Personal Finance

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

Deal Expert
Jan 7, 2002
26740 posts
24181 upvotes
Waterloo, ON
Didds wrote: Even if you deposit with a cheque using mobile deposit? Because it shows in your account (with a hold, but it shows) right away. With Simplii anyway.
Once the deposit hits your account it starts earning interest, hold or no hold.

The hold is there just in case the cheque bounces. That has no bearing on whether interest is paid. [If it bounces then sure, the interest will be cancelled--as will the deposit itself.]
franklin777 wrote: Some banks may not process the transaction until the next business day if a deposit is made on a holiday or weekend. I know RBC will process but CIBC won’t.
That's no different than with paper cheques. At one point the banks had a cutoff time on Fridays, say 5pm. If the bank was open late (TD/CT to 8pm) they'd accept the cheque after the cutoff time but it wouldn't be deposited in their system until Monday (or this weekend on Tuesday.) In that case interest would only start to accrue on the date of deposit. I don't know if it still works that way since I haven't deposited a paper cheque in eons.
veni, vidi, Visa
Deal Addict
May 21, 2004
2921 posts
2182 upvotes
GTA
bylo wrote: If you're so concerned that Simplii is ripping you off then you need to do something about it rather than just bitch about it. First confirm that they're really ripping you off, then escalate to the media and/or the federal banking regulators to get it fixed.

As for not paying interest on holidays, that would be highly unusual if not also highly illegal.
What they are doing is underhanded but it is disclosed in the fine print and is legal. That's why I post with intention of forewarning others to their practice.
Deal Expert
Jan 7, 2002
26740 posts
24181 upvotes
Waterloo, ON
Britex wrote: What they are doing is underhanded but it is disclosed in the fine print and is legal. That's why I post with intention of forewarning others to their practice.
I understand. I'm simply suggesting that if you want to ensure that this is exposed to a much wider audience than RFD, go to the media like G&M or CBC. If you do that there's even the possibility that it triggers a class-action. But even just some coast-to-coast-to-coast bad publicity will have more effect on Simplii and CIBC than a thread on RFD.
veni, vidi, Visa
Sr. Member
Aug 16, 2005
717 posts
131 upvotes
franklin777 wrote: The math is straight forward but your number is incorrect.
Your 100k deposited Jan 1st and withdrawal Jan 31st, total period of 30 days. Total interest = 100K * 5% * 30/365 = $411.
There is indeed some variance. Jan 1 2023 is New Year holiday and a Sunday, Jan 2 2023 is also a holiday thus your deposit period is only 28 days instead. Don't blame HSBC staff why they couldn't do better since not everyone can get it right.
Oops. Thanks for the correction. i made a mistake with the number of days collecting interest. (month of Jan).
Newbie
Jul 6, 2011
81 posts
62 upvotes
toronto
Hey everyone,

Im on Tangerine and my promo just ran out. I'm only sitting at 1% right now, with no offer of increasing it through my Insights. Can anyone recommend an available HISA?
Sr. Member
Oct 7, 2013
646 posts
388 upvotes
RFDDakine wrote: Hey everyone,

Im on Tangerine and my promo just ran out. I'm only sitting at 1% right now, with no offer of increasing it through my Insights. Can anyone recommend an available HISA?
Just call Tangerine and see if they'll give you something new

Don't know unless you ask

Are you not linked to any other accounts presently?

If you decide to/have to move funds I would suggest maybe EQ until you get things sorted?
Member
Dec 11, 2009
443 posts
60 upvotes
Toronto
RFDDakine wrote: Hey everyone,

