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

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.

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.

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,

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 :-

I updated the list. Hubert happy savings is now 3.25%, removed national bank promotion as it expired on Dec 13th.

HSBC increased the base i.r. to 1.05 and 1.55%, so the HRSA is upto 5.05% now.

https://www.hsbc.ca/bank-with-us/todays-rates/#personal

Can someone update Saven, their rates jumped to 3.75% a few weeks back and Motus is upto 2.50%?

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.

Got an email last night from Simpli offering 5% until April 30th on new deposits

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.

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?

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.

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.

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.

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).

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?

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."

lingecw wrote: ↑ HSBC increased the base i.r. to 1.05 and 1.55%, so the HRSA is upto 5.05% now.

https://www.hsbc.ca/bank-with-us/todays-rates/#personal

Is this part of the promo ending Jan 27?

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".

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.