:23 pm
December 22, 2011
Offline
I don't think there's any rates out there higher than 2.2% Jack thats not locked in. I look at the Financial Post online everyday. Looks like its a tie between Accelerate Financial and Peoples Trust at 2.1% at the moment. That could change at any moment. Here's the link.
8:12 am
January 30, 2009
Offline
Hi Jack,
That's a great question. I took the time to contact each of the banks listed on our chart offering to contribute higher sums of money and use more of their services, such as online bill payments, chequing, loans etc. in exchange for a slightly higher interest rate. All of them refused.
You can read about my attempt here:
https://www.highinterestsavings.ca/forum/general-comparisons/unadvertised-interest-rates/
I've also looked at flexible guaranteed principle investment options and unfortunately, they are offering even lower rates than our banks. If you are willing to lock in your money, it's possible to get a higher rate of return than the GICs, with a guaranteed principle (such as various index-linked GICs, money market funds, and some mortgage-backed securities) but unfortunately, the return is not guaranteed.
I've contacted 3 financial planners to get their opinions and across the board, they've all offered me lower rates than I'm getting on my own right now! They've also tried to push me into taking higher levels of risk.
An area that I'm looking at right now is guaranteed foreign investments.
Let me know if you discover any higher rates anywhere!
7:12 pm
January 30, 2009
Offline
Hi Winnie,
Thanks for your response and the website. I will check it out.
With the large fall in the price of gold over the past several days, I think now is the time to invest in this area as I believe we will see it rise again briefly over the next few weeks (beyond that, is anyone's guess). But I would be more inclined to purchase stocks for companies that mine gold. Typically, you will get these stocks for a much lower price, and will see the benefits as the price of gold rises.
Unfortunately, I don't think it's a safe investment at all, as your principle is not guaranteed and if the price of gold falls, you're locked in to your position indefinitely to avoid taking a loss.
As you are aware, the reason your gold has done so well over the past several years is due to the record setting recession and as our economy recovers, these types of investments will stabilize again.
Thanks again for your reply. Cheers!
3:12 pm
March 25, 2009
Offline
Winnie, I much chime in as well and disagree with you and agree with James 101%.
Silver and gold are speculation plays and one should NEVER have more than 5% of their investment in such high risk items.
James, take a look at the LAST time gold crashed in value from $800oz to just $200oz in 30 days! (1983 if I remember right)... thousands lost their shirts!
Have a great day
12:08 pm
March 25, 2009
Offline
Winnie said:
Mike, please see my post, I was talking about actual phisical precious metals and they are very different things than stocks and market play/games.
If you buy actuall phisical precious metals close to the cost of mining/production – you never loose anything, because it's not cheaper to find/mine/produce gold and silver with each passing year.
Actually, the vast majority of gold is recycled and not used up. Silver is used up in industrial processess but some of it is recycled back again.
There is no shortage of silver in the world and with the amount of gold mined today, no shortage of gold either. Both are only rising in value due to speculation.
Re: See my post about gold losing 85% of it's value in 30 days.
Have a great day
11:42 am
Well congrats. But that's not any different than saying you invested in Apple stock from 1990 to present.
OP asked about higher interest in a savings account. Which is what this website is about. https://www.highinterestsavings.ca.
3:59 am
Can someone please tell me when People's Trust is going to increase their Savings Account rate? I'm scheduled to buy an RV in 25 years, cruise around the continent worry-free as my savings interest piles up.
Thanks!
5:22 pm
December 22, 2011
Offline
My guess when Peoples Trust (or any other bank) will increase their savings rates is when Mark Carney from the Bank of Canada increases the current rate from 1% to say 1.25% or higher. Until then, these low savings rates will stay the same and probably even go lower. Another thing to look for is the increase in Mortgage rates. If they go up then savings will follow in time. And what we have been seeing these past few months is mortgage rates going down. So you may have to wait 30 years or more to get your RV with these rates. The bright thing is The Globe and Mail said Carney sees an end to these Rock Bottom rates in the near future. Here's the link.
9:46 pm
Ok, thanks for your input and the link.
Sucks to say the least. What am I supposed to do, eat Kraft freakin' Dinner for 30 years? I want my money! I feel duped. Duped by the banks, the politicians, and the guys who wrote books like The Wealthy Barber. Maybe that sh*t worked in 1989, but it don't work now.
The revolution is coming.
8:48 am
Think interest rates are low in Canada? It is the same in the US and has been like this for over 10 years in Japan. There is nothing any one bank can do about this. The better longer term strategy may be to ladder your savings with term deposits (1 through 5 yrs), which will consistently have deposits mature each year, benefiting from a higher rate of return and becoming available as interest rates rise longer term. If I had kept all my savings in a daily savings account over the past five years I would have lost thousands in returns.
While it is not ideal, the fact is it is better than wishful thinking.
Please write your comments in the forum.