Personal Finance

The Official RFD thread for Savings Accounts! (Updated as of 04/15/2018)

Deal Guru
Jan 7, 2002
12759 posts
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Waterloo, ON
Sauerkraut wrote:
Apr 4th, 2018 6:53 am
The thread OP isn't maintained in a timely manner. Case in point, post #2614 on Jan 24 mentions an Alterna increase yet the OP doesn't reflect it. Achieva, Accerlerate, among others, are also old rates.
There's a Thread Summary between posts 1 and 2 of every thread. It's intended to supplement the OP, e.g. to show interest rate updates. It can be updated by the community, not just the OP. So that would be a logical place for those who want to [try to] maintain an accurate list to [try to] do this.
There are better sources for interest rate comparisons such as High Interest Savings
Agreed, Even those sources can be out of date at times. Trying to create/maintain an accurate list is an exercise in futility.
veni, vidi, Visa
Member
Nov 17, 2015
300 posts
42 upvotes
Resolute, NU
Finally got a 2.5% for six months offer from Tangerine and didn't even have to beg for it. Smiling Face With Open Mouth
Deal Guru
Jan 7, 2002
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Waterloo, ON
Another entrant, albeit not particularly competitive: Robo-adviser Wealthsimple launches savings account with "premium" rate
Robo-adviser Wealthsimple is hoping to lure clients away from traditional financial institutions by launching a savings account with a premium interest rate.

The Smart Savings account, launched in Canada and the U.S. on Thursday, will offer a 1.7 per cent interest rate north of the border...

It has partnered with EQ Bank, which is backed by federally regulated Equitable Bank, to offer the accounts in Canada. In turn, deposits in Wealthsimple’s Smart Savings accounts in Canada will be protected by the Canada Deposit Insurance Corp., up to certain limits.
The rate is anything but "premium" considering that EQ Bank pays 2.3%. Still, it's an interesting trend. And for people who use Wealthsimple as their robo-adviser, the lower interest rate may be worth the convenience, especially short-term.
veni, vidi, Visa
Sr. Member
Jun 27, 2012
750 posts
65 upvotes
Winnipeg, MB
I found that TFSA accounts never have anywhere near the same interest rates you can get by bouncing your money around banks. Right now Duca is paying 3.15%. Good luck getting that from a TFSA that isn't locked in from now til eternity. As for taxes, unless you're in a higher tax bracket and making significant capital gains or interest income (3% is not great!) it hardly is worth even considering a TFSA. Plus their withdrawal charges and the length of time it takes to get your money out (at least a week for me). For stocks it makes more sense. Stable stocks since you can't write off any capital losses when its in a TFSA (I think - please correct me if that's not right).
Sr. Member
Jun 27, 2012
750 posts
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Winnipeg, MB
> The rate is anything but "premium" considering that EQ Bank pays 2.3%.

Duca is 3.15%.
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May 8, 2009
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redflagguy2u wrote:
Apr 5th, 2018 3:22 pm
> The rate is anything but "premium" considering that EQ Bank pays 2.3%.

Duca is 3.15%.
DUCA 3.15% is a short-term promo, ending May 31st.

I just created a DUCA official thread and linked it in OP. They've offered aggressive promo's in the past and will likely keep doing it. They also offer lower forex fees on USD than others including the Ting.

Tangerine's 3 external account limit is really annoying. The only good thing is it's easy to add/remove any time via micro-deposits.

EQ's 2.3% is ongoing without any expiry. I'll setup EQ when they offer referral credits any time after DUCA's promo ends.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
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May 7, 2007
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titaniumtux wrote:
Apr 7th, 2018 3:22 pm
DUCA 3.15% is a short-term promo, ending May 31st.

I just created a DUCA official thread and linked it in OP. They've offered aggressive promo's in the past and will likely keep doing it. They also offer lower forex fees on USD than others including the Ting.

Tangerine's 3 external account limit is really annoying. The only good thing is it's easy to add/remove any time via micro-deposits.

EQ's 2.3% is ongoing without any expiry. I'll setup EQ when they offer referral credits any time after DUCA's promo ends.
Some people are reporting in "Hot Deals" forum section ... that Drop app is offering 100,000 points i think ( which would be equal to $100 in amazon.ca etc gift card(s) ) to open EQ Bank account ... - if you get that offer in your app ... many people are reporting that they are getting it (moot point for me anyhow, as I already have EQ Bank account .. but you may want to check it out and maybe get lucky / get the offer). ;)

Just in case you are not aware of that thread ... here it is: http://forums.redflagdeals.com/drop-eq- ... 2183265/4/
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Darkman wrote:
Apr 8th, 2018 3:29 am
Some people are reporting in "Hot Deals" forum section ... that Drop app is offering 100,000 points i think ( which would be equal to $100 in amazon.ca etc gift card(s) ) to open EQ Bank account ... - if you get that offer in your app ... many people are reporting that they are getting it (moot point for me anyhow, as I already have EQ Bank account .. but you may want to check it out and maybe get lucky / get the offer). ;)

Just in case you are not aware of that thread ... here it is: drop-eq-bank-sign-up-eq-bank-drop-earn- ... 2183265/4/
Good thing you mentioned drop. I tried it a while ago, couldn't link anything. Now I have all but TD linked. I can't seem to see the EQ targetted offer.

I guess I can only play the waiting game.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
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titaniumtux wrote:
Apr 8th, 2018 1:40 pm
Good thing you mentioned drop. I tried it a while ago, couldn't link anything. Now I have all but TD linked. I can't seem to see the EQ targetted offer.

I guess I can only play the waiting game.
Try emailing Drop ... and ask them if they can maybe send EQ offer your way, lol ... and maybe they will ... as possibly they also get some cut out of one signing up for a deal :)

YMMV, of course :)
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Darkman wrote:
Apr 8th, 2018 2:40 pm
Try emailing Drop ... and ask them if they can maybe send EQ offer your way, lol ... and maybe they will ... as possibly they also get some cut out of one signing up for a deal :)

YMMV, of course :)
Yeah I just did. Would be a slick deal if they let me take it.
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DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Jr. Member
Feb 18, 2013
191 posts
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Scarborough
Where would ppl recommend parking $30,000 for a year? Won't need to touch it
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Jan 7, 2002
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caddie444 wrote:
Apr 15th, 2018 8:59 am
Where would ppl recommend parking $30,000 for a year? Won't need to touch it
See the first post. With $30k you're fully CDIC or CU insured so go with the highest rate you can find that's convenient to you. Also if you're sure you won't need the money for a year, check those institutions' 1-year GIC rates. They may be a bit higher than HISA.

Note that 2.5% on $30k is $750/year, so it's worth stashing your cash in a HISA compared to a bank savings account. However a 0.25% difference in interest rate is $75/year, so a familiar, convenient financial institution may be worth sacrificing some interest. That's your decision.
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[OP]
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bylo wrote:
Apr 4th, 2018 7:22 am
Agreed, Even those sources can be out of date at times. Trying to create/maintain an accurate list is an exercise in futility.
Agreed, it's impossible to keep it updated every moment because I dont check every moment. Well I have been busy like crazy hence the lack of updates so I apologize for that.

Anyhow, OP updated.
「もし、奇跡を起こせたら……」
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Jun 23, 2017
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angel_wing0 wrote:
Apr 15th, 2018 8:58 pm
Agreed, it's impossible to keep it updated every moment because I dont check every moment. Well I have been busy like crazy hence the lack of updates so I apologize for that.

Anyhow, OP updated.
Thanks, angel!

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