Personal Finance

The Official RFD thread for Savings Accounts! (Updated as of 07/20/2017)

[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham

The Official RFD thread for Savings Accounts! (Updated as of 07/20/2017)

This is a thread where banks' savings interest rates are posted/updated. I know there is already a rfd article where all the interest rates are posted, but imo it is more of a comparison of bank features and interest rates and it's not updated daily. This thread will be updated right away if there is any interest drop/rise once I can access rfd. Anyone who wants to have a look at the article may do so here.

So let's get to it! (rates updated as of last edited date, order is from highest to lowest. Rate is assumed having $0.01 in the account.)

Wealth One Bank "Wealth One High Interest Savings Account" - 2.50%

EQ Bank "Savings Plus Account" - 2.30% (RFD Thread)

Alterna Bank "High Interest eSavings Account" - 1.90% (RFD Thread)

Bridgewater Bank "Smart eSavings Account" - 1.75%

Ideal Savings "Savings" - 1.75%

Oaken Financial "Savings Account" - 1.75%

Hubert's "Happy Savings Account" - 1.70% (RFD Thread)

AcceleRate Financial "AcceleRate Savings" - 1.70%

MAXA Financial "Regular Savings" - 1.70%

Implicity Financial "High Interest Savings Account" - 1.70%

Achieva "Daily Interest Savings" - 1.70% (RFD Thread)

Outlook Financial "High Interest Savings Account" - 1.70%

Zagbank "Zag Savings" - 1.65%

Crosstown Civic Credit Union "Premium Savings" - 1.60%

Steinbach Credit Union "Regular Savings" - 1.60% (1.65% on portion > $100,000 and 1.70% on portion > $250,000)

Motive Financial "Motive Savings Account"- 1.50% (0.50% for amount over $1,500,000) (RFD Thread)

FirstOntario Credit Union "High Interest eSavings" - 1.45% (1.50% balance > $100,000 and 1.55% balance > $200,000)

Peoples Trust "Peoples Choice e-Savings Account" - 1.45% (RFD Thread)

Meridian Credit Union "Good to Grow High Interest Savings Account" - 1.40%

ICICI "HiSave Savings Account" - 1.35% ($20 bonus referral up to $520: 25 referrals and 1 time "referee")

CTFS "High Interest Savings" - 1.30%

DUCA "Earn More Savings Account" - 1.20%

Canadian Western Bank (CWB) "Summit Savings Account"- 1.00% (0.50% for amount over $15,000,000)

Manulife Bank "Advantage Account" - 0.90%

1Q "Daily Investment Savings Account" - 0.90%

Community Trust "Maximizer Savings Account" - 0.85%

PCF "Interest Plus Savings Account" - 0.80% (2.25-2.50% promotion going)

Tangerine "Savings Account" - 0.80% ($25 bonus referral, refer up to 50 people, bonus $$ per 10 referrals, max $2000, 2.40%/6 months for new accounts, bonus rate as high as 3.21% promotion going)

State Bank of India (SBI) "Super Saver Deposit Account" - 0.75%

NBC "Altamira High-Interest CashPerformer Account" - 0.75%

Desjardins "High Interest S@vings Account" - 0.65%

Royal Bank "High Interest eSavings" - 0.65%

Bank of Montreal "Smart Saver Account" - 0.40%

BMO Savings Builder Account - 0.20% (+1% bonus interest if you can increase account balance by $200 every month)

HSBC CAD "High Rate Savings" - 0.10% (0.40% > $25,000, 0.65% > $50,000 and 0.75% > $100,000)

HSBC "Advance Savings Account" - 0.10% (0.30% > $25,000, 0.45% > $50,000 and 0.50% > $100,000, Grandfathered)

Scotia "Savings Accelerator Account" - 0.05% (Balance over $5000 and less than $25000 - 0.80%, Balance over $25000 - 0.90%)

TD "Every Day Savings Account" - 0.05%

Scotia "Momentum Savings Account" - 0.05% (Balance over $5000 - 0.70%, and extra 0.75% if no withdrawals are made every 90 days)

CIBC "Bonus Savings Account" - 0.05% (Balance over $3000 - entire balance 0.10%)

CIBC "eAdvantage Savings Account" - 0% (Balance over $5000 - entire balance 0.65%)

TD "ePremium Savings Account" - 0% (Balance over $10000 - entire balance 0.65%)

TD "High Interest Savings Account" - 0% (Balance over $5000 - entire balance 0.50%)

Scotia "Power Savings Account" - 0% (Balance over $5000 - entire balance 0.10%)

Please give me any suggestions on how to improve this thread, and no flames! Thanks :)

NOTE: This thread has been nominated as one of the most helpful threads in RFD. If you find this thread helpful, please vote it as the most helpful in its group by following the link on my sig! Please also vote for me as one of the most helpful/knowledgable user in its group! Let's have the power of the finance forum represent well in this year's RFD awards! Thank you very much! :) 2X thanks if you voted for me!

[EDIT] Voting is finished, thanks to everyone who voted for me :)
「もし、奇跡を起こせたら……」
2452 replies
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
armandino101 wrote:
Feb 7th, 2009 12:16 pm
Anyone has an account with these guys? Do they have online banking?
tons of ppl have that here.

And no they dont have online banking. There is a thread on it here, do a search.
「もし、奇跡を起こせたら……」
Deal Addict
Nov 18, 2008
3271 posts
65 upvotes
0
Keep in mind:

Scotia Power Savings only works if you have a Scotia Chequing account to pair with it, otherwise you pay $5 each transaction. Same for RBC eSavings.

