• Last Updated:
  • Nov 15th, 2019 11:05 am
[OP]
Jr. Member
May 15, 2004
147 posts
4 upvotes

Corporate Savings Account

Hello,

I am looking for a corporate savings account with high interest rate. Presently, Oaken offers 2.3%. Which other banks offer business savings accounts with a high interest rate?

Thanks,
D
15 replies
Deal Addict
Jan 21, 2018
4665 posts
4717 upvotes
Vancouver
Tangerine just sent out a letter saying that they are offering 2.25% on business savings accounts.
Deal Fanatic
Oct 7, 2007
8384 posts
4349 upvotes
Scote64 wrote: Tangerine just sent out a letter saying that they are offering 2.25% on business savings accounts.
Thanks for the post. Is this viewable on their website for all to see or is it one of those YMMV deals?
Deal Addict
Jan 21, 2018
4665 posts
4717 upvotes
Vancouver
choclover wrote: Thanks for the post. Is this viewable on their website for all to see or is it one of those YMMV deals?
The letter said "log in to your account to activate", so it may well have been targeted.
Member
User avatar
Sep 8, 2008
238 posts
64 upvotes
Vancouver, Canada
Scote64 wrote: Tangerine just sent out a letter saying that they are offering 2.25% on business savings accounts.
Same 90 days only catch?
If this topic seems to benefit RFDers then Upvote the original post by clicking on Upvote button located next to the topic title on top section of the post.
Deal Addict
May 12, 2014
2919 posts
2674 upvotes
Montreal
ddasilva99 wrote: I am looking for a corporate savings account with high interest rate. Presently, Oaken offers 2.3%.
If you're going to go beyond CDIC limits, you might want to research Oaken first.

I'm looking for a high interest business account right now, and unfortunately I don't think I can take the risk with them.

Hoping others have suggestions for the best / safest ideas.
Deal Fanatic
Oct 7, 2007
8384 posts
4349 upvotes
FrancisBacon wrote: If you're going to go beyond CDIC limits, you might want to research Oaken first.

I'm looking for a high interest business account right now, and unfortunately I don't think I can take the risk with them.

Hoping others have suggestions for the best / safest ideas.
If you didn't receive a letter from Tangerine, you could try asking them what rate they might offer (if they still offer business savings accounts as I heard that they were not offering new ones).

I think also Canadian Western Bank might have some competitive rates but the money is not so liquid and their might be fees involved. Might be worth it to check out the details on their website.
Newbie
Oct 18, 2019
54 posts
52 upvotes
I currently have a Tangerine Business Savings Account and my 6-month promo rate of 2.25% ends this week after which I'll revert to the standard rate of 0.80%.

I'm currently looking at Wealthsimple Save for Business which offers 2.00% but I'm guessing this is a fundamentally different beast since funds are not insured by CDIC but rather CIPF (up to $1M).
Deal Fanatic
Oct 7, 2007
8384 posts
4349 upvotes
Samiracle wrote: I currently have a Tangerine Business Savings Account and my 6-month promo rate of 2.25% ends this week after which I'll revert to the standard rate of 0.80%.

I'm currently looking at Wealthsimple Save for Business which offers 2.00% but I'm guessing this is a fundamentally different beast since funds are not insured by CDIC but rather CIPF (up to $1M).
I am in the same boat. Tangerine will not renew the offer so I will be moving the funds to a HISA within a brokerage like TDB8150 or AAT770 both which pay 1.6%. It is not ideal but the liquidity is there and this may be a good place to "wait and see" for any savings account or GIC promotions that may be coming down the road.
Member
Sep 8, 2010
300 posts
43 upvotes
Chambly
Also looking for this. What’s difference if cidc insured vs cipf?
Deal Fanatic
Oct 7, 2007
8384 posts
4349 upvotes
You could google both terms but I believe CDIC applies more to products sold by banks where you can have RRSP's, TFSA's, savings accounts, etc. and really insures up to $100k per person per product in certain investments like savings accounts and GIC's.

CIPF, I believe, applies to cash held in a brokerage account. Investments that carry market risk would not be covered by CIPF in a brokerage account.
Member
Sep 8, 2010
300 posts
43 upvotes
Chambly
Yes I googled the terms, but i meant is one less secure than the other?
Deal Addict
May 12, 2014
2919 posts
2674 upvotes
Montreal
mcu wrote: Also looking for this. What’s difference if cidc insured vs cipf?
CDIC: you get your money back (ie $0 loss). Max $100,000
CPIF: you get your stuff back (ie tough luck if the shares lost value because of bankruptcy, fraud, fluctuations,...). Max $1,000,000



After continuing my research, I think I'll use the Purpose ETF for my corporate cash balances (ticker PSA, yield 2.1%).
Member
Sep 8, 2010
300 posts
43 upvotes
Chambly
My issue is that most of my available cash is in USD. Right now I have it at Interactive Brokers which pays 1.28% down from 1.6% a couple months ago. Looking for something better and safe.
Deal Fanatic
Oct 7, 2007
8384 posts
4349 upvotes
mcu wrote: My issue is that most of my available cash is in USD. Right now I have it at Interactive Brokers which pays 1.28% down from 1.6% a couple months ago. Looking for something better and safe.
You may need to watch the fine print on how insurance applies to USD funds. I believe not all products in US funds are covered the same way as CAD funds are.

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