Personal Finance

The Official RFD thread for Savings Accounts! (Updated as of 09/20/2017)

Deal Guru
User avatar
Aug 8, 2012
10198 posts
3803 upvotes
BC
atomiton wrote:
May 8th, 2017 12:27 am
I just got a targetted 2%... quickly clicked sign up, but didn't read the fine print as to how long it applied for. Anyone know where to find these details?
I posted links here: pcf-presidents-choice-financial-hisa-in ... 5-2092316/
Bylo added them to OP.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Newbie
Jun 10, 2014
6 posts
1 upvote
Toronto, ON
Tangerine - I got Special offer: Earn 3.1% interest until September 30, 2017 on up to $500,000 in new deposits to your Tangerine Savings Account(s) and Tax-Free Savings Account(s) made between July 05, 2017 and September 30, 2017.
Newbie
May 13, 2011
35 posts
6 upvotes
Scarborough
Meridian seems to have dropped interest rate from 1.5% to 1.4% Neutral Face
[OP]
Moderator
User avatar
Mar 23, 2004
35967 posts
3145 upvotes
Markham
MacPod wrote:
Jul 5th, 2017 10:46 am
Meridian seems to have dropped interest rate from 1.5% to 1.4% Neutral Face
Thanks, they must have given too much money out for their Savings promo :lol: Will update OP.
「もし、奇跡を起こせたら……」
Jr. Member
Dec 5, 2008
158 posts
14 upvotes
Longueuil
desi77 wrote:
Jul 5th, 2017 10:17 am
Tangerine - I got Special offer: Earn 3.1% interest until September 30, 2017 on up to $500,000 in new deposits to your Tangerine Savings Account(s) and Tax-Free Savings Account(s) made between July 05, 2017 and September 30, 2017.
Not me this time
Achieva Refer with warnings avail.
Newbie
Oct 15, 2008
52 posts
8 upvotes
MacPod wrote:
Jul 5th, 2017 10:46 am
Meridian seems to have dropped interest rate from 1.5% to 1.4% Neutral Face
I noticed that too. I guess it's easier to steal from savers to give to borrowers to keep their mortgage rates low.
Newbie
Oct 15, 2008
52 posts
8 upvotes
Lately I have been a bit worried about the credit unions and their narrow margins between giving interest to savers and receiving interest from borrowers.

If we really do get a Bank of Canada rate hike on July 12, 2017 and another one in a period of 6 months, I think the credit unions are going to find out some of those borrowers who they encouraged to take large mortgages or co-borrower with a person who is not their spouse or long-term partner, do not have the extra income to pay the increasing mortgage payments.

I think the credit unions will start to scale back some of the interest they give on saving products like Meridian has with their high interest savings, TFSA, RSP and RRIF accounts, to handle the losses from people defaulting on their mortgage payments.

Do any of the big banks offer saving accounts (as well as TSFA, RSP and RRIF accounts), with interest rates higher than 0.5%? I'm interested in their long-term interest rate, not their summer promotion of 2% or 3% for 120 days or less Winking Face. Hopefully, the big banks will increase the interest rate on these accounts as the Banks of Canada raises rates, but I doubt it will increase at the same pace as the Bank of Canada.

Other than Tangerine and PC Financial, which pay 0.80% and are owned by Scotiabank and CIBC. I have only found BMO's Saving Builder Account ( https://www.bmo.com/main/personal/bank- ... s-builder/ ) and Scotiabank's Spring Momentum Savings Account ( http://www.scotiabank.com/ca/en/0,,11397,00.html ).

Has anyone found a good savings account with the big banks?
Deal Addict
Mar 8, 2013
1335 posts
359 upvotes
deedee, why invest in savings accounts in an RRSP or RRIF? How close are you to withdrawal?
Newbie
Oct 15, 2008
52 posts
8 upvotes
akaManny wrote:
Jul 8th, 2017 2:47 pm
deedee, why invest in savings accounts in an RRSP or RRIF? How close are you to withdrawal?
Only my savings account would really hold cash, but it would be nice if a TFSA and RRSP account at a big bank, gave me more than 0.50% for holding cash, while determining where to allocate the cash in my portfolio. Especially since they are tax sheltered accounts and the traditional savings account would not.
Sr. Member
Mar 18, 2007
586 posts
162 upvotes
deedee286 wrote:
Jul 8th, 2017 1:54 pm
Lately I have been a bit worried about the credit unions and their narrow margins between giving interest to savers and receiving interest from borrowers.

If we really do get a Bank of Canada rate hike on July 12, 2017 and another one in a period of 6 months, I think the credit unions are going to find out some of those borrowers who they encouraged to take large mortgages or co-borrower with a person who is not their spouse or long-term partner, do not have the extra income to pay the increasing mortgage payments.

I think the credit unions will start to scale back some of the interest they give on saving products like Meridian has with their high interest savings, TFSA, RSP and RRIF accounts, to handle the losses from people defaulting on their mortgage payments.