Im on Tangerine and my promo just ran out. I'm only sitting at 1% right now, with no offer of increasing it through my Insights. Can anyone recommend an available HISA?
I'm in the same boat, and called them. They offered me 3.25%
I'm going to wait till the 5th to see if they make this offer "4.75% starting January 5. Ends May 31." tangerine-interest-rate-lottery-thread-2061002/324/
If not I'll transfer over to EQ at 2.5%
Deal Fanatic
Jan 21, 2014
7032 posts
4475 upvotes
quick72toy wrote: I'm in the same boat, and called them. They offered me 3.25%
I'm going to wait till the 5th to see if they make this offer "4.75% starting January 5. Ends May 31." tangerine-interest-rate-lottery-thread-2061002/324/
If not I'll transfer over to EQ at 2.5%
I called to move my money out on Thursday because leaving money there will get me 1% for Jan 1 - 4. The rep too offered me 3.25% , but I have to take that right away, losing 3 days of my current 4.3% ending Dec 31. But my other bigger concern was if they still offer me 4.75% if I took 3.25% for 5 months. So I declined the offer and moved my money to ML yesterday for 4.5%. When the money is not on hold and I have Tangerine 4.75% offer, I will move it back
Newbie
Jul 6, 2011
81 posts
62 upvotes
toronto
mkl38s wrote: I called to move my money out on Thursday because leaving money there will get me 1% for Jan 1 - 4. The rep too offered me 3.25% , but I have to take that right away, losing 3 days of my current 4.3% ending Dec 31. But my other bigger concern was if they still offer me 4.75% if I took 3.25% for 5 months. So I declined the offer and moved my money to ML yesterday for 4.5%. When the money is not on hold and I have Tangerine 4.75% offer, I will move it back
what bank is ML?
Newbie
Jul 6, 2011
81 posts
62 upvotes
toronto
mkl38s wrote: I called to move my money out on Thursday because leaving money there will get me 1% for Jan 1 - 4. The rep too offered me 3.25% , but I have to take that right away, losing 3 days of my current 4.3% ending Dec 31. But my other bigger concern was if they still offer me 4.75% if I took 3.25% for 5 months. So I declined the offer and moved my money to ML yesterday for 4.5%. When the money is not on hold and I have Tangerine 4.75% offer, I will move it back
Are you getting the 4.5% from the Manulife TSFA account? If so, does interest accrue daily and there is no need to lock in the money for 1-year? Reason I ask is because on their website, it says you get an "investment certificate" if you deposit money.
Deal Fanatic
Jan 21, 2014
7032 posts
4475 upvotes
RFDDakine wrote: Are you getting the 4.5% from the Manulife TSFA account? If so, does interest accrue daily and there is no need to lock in the money for 1-year? Reason I ask is because on their website, it says you get an "investment certificate" if you deposit money.
No just from regular HISA. I opened account back in September and that time, they only offered 3.75%, so I had my money with Scotia & Tangerine instead. but they have now raised their basic rate to 2.75% and with 1.75% bonus, it became 4.5%. I totally forgot about them, else I would have moved my money their sooner instead of 4.3% at Tangerine. Anyhow, I only have till end of the month. Right now, I am hoping they have another promotion soon so we can park our money their after Tangerine promotion over while waiting a month for them to give us a better rate
Deal Addict
Apr 10, 2011
3463 posts
3971 upvotes
GVRD
If someone chooses a 1-YEAR GIC, that I assume compounds monthly, is the interest part of this tax year or all interest is pushed to next tax year?

I think I read that a Cashable 1-Year GIC does have interest in the current tax year because it is cashable at any time.
Newbie
User avatar
Nov 30, 2021
86 posts
66 upvotes
michaelr16 wrote: Got this e-mail from BMO today. Looks like they are trying to target customers who got the 4.75% promo rate from Tangerine back in November. I might bite the bullet and transfer some money to BMO so I don't exceed the CDIC limit at Tangerine. I can't find this on the BMO website so this promo rate might be targeted.

Give yourself more savings this season because, when you're saving towards a goal, more is better than less. Get a special up to 4.85%1 interest rate on any new money2 deposited into your BMO Smart Saver Account until April 15, 2023*. It's an easy way to make real financial progress and realize your dreams.

* Terms and Conditions
From December 15, 2022 until April 15, 2023 (the "Promotional Period") earn bonus interest rate of 4.05% (the "Bonus Interest Rate") on New Money (defined below) up to $1,000,000 deposited into your BMO Smart Saver Account (the "Account"). The Bonus Interest Rate is per annum.
1 As of December 15, 2022, the Total Interest Rate is 4.85% on New Money and is a combination of the posted interest rate of the Smart Saver account available online at bmo.com/rates plus bonus interest rate (0.80% + 4.05%). The posted interest rate is subject to change at anytime without advance notice. Any changes to the posted rate will reflect in the Total Interest Rate calculation on your eligible balance and paid to your Account during the Promotional Period.
Just got the first bonus interest payment with the description of BONUS INTEREST NEW MONEY OFFER on top of the base interest paid in the end of last month.
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Member
Apr 9, 2012
224 posts
135 upvotes
Cryptos wrote: Just got the first bonus interest payment with the description of BONUS INTEREST NEW MONEY OFFER on top of the base interest paid in the end of last month.
Same. I did the math and can confirm that the standard + bonus interest was paid out correctly. Now that I know there are no issues, I will be transferring some money from Tangerine to BMO so that I don't exceed the CDIC limit.
Deal Expert
Jan 7, 2002
26740 posts
24181 upvotes
Waterloo, ON
RxMills wrote: If someone chooses a 1-YEAR GIC, that I assume compounds monthly, is the interest part of this tax year or all interest is pushed to next tax year?
A one year GIC accrues and pays interest annually, not monthly. So the interest you get will be the advertised rate times the principal.

If you bought this GIC in 2022 then you won't receive any interest until the anniversary date in 2023. That interest will be taxable in tax year 2023 and tax on it won't be payable until the end of April 2024.
I think I read that a Cashable 1-Year GIC does have interest in the current tax year because it is cashable at any time.
Only if you cash it in the current tax year. If you bought a cashable one year GIC in 2022 and cashed it in 2023 then all the interest would be paid in 2023, taxable as above. If you cashed it in 2022 then you'd have gotten the interest (and principal) by now. Tax on that interest would be due end of April 2023.
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