Personal Finance

Official RFD thread for High Interest Savings Accounts (Updated 2019-OCT-06)

Deal Guru
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May 8, 2009
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Kursor17 wrote:
Nov 10th, 2018 8:18 pm
Has anyone actually tried linking accounts not in your own name at another financial institution with micro deposits?

I'm looking for responses from those who've actually tried:.
- financial institution name
- successful or not successful
Been successful with 3rd party accounts (Koho and Stack prepaid cards in PayPal via PAD), those are via micro-deposits.
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Deal Fanatic
Oct 1, 2004
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Toronto
Is it true CDIC or any of the provincial insurance bodies does not insure US funds? Where do you guys keep your US fund? Am I better keeping US currency in my brokerage account or is it not insured too?

Tangerine is offering a 1 year 3% US GIC...
Deal Guru
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greg123 wrote:
Nov 15th, 2018 4:22 pm
Is it true CDIC or any of the provincial insurance bodies does not insure US funds? Where do you guys keep your US fund? Am I better keeping US currency in my brokerage account or is it not insured too?

Tangerine is offering a 1 year 3% US GIC...
USD (and any currency) is fully insured at Manitoban CU's.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
Oct 1, 2004
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Toronto
Which CU do you recommend, that hopefully offer a decent rate?

Would it be a good idea to deposit the funds with a US bank instead?
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Jan 30, 2012
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titaniumtux wrote:
Nov 15th, 2018 4:23 pm
USD (and any currency) is fully insured at Manitoban CU's.
by who though?
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May 8, 2009
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greg123 wrote:
Nov 15th, 2018 4:32 pm
Which CU do you recommend, that hopefully offer a decent rate?

Would it be a good idea to deposit the funds with a US bank instead?
Well, yes.

I find USD accounts at FI's in Canada to be uncompetitive. Tang has decent rates, but access to cash only at pavilions in GTA & GVR.
VH99 wrote:
Nov 15th, 2018 4:52 pm
by who though?
Deposit Guarantee Corporation of Manitoba.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
[OP]
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Dec 17, 2008
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Winnipeg
VH99 wrote:
Nov 15th, 2018 4:52 pm
by who though?
Manitoba deposit guarantee.

Hubert Financial has a good USD account
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[OP]
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titaniumtux wrote:
Nov 15th, 2018 4:52 pm
Well, yes.

I find USD accounts at FI's in Canada to be uncompetitive. Tang has decent rates, but access to cash only at pavilions in GTA & GVR.
If you have your USD at a main bank you can look your tangerine USD to that and use Tangerine to pull or send funds in USD
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Deal Expert
Jan 7, 2002
16437 posts
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Waterloo, ON
greg123 wrote:
Nov 15th, 2018 4:22 pm
Is it true CDIC or any of the provincial insurance bodies does not insure US funds? Where do you guys keep your US fund? Am I better keeping US currency in my brokerage account or is it not insured too?
It's true that CDIC doesn't insure US funds. US$ investments in brokerage funds is insured to the extent that they're covered by What Does CIPF do for Investors? This is hardly the same as CDIC.

If insurance is important to you then you have another option inside a brokerage account. If you buy US$-denominated bonds, including short term bonds, issued by the Government of Canada, then your money is guaranteed by Ottawa. This is actually better than CDIC since there's no limit on the amount insured. Likewise if you buy US$-denominated bills, notes and bonds issued by the US Treasury then your money is guaranteed by Uncle SamDonald (not the Duck.) Interest rates are generally commensurately lower to reflect the lack of maximums and lower risk than even CDIC.
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Jun 23, 2017
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Toronto, ON
simplii HISA is offering 3.15% on new deposits now to Feb.28/2019. I don't think it is targeted.
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Sep 20, 2006
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Achieva has now raised their rate for daily interest savings to 2.40%
Lorenzo
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Apr 9, 2006
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I was just offered 2.75% for 1 year (Tangerine... Dec 1 2018 --> Nov 30, 2019)

Is that a good offer?.. I was hoping for at least 3% for 1 year.
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Aug 6, 2009
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GiOBoY wrote:
Nov 27th, 2018 11:45 am
I was just offered 2.75% for 1 year (Tangerine... Dec 1 2018 --> Nov 30, 2019)

Is that a good offer?.. I was hoping for at least 3% for 1 year.
I think it's average. I use DUCA and their 1yr rate is 2.8%. Depending on how much you're investing you may get better.

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