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Email this10:50 am
March 6, 2009
Offline
This is the worst online bank to put any savings. Only use its no-fee chequing acct.
11:40 am
December 12, 2008
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was just about to put in the update..
djino
"Aweful :("
11:57 am
They probably won't be the last bank to lower savings rates. ING's savings rate is still sitting at 2.00%, but they recenty dropped their short-term (less than one year) GIC rates to 1.00%. That's right, ONE PERCENT. They also lowered their long-term (more than one year) GIC rates accross the board. Remember that the current BoC target overnight rate is sitting at 0.5%, so all the banks are going to lower their rates sooner or later. They are all probably playing a game of "chicken" right now to see who will lower rates first and have to deal with the massive outflow of cash that usually follows (I guess PC Financial was the first to blink).
10:20 pm
December 12, 2009
Online
Why don't they just go down to 1.75% and make it a quarter point under ING and HSBC, among others, instead of 0.35% or 0.15%? What's with these odd rate reductions? Just reduce it a quarter or half a point, not a third of a point! 🙂
Cheers,
Doug
12:06 am
February 3, 2009
Offline
Peter, the TFSA column needs to be updated.
12:47 am
May 15, 2007
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jeremywong said:
Peter, the TFSA column needs to be updated.
Thanks for pointing that out. I distinctly remember telling myself to do that but somehow didn't follow through...
9:45 am
1.65% --- So much for being a pioneering leader in the High-Interesting Savings Back Account world. Amazing, just 1.65%! Wow, I never thought it would go so low again. Well, at least you pay less money in taxes on the interest you earn as you won't be earning much interest in that account!
I remember someone posting on here saying that under 2% (in fact, even under 4%!) the banks should not call them "High Interest".
In the UK, you can still get a savings account at 4%. http://www.halifax.co.uk/savin.....rsaver.asp and the BoC Current Bank Rate is just .5% too. ( http://www.bankofengland.co.uk/ )
Mike
4:32 pm
So, if you had a nice chunk of money sitting in a PCF (or any other so called High Interest) account right now, is there some better place for it to be deposited? GICs and Canada Savings Bonds all seem to be pretty pathetic. Any thoughts, oh fellow savers?
7:30 am
There are a few banks (wait, almost all banks) are offering better than 1.65%...
You could get an ATB Financial account at 1.75% (just dropped from 1.85%):
http://www.atb.com/Dev/account.....gboard.asp if you want 100% security over $100k
You could wait for a "promo deal" from HSBC (2% right now, +1% just ended).
1 Year GIC rates are topped at 3%: http://money.mytelus.com/rates.....long_1.asp
Definately not a "savers market" out there. You could take your chances at currency exchange.. UK bank Halifax Savings offers a 4.1% rate: http://www.halifax.co.uk/savin.....counts.asp
I do think that interest rates can only go up from 2009, so don't lock in for more than a year or two. Rates need to go up to advert another credit bubble once all this extra Trillions of dollars kicks in.
And the lowest GIC rate is:
TD Canada Trust offers at 1 Year GIC at... 0.200%
Mike
7:34 am
ICICI is still paying 2.50% interest right now, so you can try transferring your savings there if you have an account with them. It's just a matter of time before the other banks drop their rates in line with PC Financial, but ICICI has consistently remained at the top of the interest rate pack no matter what the economy has been doing. You can also look at a money market fund, but you need to do your research first or else you might end up paying a MER that all but wipes out any advantage compared with a high interest savings account.
6:23 pm
Along with ICICI-Canada bank SBI-Canada (2.8%) also seem to have good interest rates.
http://www.sbicanada.com/perso.....rates.html
One of the reasons could be these Banks are primarily from other country (India). May be they are investing the money over there so even though economy is bad globaly not as bad as US & Canada they are still able to provide high interest rates?
8:55 am
I believe if you have over 25000. you can put the pres choice savings into the chequing acct and get 2% interest..... can anyone confirm this??
1:23 am
March 23, 2009
Offline
Most institutions charge a transfer fee for TFSAs. There are a few that don't. But if you have made the full deposit this year you are screwed. Firstly you can transfer to another institution but it will cost you. Secondly you may transfer from a TFSA to an inbranch Chequing ACC. but you won't be able to redeposit until January 2010. The limit of the deposit however will be cumulative that is ten thousand plus the inflation increase. Looks as though the banks have us by the shorties again. Enjoy the rape. Credit Unions don't offer much higher rates but there are a few offering 3% on a one year term. Insurance Companies are offering the highest rates of return but getting at you cash is inconvenient.
3:49 am
Taxer said:
I believe if you have over 25000. you can put the pres choice savings into the chequing acct and get 2% interest..... can anyone confirm this??
That would be true, but just on the portion of $25k+
on the portion of balance between: annual interest rate (%)
$0.00 - $1,000.00 0.10%
$1,000.01 - $5,000.00 0.15
$5,000.01 - $10,000.00 0.25
$10,000.01 - $25,000.00 0.50
$25,000.01 and up 2.00
Not sure how to do the math on this one, but you would need roughly $45k to average the 1.65%, anything above the $45k and you'll make more in their checking account...so much for a savings account when a checking pays you more for saving!
Mike
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