Personal Finance

The Official RFD thread for Savings Accounts! (Updated 08/03/2018)

Newbie
User avatar
Aug 22, 2014
41 posts
13 upvotes
Rideau Ferry
Grahamk wrote:
Mar 2nd, 2018 10:41 am
Is DUCA covered by the CDIC?
No, the deposit is insured by The Deposit Insurance Corporation of Ontario instead.
Deal Addict
User avatar
Aug 6, 2009
2927 posts
471 upvotes
Aurora, ON
Grahamk wrote:
Mar 2nd, 2018 10:41 am
Is DUCA covered by the CDIC?
https://www.duca.com/about-us/resources ... e-at-duca/
Deposits Now Insured to $250K
Another Great Reason to Save More at DUCA!
DUCA, as an Ontario credit union, is regulated by the Deposit Insurance Corporation of Ontario (DICO).

DICO just increased their level of deposit insurance coverage to $250,000, up from $100,000. This covers all your deposits held in non-registered accounts in Canadian currency such as:

Chequing and savings accounts
GICs and other term deposits
Money orders
Funds in transit
Index-linked term deposits (principal portion only)
This means that more of your savings are insured and completely protected. In addition, insurable deposits in registered accounts such as RRSPs, RRIFs, RESPs, RDSPs, TFSAs, LIRAs, and LIFs, continue to have unlimited coverage.
Member
Mar 14, 2009
234 posts
276 upvotes
Toronto
Used to have an account with DUCA. Not sure what still applies, but three things to consider:

1) Hard credit hit to open an account. I got two, somehow; never got the second removed.
2) Used to charge a yearly maintenance fee in January. I forget how much--$5? $8?--and don't know if they still do because it wasn't (and still isn't) listed on their fees page...
3) Earn More Savings Account Transactions (Transfers, Deposits & Withdrawals) are $2 fee in-branch. But also a fee for some online transactions involving them. EFTs? Transfers? I forget. Not listed on the fees page very clearly. Even the CSRs explained it differently depending who you asked.

Plusses, they answer the phone fairly fast and are friendly.
Deal Addict
User avatar
Aug 6, 2009
2927 posts
471 upvotes
Aurora, ON
dillybravo wrote:
Mar 2nd, 2018 10:09 pm
Used to have an account with DUCA. Not sure what still applies, but three things to consider:

1) Hard credit hit to open an account. I got two, somehow; never got the second removed.
2) Used to charge a yearly maintenance fee in January. I forget how much--$5? $8?--and don't know if they still do because it wasn't (and still isn't) listed on their fees page...
3) Earn More Savings Account Transactions (Transfers, Deposits & Withdrawals) are $2 fee in-branch. But also a fee for some online transactions involving them. EFTs? Transfers? I forget. Not listed on the fees page very clearly. Even the CSRs explained it differently depending who you asked.

Plusses, they answer the phone fairly fast and are friendly.
I don't pay any 'fees' - perhaps it depends on the type of a/c you have? I do pay the $5 a year membership fee - I believe all credit unions charge this - I also get extra 'profit sharing' and 'dividends' that more that offset that fee (in my case). I rarely call in, preferring to do all of my transactions online and, if I have a questions, I'll use the online chat and they are very helpful and accommodating. I have a few branches quite close, I just prefer working online.
Deal Addict
Oct 4, 2009
2161 posts
892 upvotes
Montreal
Alterna 2.05%.
TD ePremium 0.9%.
Deal Addict
Jan 8, 2006
1059 posts
258 upvotes
"Something went wrong
Sorry, we're currently having difficulties with our service. Please try again in a few minutes."

Can't open account :(
Member
User avatar
Jun 23, 2017
396 posts
140 upvotes
Toronto, ON
Acheewawa wrote:
Mar 6th, 2018 7:34 am
Has anyone received any offers from Simplii?
Nuthin'... they simply don't care that I emptied my Savings Account last week.
Deal Addict
User avatar
May 11, 2014
2255 posts
1190 upvotes
Iqaluit, NT
jackie999 wrote:
Mar 3rd, 2018 10:00 am
I don't pay any 'fees' - perhaps it depends on the type of a/c you have? I do pay the $5 a year membership fee - I believe all credit unions charge this - I also get extra 'profit sharing' and 'dividends' that more that offset that fee (in my case). I rarely call in, preferring to do all of my transactions online and, if I have a questions, I'll use the online chat and they are very helpful and accommodating. I have a few branches quite close, I just prefer working online.
Most credit unions do not charge an annual fee anymore. Some like DUCA still do, but are probably going to start moving away from it.
Support your local Credit Union!

Sask Pension Plan Upto $6000/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
Deal Addict
User avatar
Jan 4, 2009
3554 posts
939 upvotes
on the links
Ideal's savings rate is now 2.5%...i.e. their promo for new deposits is now the regular rate. "guaranteed" until the end of 2018
Member
User avatar
Jun 23, 2017
396 posts
140 upvotes
Toronto, ON
Sauerkraut wrote:
Mar 16th, 2018 6:31 am
Ideal's savings rate is now 2.5%...i.e. their promo for new deposits is now the regular rate. "guaranteed" until the end of 2018
Good to know. I'm parked @ Tangerine for 2.5% until May unless something comes up. But after that was just going to move to EQ Bank for 2.3%. Ideal could be a better option to look at (at least until Dec 31). Thanks.
Newbie
Aug 2, 2017
35 posts
2 upvotes
Any recommendation on a good high interest savings account with one of the big walk-in banks that pairs well with one of their checking accounts? I'm with TD atm but wanted to deal with a secondary bank as well.

Also, is it worth it to open a TFSA just for savings??
Deal Addict
User avatar
Dec 14, 2007
2819 posts
1259 upvotes
Madmax29 wrote:
Mar 16th, 2018 8:33 pm
Any recommendation on a good high interest savings account with one of the big walk-in banks that pairs well with one of their checking accounts? I'm with TD atm but wanted to deal with a secondary bank as well.

Also, is it worth it to open a TFSA just for savings??
What do you mean is it worth it? Tfsa gains are not taxed. Savings accounts are taxed Hundred Points Symbol %

Are you wanting to invest or save or...
I'd love to write history... in advance.
AMEX Biz Plat 60K 75K | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Newbie
Aug 2, 2017
35 posts
2 upvotes
atomiton wrote:
Mar 16th, 2018 9:27 pm
What do you mean is it worth it? Tfsa gains are not taxed. Savings accounts are taxed Hundred Points Symbol %

Are you wanting to invest or save or...
I'm not too familiar with tfsa. I did some reading and it was recommended more for investment purposes rather than savings.

I guess I'm just asking if it's worth it to use as a savings account only?

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