Personal Finance

High interest rate with free online bill payments?

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  • Dec 17th, 2013 8:05 am
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[OP]
Deal Addict
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Mar 31, 2009
1098 posts
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High interest rate with free online bill payments?

I was going down the list of high interest savings account options and could not find any that offered free online bill payments, and it seems like most charge either 50 cents or $1 per online bill payment.

Is there a high interest bank that offers free and potentially unlimited online bill payments? Like I said, I was trying to hunt one down, but it seemed that all of them have at least a 50 cent fee for online bill payments - such as Achieva which I already have an account with. Any better options for online bill payments?
8 replies
Sr. Member
Feb 28, 2013
945 posts
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Toronto
Transfer from your savings to your chequing first. That should be free.
Deal Addict
Feb 10, 2013
4026 posts
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Richmond
try coast capital savings high interest savings account
[OP]
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Mar 31, 2009
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Beans1234 wrote:
Dec 14th, 2013 2:58 pm
Transfer from your savings to your chequing first. That should be free.
Well, I fund my Questrade account using online bill payments. If the funds have to flow from Achieva to my BMO checking account and then to Questrade it might take too long and Questrade might charge me margin interest or something. What I have traditionally done is left a cushion in my BMO account to potentially cover stock purchases for quick payments to Questrade and then rebalancing after a stock purchase is done with free transfers. But what that means is that I'm earning crappy BMO interest on my stock buying cushion, effectively eating in to my overall gains.

Granted, we're talking a couple of dollars here and there, or a 50 cent bill payment every once in a while, but this is RFD and if I can save 50 cents or make an extra $1 interest I darn well want to do it! LOL
Deal Addict
Feb 10, 2013
4026 posts
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Richmond
again check out coast capital savings high interest savings account with unlimited free debits and bill payments
[OP]
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Mar 31, 2009
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bluebellrose wrote:
Dec 14th, 2013 4:36 pm
again check out coast capital savings high interest savings account with unlimited free debits and bill payments
Seems like it only pays 1.1% in the High interest account though. Was hoping for something pretty close to the 1.8 Achieva gives, otherwise probably it's a matter of 'win some lose some'.
Deal Addict
Feb 10, 2013
4026 posts
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Richmond
there is also the rbc high interest savings as well. free online bill payments. But interest is the same. All savings accounts with high interest with the feature you want have lower rates because you can take money out easily
Sr. Member
Dec 28, 2007
802 posts
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I believe CDF offers a 1.9% savings account, as well as a mostly-free chequing account.
[OP]
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Mar 31, 2009
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JUnit wrote:
Dec 16th, 2013 10:48 pm
I believe CDF offers a 1.9% savings account, as well as a mostly-free chequing account.
I think you're right, somehow I missed this - I had looked at CDF previously but for some reason thought I couldn't do free bill payments, but it looks like the checking can. Thank you.

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