Personal Finance

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

Sr. Member
Sep 3, 2005
967 posts
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Toronto
ace604 wrote:
Jul 15th, 2017 1:37 pm
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.
but when prime decrease, they decrease the savings account interest rate as well... that's why I feel we, the average consumer is hurt by these big banks.
Deal Guru
Jan 7, 2002
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Waterloo, ON
ace604 wrote:
Jul 15th, 2017 1:37 pm
Things like LOCs and variable rate mortgages are based on prime rate.
And are presumably backed by HISAs, 30-90 day T-bills/GICs, etc.
Not fixed rate mortgages or other loans.
Yabbut those should be backed by GICs with matching maturities.

So yes, it's understandable why 1 to 5 year GIC rates haven't gone up by 25bp. But why not HISAs?
veni, vidi, Visa
[OP]
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Mar 23, 2004
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Markham
OP updated with Wealth One Bank - 2.50%.
「もし、奇跡を起こせたら……」
Member
Jun 13, 2017
213 posts
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Any feedback on wealth one? Currently with EQ (and other promo rates).

10 bill payments free and only receiving interac is free so feature wise its not as good as EQ.

I will wait and see if others catch up before trying them.
[OP]
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hiddenthread wrote:
Jul 17th, 2017 10:02 am
...only receiving interac is free so feature wise its not as good as EQ.
Seriously, that's not even a feature. If your bank can receive EMT, it's always at no cost to the receiver afaik.
「もし、奇跡を起こせたら……」
Jr. Member
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Jun 23, 2017
145 posts
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Toronto, ON
hiddenthread wrote:
Jul 17th, 2017 10:02 am
Any feedback on wealth one? Currently with EQ (and other promo rates).

10 bill payments free and only receiving interac is free so feature wise its not as good as EQ.

I will wait and see if others catch up before trying them.
Their regular rate is 2.5% which is currently a bit better than EQ Bank's 2.3%.
Member
Jun 13, 2017
213 posts
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Update

It was 0.85% from Jul 2016 until May 2017 (last cache I found). With such a big jump I am hesitant chasing the new rate.

I kinda like EQ's free 5 interacts. It's a fast way to convert money into a usable form (even withdrawing at an Tangerine or PC). For now I will wait and see.
[OP]
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OP updated, TD has come up with a new ePremium Savings Account, giving you 0.65% interest (puke) on your entire balance if you have more than 10k in there.

CIBC, TD and Scotia have responded to RBC's rate raise with their own. BMO as usual, still lagging (where is mobile cheque deposit?????).
「もし、奇跡を起こせたら……」
[OP]
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Tangerine Savings up to 0.90%.
「もし、奇跡を起こせたら……」
Sr. Member
Sep 3, 2005
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Toronto
That is not much of increase... but at least they take the lead to increase. PCF is still at 0.8% right now.
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angel_wing0 wrote:
Aug 1st, 2017 9:35 am
Tangerine Savings up to 0.90%.
Need to sort OP again :)
spy cl wrote:
Aug 1st, 2017 1:12 pm
That is not much of increase... but at least they take the lead to increase. PCF is still at 0.8% right now.
RBC beat them to the punch with quick increase of 0.15% after BoC hike.
Barely a difference with 0.65% RBC and 0.8% ... pathetic really compared to dozens of others higher in the list in OP. Doh! Dozens higher but list not re-sorted ... only 23 listed higher than 0.9%. Way to go Tangerine. You are tied for #24! *slow clap*
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...)
Deal Addict
Feb 1, 2006
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angel_wing0 wrote:
Aug 1st, 2017 9:35 am
Tangerine Savings up to 0.90%.
So do those with a promo rate get an extra 0.1% or not?

My Tangerine online banking still shows 3.1% which is unchanged.
[OP]
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ace604 wrote:
Aug 1st, 2017 2:23 pm
Need to sort OP again :)
Haha nice, got me there ;)
minimalist wrote:
Aug 1st, 2017 2:41 pm
So do those with a promo rate get an extra 0.1% or not?

My Tangerine online banking still shows 3.1% which is unchanged.
I think the promo rates are firm.
「もし、奇跡を起こせたら……」
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Aug 8, 2012
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minimalist wrote:
Aug 1st, 2017 2:41 pm
So do those with a promo rate get an extra 0.1% or not?

My Tangerine online banking still shows 3.1% which is unchanged.
angel_wing0 wrote:
Aug 1st, 2017 4:58 pm
I think the promo rates are firm.
Yep. Discussed on another Tangerine thread. They changed the base rate by +0.10% and made a "corresponding change" of -0.10% to the 'extra' interest rate.
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...)
Deal Addict
Jun 30, 2010
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Vaughan
ace604 wrote:
Aug 1st, 2017 5:04 pm
Yep. Discussed on another Tangerine thread. They changed the base rate by +0.10% and made a "corresponding change" of -0.10% to the 'extra' interest rate.
Do you know if this is the same for the 2.4% new sign up offer?

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