Do any of the big banks offer saving accounts (as well as TSFA, RSP and RRIF accounts), with interest rates higher than 0.5%? I'm interested in their long-term interest rate, not their summer promotion of 2% or 3% for 120 days or less Winking Face. Hopefully, the big banks will increase the interest rate on these accounts as the Banks of Canada raises rates, but I doubt it will increase at the same pace as the Bank of Canada.

Other than Tangerine and PC Financial, which pay 0.80% and are owned by Scotiabank and CIBC. I have only found BMO's Saving Builder Account ( https://www.bmo.com/main/personal/bank- ... s-builder/ ) and Scotiabank's Spring Momentum Savings Account ( http://www.scotiabank.com/ca/en/0,,11397,00.html ).

Has anyone found a good savings account with the big banks?
No.

PC Financial is not owned by CIBC.
Deal Addict
Oct 7, 2007
2938 posts
634 upvotes
deedee286 wrote:
Jul 8th, 2017 1:54 pm
Lately I have been a bit worried about the credit unions and their narrow margins between giving interest to savers and receiving interest from borrowers.

If we really do get a Bank of Canada rate hike on July 12, 2017 and another one in a period of 6 months, I think the credit unions are going to find out some of those borrowers who they encouraged to take large mortgages or co-borrower with a person who is not their spouse or long-term partner, do not have the extra income to pay the increasing mortgage payments.

I think the credit unions will start to scale back some of the interest they give on saving products like Meridian has with their high interest savings, TFSA, RSP and RRIF accounts, to handle the losses from people defaulting on their mortgage payments.

Do any of the big banks offer saving accounts (as well as TSFA, RSP and RRIF accounts), with interest rates higher than 0.5%? I'm interested in their long-term interest rate, not their summer promotion of 2% or 3% for 120 days or less Winking Face. Hopefully, the big banks will increase the interest rate on these accounts as the Banks of Canada raises rates, but I doubt it will increase at the same pace as the Bank of Canada.

Other than Tangerine and PC Financial, which pay 0.80% and are owned by Scotiabank and CIBC. I have only found BMO's Saving Builder Account ( https://www.bmo.com/main/personal/bank- ... s-builder/ ) and Scotiabank's Spring Momentum Savings Account ( http://www.scotiabank.com/ca/en/0,,11397,00.html ).

Has anyone found a good savings account with the big banks?
It is good to be concerned and look ahead. I think we are on the edge of some changes in real estate and otherwise and it could be that once things start moving it may be difficult to react quickly enough if necessary.

If you are okay with 0.75% you can invest in a high interest savings account at either TD Waterhouse or BMO Investorline in any type of account you wish (i.e. non-registered, RSP, TFSA, etc.). The only catch is you will need to spend the time to open an account and you need to have a minimum (with TD it is $25K I believe) balance to avoid monthly fees. But this may be a good way to get what you want.
[OP]
Moderator
User avatar
Mar 23, 2004
35967 posts
3145 upvotes
Markham
Looks like a few banks have raised their rates thanks to the BOC announcement yesterday (RBC- 0.50% to 0.65%). Will edit OP tonight.

EDIT: OP updated. Ok looks like I have to take this back, as RBC is the only bank that raised savings rates :facepalm:
「もし、奇跡を起こせたら……」
Sr. Member
Sep 3, 2005
967 posts
28 upvotes
Toronto
angel_wing0 wrote:
Jul 13th, 2017 12:08 pm
Looks like a few banks have raised their rates thanks to the BOC announcement yesterday (RBC- 0.50% to 0.65%). Will edit OP tonight.

EDIT: OP updated. Ok looks like I have to take this back, as RBC is the only bank that raised savings rates :facepalm:
All the banks are very sneaky.. they increased borrowing rate right away 0.25% BUT they don't increase savings account interest rate... if they increase the lending rate, they should ALL increase the savings account rate as well!

I've checked Tangerine, Eq, Zagbank, PCF, TD...
Deal Addict
Oct 7, 2007
2938 posts
634 upvotes
spy cl wrote:
Jul 14th, 2017 12:12 pm
All the banks are very sneaky.. they increased borrowing rate right away 0.25% BUT they don't increase savings account interest rate... if they increase the lending rate, they should ALL increase the savings account rate as well!

I've checked Tangerine, Eq, Zagbank, PCF, TD...
You are right. I am actually starting to wonder if the banks are going to change their savings rates at all. If they don't, they keep 100% of the 0.25 increase in spread between what they lend out at and what they pay savers. Shame on them!
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3803 upvotes
BC
choclover wrote:
Jul 15th, 2017 10:38 am
You are right. I am actually starting to wonder if the banks are going to change their savings rates at all. If they don't, they keep 100% of the 0.25 increase in spread between what they lend out at and what they pay savers. Shame on them!
This might be true if they only lent money tied to prime rate.

Things like LOCs and variable rate mortgages are based on prime rate. Not fixed rate mortgages or other loans.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

Top

Thread Information

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