Personal Finance

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

Deal Fanatic
Aug 25, 2010
5257 posts
1206 upvotes
I'm retired and had my RRIF in XGRO. Sold and will use DYN6000 (4.15% on 100K+) and Scotia Bank 1 year GIC (AA) at 5%. I'll probably go half and half to have some flexibility if/when the markets pick up again.
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
JustBob wrote: I'm retired and had my RRIF in XGRO. Sold and will use DYN6000 (4.15% on 100K+) and Scotia Bank 1 year GIC (AA) at 5%. I'll probably go half and half to have some flexibility if/when the markets pick up again.
It sounds like you may be a Scotia customer directly. If so, you might want to use DYN6004 instead of DYN6000, which has been reported to be available via iTrade. It currently pays 4.25 instead of 4.15.
Deal Addict
Jul 7, 2013
1225 posts
1566 upvotes
Hubert:
December 19, 2022
High-interest Savings 3.25%*
Variable Rate (TFSAs, RRSPs, and RRIFs) 3.25%*
Non-Registered Terms (TFSAs, RRSPs, and RRIFs)
One-Year Quarterly Term 4.60%*

FYI, not a everyday banking FI, set up to park your $$. Not an expert - got the tip from PP <3 about this FI.

cheers,
:)
Newbie
Nov 7, 2022
6 posts
3 upvotes
Does anyone have Scotia Savings accelerator account?

What is the advantage of opening a Scotia Savings accelerator account in your TFSA?

It seems like the promo interest rate of up to 4.05% is only for a few months.

Wouldn't it be better to put the money into DYN6000?

New to the investment world :-
Sr. Member
Jan 24, 2013
501 posts
482 upvotes
Rainy River
I updated the list. Hubert happy savings is now 3.25%, removed national bank promotion as it expired on Dec 13th.
Deal Addict
Oct 13, 2008
1626 posts
2176 upvotes
Mississauga
Can someone update Saven, their rates jumped to 3.75% a few weeks back and Motus is upto 2.50%?
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CIBC, Tang and EQ
Member
Mar 17, 2008
446 posts
277 upvotes
Ontario
Just noticed that on BMOIL, their HISA rates are now 4.1% for C$ and 4% for US$.

Not happy with BMO/BMOIL for other reasons, but happy enough about storing cash at these rates.
Sr. Member
User avatar
Dec 12, 2005
899 posts
141 upvotes
The 905
Got an email last night from Simpli offering 5% until April 30th on new deposits
Deal Fanatic
User avatar
Nov 19, 2004
9139 posts
2045 upvotes
Cambridge, ON
jr! wrote: Got an email last night from Simpli offering 5% until April 30th on new deposits
Received that as well. Just be wary, the offer period is from the start of December and they take the average daily closing balance for each day in the offer period. So considering it is Dec 22 already, that means if you did not have anything in the account, you already have 22 days of zero that will be averaged in.

Edit: It does come to the same thing if you just add money today and only get interest from today forward. It still averages the zero days in, but no different than any other account if you had zero and just added money later.
Sr. Member
Aug 16, 2005
717 posts
131 upvotes
don242 wrote: Received that as well. Just be wary, the offer period is from the start of December and they take the average daily closing balance for each day in the offer period. So considering it is Dec 22 already, that means if you did not have anything in the account, you already have 22 days of zero that will be averaged in.

Edit: It does come to the same thing if you just add money today and only get interest from today forward. It still averages the zero days in, but no different than any other account if you had zero and just added money later.
I didnt get any emails from them - my family has 4 accounts with them. None of us have any significant amount there as of Dec 1. I wonder what the criteria is. I bet those who received promo had significant funds in the account as of the promo start date and they're going to use that "average" rule in getting around not paying promo bonuses.
Did you have any money in account as of dec 1?
Deal Expert
Jan 7, 2002
26740 posts
24181 upvotes
Waterloo, ON
markdweasel wrote: I didnt get any emails from them - my family has 4 accounts with them. None of us have any significant amount there as of Dec 1. I wonder what the criteria is. I bet those who received promo had significant funds in the account as of the promo start date and they're going to use that "average" rule in getting around not paying promo bonuses.
Did you have any money in account as of dec 1?
No apparent rhyme or reason. I last got a promo from Simplii at least two years ago. Since that promo ended I've had less than $1 in the account and no other activity with Simplii. I've been waiting for a new offer and they've been ignoring me.

Suddenly today I got the new 5% offer. Nothing in between. So why now? And why today, rather than earlier in December when the offer supposedly began?

And FWIW my money is already committed elsewhere. So now it's my turn to ignore them.
veni, vidi, Visa
Sr. Member
Aug 16, 2005
717 posts
131 upvotes
bylo wrote: No apparent rhyme or reason. I last got a promo from Simplii at least two years ago. Since that promo ended I've had less than $1 in the account and no other activity with Simplii. I've been waiting for a new offer and they've been ignoring me.

Suddenly today I got the new 5% offer. Nothing in between. So why now? And why today, rather than earlier in December when the offer supposedly began?

