Personal Finance

Official RFD thread for High Interest Savings Accounts (See Thread Summary for Updates)

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Jan 23, 2018
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The Dawg Pound
Ideal Savings just dropped their HISA and TFSA rate by another 15bps from 1.61% to 1.46%

And contrary to the good old days, they seem to be leading rather than following the rates down, which is an additional disappointment.

Time for me to plan a December maneuver
Deal Fanatic
Feb 17, 2007
6412 posts
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Mort Réal, QC
threadhead wrote: Ideal Savings just dropped their HISA and TFSA rate by another 15bps from 1.61% to 1.46%

And contrary to the good old days, they seem to be leading rather than following the rates down, which is an additional disappointment.

Time for me to plan a December maneuver
Ouch! Looks like I'm moving it to Peoples after all..
I can't afford to buy cheap stuff. Always on lookout for deals on quality goods and services.
Deal Addict
Jun 22, 2011
1340 posts
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threadhead wrote: Ideal Savings just dropped their HISA and TFSA rate by another 15bps from 1.61% to 1.46%

And contrary to the good old days, they seem to be leading rather than following the rates down, which is an additional disappointment.

Time for me to plan a December maneuver
Pretty much everyone dropped by .2-.3 percent. Only thing I'm annoyed by is that they didn't actually message me when it happened.
Sr. Member
Oct 12, 2005
904 posts
819 upvotes
Vancouver
Not exactly a HISA, but for those in BC, G&F Financial Credit Union is offering a 18-month GIC for 2.75% including for registered accounts.

https://www.gffg.com/brightterm

Edit: see article in post below. Appears to be “up to” 2.75%, over 18 months, and not an annual rate.
Last edited by ejohan on Aug 11th, 2020 1:53 pm, edited 1 time in total.
Deal Expert
Jan 7, 2002
29710 posts
29128 upvotes
Waterloo, ON
choclover wrote: Some people on a different blog have advised against investing in this promo at G&F.

https://www.highinterestsavings.ca/foru ... s-at-2-75/
G&F sound very sleazy. One poster reports, "Called in. So I was explained that the first 9 months is 1.25% and the second 9 months is 2.75%. The effective rate over the 18 months is 2%."

Someone in BC should report these guys to the provincial CU regulator. There's nothing I could find on their offer page, not even the fine print below the "*" that mentions this. Many people are going to deposit their money in the expectation that they're getting 2.75% for the full 18 months, then get a big shock in 2022 when they discover what they're actually getting -- assuming they notice, of course.

This sort of deception should not be tolerated lest it spread to other FIs.
Last edited by bylo on Aug 11th, 2020 3:30 pm, edited 1 time in total.
veni, vidi, Visa
Deal Addict
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Jun 23, 2017
1510 posts
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Toronto, ON
MattyMattMatt wrote: Pretty much everyone dropped by .2-.3 percent. Only thing I'm annoyed by is that they didn't actually message me when it happened.
I'll give credit to EQ Bank for telling me about their interest rate drop when they emailed me my regular monthly statement.
Sr. Member
Jul 3, 2019
912 posts
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Alterna Bank now at 1.4% as of right now...
Deal Addict
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Aug 2, 2003
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B.C.
F3el96 wrote: Alterna Bank now at 1.4% as of right now...
It's starting to feel like the rate goes down every time I log in.
If I had more time, I would have written a shorter post
Deal Addict
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Jul 25, 2008
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Ottawa
May be Canada Bank Note printed trillions? to pay for Covid stuff. Too much circulation.
BoC never has to borrow money.
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Dec 17, 2008
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Winnipeg
Updated August 24, 2020
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Deal Addict
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Jul 16, 2019
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It's weird to see CTFS at the top of the list. Perhaps they haven't decreased their rate because they forgot they offer savings accounts.
Deal Addict
Aug 17, 2008
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Toronto
Shawguy wrote: Updated August 24, 2020
thanks!

eq website (ontario) still shows 1.70% no 1.60%....is this a known change upcoming?
The Golden Rule: those who have the gold, make the rules
Deal Addict
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Dec 17, 2008
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Winnipeg
pererac wrote: thanks!

eq website (ontario) still shows 1.70% no 1.60%....is this a known change upcoming?
Nope just an error. Lol

Edit: I have fixed it
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
Sr. Member
Nov 22, 2019
961 posts
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TO
Any good HISA introductory offers going on currently ? Looking to open my first HISA account.
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Jan 23, 2018
1136 posts
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The Dawg Pound
bobclair wrote: Any good HISA introductory offers going on currently ? Looking to open my first HISA account.
Not really a signup offer, but you can bump up the 1.80% HISA rate at Canadian Tire to 2.00% if you have a CT credit card or are willing to sign up for one. If you're the impatient type, be forewarned their HISA application process is a bit antiquated -- you have to wait for a snail mail response for approval and to gain online access.

https://www.ctfs.com/content/ctfs/en/re ... omers.html

Some people think that opening a CT account at 1.80% isn't worth the trouble as long as Motive is still paying 1.75% and EQ is paying 1.70% -- maybe so, but you can be the judge of that yourself
Deal Addict
Dec 13, 2010
2506 posts
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ON
threadhead wrote: Not really a signup offer, but you can bump up the 1.80% HISA rate at Canadian Tire to 2.00% if you have a CT credit card or are willing to sign up for one. If you're the impatient type, be forewarned their HISA application process is a bit antiquated -- you have to wait for a snail mail response for approval and to gain online access.

https://www.ctfs.com/content/ctfs/en/re ... omers.html

Some people think that opening a CT account at 1.80% isn't worth the trouble as long as Motive is still paying 1.75% and EQ is paying 1.70% -- maybe so, but you can be the judge of that yourself
Thanks, didn't know about this. Do you know, is the 0.2% bonus permanent?
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Jan 23, 2018
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The Dawg Pound
thetipster wrote: Thanks, didn't know about this. Do you know, is the 0.2% bonus permanent?
Permanent is a pretty strong word, especially when it comes to banking products.

I can't find a specific sunset date for the extra 0.20% but that doesn't mean there isn't one. It could be buried in the fine print somewhere or merely require a marketing decision at CT.

Common sense suggests they didn't invest the effort and expense of re-launching their HISA program into a leadership position just to reverse course and pull the rug back out from underneath everybody a few months later, but having said that, nothing is guaranteed.

Considering the dearth of alternatives my approach is to just enjoy the 2.00% for as long as it lasts, however long or short that eventually turns out to be
Deal Fanatic
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Feb 1, 2006
6494 posts
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Ontario
threadhead wrote: Not really a signup offer, but you can bump up the 1.80% HISA rate at Canadian Tire to 2.00% if you have a CT credit card or are willing to sign up for one. If you're the impatient type, be forewarned their HISA application process is a bit antiquated -- you have to wait for a snail mail response for approval and to gain online access.

https://www.ctfs.com/content/ctfs/en/re ... omers.html

Some people think that opening a CT account at 1.80% isn't worth the trouble as long as Motive is still paying 1.75% and EQ is paying 1.70% -- maybe so, but you can be the judge of that yourself
Can you pay bills with CT HISA?

How about ATM withdrawals and joint accts?

I currently use Alterna Bank @ 1.4% and can do all these things. I would consider CT if it can also do all of these.
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)

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