CIBC and BMO only allow 1 withdrawal the entire month, otherwise $5 per transction.
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
tng11 wrote:
Feb 7th, 2009 11:36 pm
Keep in mind:

Scotia Power Savings only works if you have a Scotia Chequing account to pair with it, otherwise you pay $5 each transaction. Same for RBC eSavings.

CIBC and BMO only allow 1 withdrawal the entire month, otherwise $5 per transction.
oh really? i didnt even know that about scotia!

but its the same with bmo actually, u need a chequing account first before u can open a smart savers, going to edit my op.

Thanks for the tips.
「もし、奇跡を起こせたら……」
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
okay bump with some updates :D
「もし、奇跡を起こせたら……」
Deal Addict
User avatar
Aug 26, 2005
3415 posts
30 upvotes
Coquitlam
Thanks for the informative post. :)
Deal Addict
Dec 25, 2005
1952 posts
45 upvotes
Royal Bank "High Interest eSavings" - 2.25% (Must pair with a chequing account)

thats just wrong, I know its not tied selling but its still dirty.
Deal Fanatic
Jul 1, 2007
7823 posts
662 upvotes
bellboy26 wrote:
Feb 8th, 2009 1:55 pm
Royal Bank "High Interest eSavings" - 2.25% (Must pair with a chequing account)

thats just wrong, I know its not tied selling but its still dirty.
It's actually a pretty smart idea. You have the option of a regular savings account at whatever the market rate is on moneymarket/savings (less than 2%) or you agree to open a checking account and do your main banking at RBC and you get a bonus rate.

I reiterate, all rates above 2% are either short-term "bonus rates", which are unsustainable, or else you really gotta question the credit-worthiness (and hope that there is CDIC insurance) of a company that's offering people over 3% on a few thousand dollars of savings when commercial paper can be issued at much lower rates in amounts in the millions.
Deal Addict
Nov 18, 2008
3271 posts
65 upvotes
0
Thalo wrote:
Feb 8th, 2009 3:06 pm
It's actually a pretty smart idea. You have the option of a regular savings account at whatever the market rate is on moneymarket/savings (less than 2%) or you agree to open a checking account and do your main banking at RBC and you get a bonus rate.
It's simply more convenient for people to do their banking at the same bank... the RBC eSavings is designed for RBC customers as transfers in/out are unlimited and free. I'm pretty sure they'll gladly open an account for any customer without a Chequing account, but you'll be paying $5 for each transaction.
I reiterate, all rates above 2% are either short-term "bonus rates", which are unsustainable, or else you really gotta question the credit-worthiness (and hope that there is CDIC insurance) of a company that's offering people over 3% on a few thousand dollars of savings when commercial paper can be issued at much lower rates in amounts in the millions.
The question is, how did institutions like PCF historically sustain rates that were better than money market rates, or better than your typical Big 5 HISA. (Putting aside crappy service arguments)
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
Thalo wrote:
Feb 8th, 2009 3:06 pm
I reiterate, all rates above 2% are either short-term "bonus rates"...
i dont think so. Yes they can change instantly, but they are not your so called short-term bonus rates for sure.
「もし、奇跡を起こせたら……」
[OP]
Moderator
User avatar
Mar 23, 2004
34997 posts
2775 upvotes
Markham
tng11 wrote:
Feb 8th, 2009 3:15 pm
It's simply more convenient for people to do their banking at the same bank... the RBC eSavings is designed for RBC customers as transfers in/out are unlimited and free. I'm pretty sure they'll gladly open an account for any customer without a Chequing account, but you'll be paying $5 for each transaction.
i have called into rbc, and they insist that i must have a chequing account there before u can open a savings (exactly like bmo)...can anyone confirm?
「もし、奇跡を起こせたら……」
Jr. Member
Jan 1, 2009
171 posts
14 upvotes
Peoples Trust "Peoples Choice Savings Account" - 3.6%

So, this is basically 0.6% above prime, seems almost like free money if you are borrowing from prime.

Is there fees on this account to transfer money back and forth from this account? When do they pay the interest, monthly, annually?

I just can't get my head around how a savings account could have a better return than GICs... :confused:

Does their rate fluctuate alot and are they consistently above prime?
Deal Guru
User avatar
Feb 24, 2008
13177 posts
4049 upvotes
Gatineau
angel_wing0 wrote:
Feb 8th, 2009 3:33 pm
i have called into rbc, and they insist that i must have a chequing account there before u can open a savings (exactly like bmo)...can anyone confirm?
I can't confirm (well I haven't confirmed that).

But, Anyone can easily obtain a free chequing account with RBC. The chequing account I'm referring too is the Day to Day Banking account. This account gives you 15 transactions and is priced at $4/month.

So how is this free?

Well if you open up one an investment product (RRSP, TFSA/etc) and open up one of their Rewards Visa's (I have the RBC Gold Visa that has no annual fee) and deposit at least $1 into the investment account you choose, then they apply a $4/month rebate on your Checking account. Making the Day to Day Banking Chequing account free.

Hook up the RBC High Interest eSavings with that, and yer set.

djino
Member
Jan 23, 2009
436 posts
131 upvotes
angel_wing0 wrote:
Feb 7th, 2009 10:46 am
Please give me any suggestions on how to improve this thread, and no flames! Thanks :)
thread as well :lol:
Hello and thanks for the links i hope you will be able to update your list with cdic member or not

Thanks

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)