And FWIW my money is already committed elsewhere. So now it's my turn to ignore them.
Makes no sense. they really screwed me with the promo interest due to the fine print on the "average" balance. I signed up for an original promo back in July then transferred money in sep when they bumped their rate beating Tangerine. I ended up getting nothing in interest due to the account having funds on july 1.
Not happy one bit.
Deal Fanatic
User avatar
Nov 19, 2004
9139 posts
2045 upvotes
Cambridge, ON
markdweasel wrote: I didnt get any emails from them - my family has 4 accounts with them. None of us have any significant amount there as of Dec 1. I wonder what the criteria is. I bet those who received promo had significant funds in the account as of the promo start date and they're going to use that "average" rule in getting around not paying promo bonuses.
Did you have any money in account as of dec 1?
These lottery offers are always annoying. I get some, and some I don't. There doesn't seem to be any reasoning behind them. I had most everything cleared out of the account, except for $2k that I was slowing moving. I am going to go with this one since I didn't get any of the promos from the other banks this time around.
Deal Fanatic
User avatar
Aug 10, 2008
6863 posts
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don242 wrote: Received that as well. Just be wary, the offer period is from the start of December and they take the average daily closing balance for each day in the offer period. So considering it is Dec 22 already, that means if you did not have anything in the account, you already have 22 days of zero that will be averaged in.

Edit: It does come to the same thing if you just add money today and only get interest from today forward. It still averages the zero days in, but no different than any other account if you had zero and just added money later.
The wording I see is this: "For Eligible Savings Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at No‍vember 30, 20‍22". Similar wording as previous promotions.

The wording of "average daily closing balance", it's not the daily balance averaged throughout the entire offer period from Dec 1 to Apr 30, right? That would be ridonc! LOL!

Maybe strikeout your original comment of "you already have 22 days of zero that will be averaged in", so lunkheads like me aren't fooled by it.
markdweasel wrote: Makes no sense. they really screwed me with the promo interest due to the fine print on the "average" balance. I signed up for an original promo back in July then transferred money in sep when they bumped their rate beating Tangerine. I ended up getting nothing in interest due to the account having funds on july 1.
Not happy one bit.
Isn't this how it works for TING and EQ as well? You had money in there when they took the snapshot at the start of the promotion on July 1st, so even though you enrolled in the offer in Sept, it's still only applicable on the amounts above your balance that was noted on July 1st.

FWIW, I had a 3% offer from July 1, 2022 to Oct 31, 2022, and then mid-way the bumped it up to 3.85% and applied it retroactively to my earlier daily balances. But I moved my money to TING when they gave me a 4.30% offer, which runs till Dec 31st. After I moved my money out of Simplii, I still got the expected payout for having some money in Simplii for about a month, and they paid that accrued daily interest to my account on Nov 17th. Anyways, I moved it all out and had a $0 balance in the account on Nov 30th. Today I got the 5% promo which is good timing for me as the TING offer is expiring next week. Time to call TING to get a human to transfer the funds to Simplii (I need to move more than the daily online maximum of $25,000).
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Newbie
Dec 21, 2022
1 posts
1 upvote
Hi,

So what does that mean? I got the offer too. Let's assume I had 10K in my savings on Nov 30th and tomorrow I deposit another 100K to bring my savings balance to 110K. Do I get a 5% interest rate on 100K until April 30th?

If not, what would the interest rate be in this situation?

I'm wondering if I should just leave my money in EQ.

Thoughts?
Member
Feb 3, 2011
293 posts
77 upvotes
Calgary
I have the existing tangerine 4.25% offer ending in December 31. Just got this email:

"secret’s out. A new special Savings rate is coming your way!

Very soon, you’re going to be able to earn a 4.75% special interest rate on all of your eligible non-registered Savings balances of up to $1,000,000 combined*!



Here’s what you need to know:

1. Look out for a message from us dropping in your inbox on January 5, 2023.

2. In that email, activate your offer to earn your special rate.

3. To make the most of your special rate, just keep your money right where it is."
Deal Addict
May 21, 2004
2921 posts
2182 upvotes
GTA
For people considering the Simplii offer, I'm reposting my prior message with modified deposit dates to illustrate when you make your deposits makes no difference. As well, please take note of @don242's comment of them average some zero days at the start of the promo as that is a huge deal. Simplii has really outdone themselves to be the scummiest bank.

I'll give a simplified example to better illustrate how Simplii is screwing their customers. Let's say they are giving 5% interest for a mere 10 day promo and it begins on Day 1 and ends on Day 10. The account balance is as follows:
Day 1: $5,000
Day 2: $0
Day 3: $10,000
Day 4: $0
Day 5: $15,000
Day 6: $0
Day 7: $20,000
Day 8: $0
Day 9: $0
Day 10: $0

Under the previous shady rule of only paying for "new money", they take a snapshot on Day 1 so only amounts over $5,000 will get the bonus. Under their newest shady rule of paying the average balance, that would mean ($5,000 + $10,000 + $15,000 + $20,000) divided by 10 days. So that's $50,000 / 10 = $5,000 and so you get ZERO bonus interest.

In comparison, if they only use their original shady rule of taking a snapshot:
Day 1: ($5,000 - $5,000) * 0.05 / 365 = $0
Day 3: ($10,000 - $5,000) * 0.05 / 365 = $0.68
Day 5: ($15,000 - $5,000) * 0.05 / 365 = $1.37
Day 7: ($20,000 - $5,000) * 0.05 / 365 = $2.05

So there you have it, the difference is getting $0 versus $4.10 even with their shady practice of only paying on "new money".
Deal Addict
May 21, 2004
2921 posts
2182 upvotes
GTA
bizee-bee wrote: The wording of "average daily closing balance", it's not the daily balance averaged throughout the entire offer period from Dec 1 to Apr 30, right? That would be ridonc! LOL!

Maybe strikeout your original comment of "you already have 22 days of zero that will be averaged in", so lunkheads like me aren't fooled by it.
Fooling people is exactly what that verbiage is for. Don't think for a second they aren't trying to screw you over.

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