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

derass wrote: ↑ Deposits are insured by the FSRA, so it's as safe as any other bank or credit union.

https://www.fsrao.ca/consumers/credit-u ... -insurance

Thanks for the info, but after i think about it again I think i would better put it on wealthsimple with bank stocks with divident(similar to interest) in my opinion and have the opportunity to go up since now all we are at low values

Just wondering who has the highest interest rate now. Currently with BMO at 5% I believe, if I could match that interest that would be great. Tangerine I signed up 5 years ago but closed my account but they said I can't avail of there 5% offer simpli won't give me any offers called them. Any other options?

PadraigO857 wrote: ↑ Just wondering who has the highest interest rate now. Currently with BMO at 5% I believe,

Where are you seeing 5% at BMO?

Apologies it was HSBC and it expires the end of January

PadraigO857 wrote: ↑ Apologies it was HSBC and it expires the end of January

HSBC is notorious for bait and switch promo offers. Be very careful dealing with them. Almost never is it worth it.

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 got the 4.75% until May 31 offer from Tango*. .. just seen it today.
had no funds anyways. :-(



*Tangerine

What's Tango?

MichaelZZZ wrote: ↑ What's Tango?

Tangerine. Aka TangerING, TING, TANG, et al.

Tangerine keeps reversing my large deposit from Tangerine to HSBC, even though I successfully linked the account. Any ideas why?

Albertan wrote: ↑ Tangerine keeps reversing my large deposit from Tangerine to HSBC, even though I successfully linked the account. Any ideas why?

If it is a push from Tang, then the most likely reason is name mismatched.
Other reason could be daily limit which is kinda rare.

LOL808 wrote: ↑ If it is a push from Tang, then the most likely reason is name mismatched.
Other reason could be daily limit which is kinda rare.

Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

Albertan wrote: ↑ Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

You're going to have the same problems getting that money out....

Albertan wrote: ↑ Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

They even have a song for that. It called Hotel Hongkong. The lyrics include:

..."Relax, " said the chat gal
"We are programmed to receive
You can checkeTransfer out any time you like
But you can never leave"

Albertan wrote: ↑ Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

Doesn't makes sense for a bank, whatever bank, to not support EFT transfers.

Albertan wrote: ↑ Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

write yourself a cheque

wyho007 wrote: ↑ Doesn't makes sense for a bank, whatever bank, to not support EFT transfers.

No local bank or credit union will support a $500K EFT. The risk is too high if the account is hacked.

DisneyKruze wrote: ↑ No local bank or credit union will support a $500K EFT. The risk is too high if the account is hacked.

Then the sending bank would have limited the EFT maximum out going amount, but shouldn't claim "HSBC doesn't support EFT".

wyho007 wrote: ↑ Then the sending bank would have limited the EFT maximum out going amount, but shouldn't claim "HSBC doesn't support EFT".

HSBC no longer support EFT IIRC in the sense that EFT transfer cannot be initiated from HSBC.

HSBC used to allow EFT several years back.

PadraigO857 wrote: ↑ Just wondering who has the highest interest rate now. Currently with BMO at 5% I believe, if I could match that interest that would be great. Tangerine I signed up 5 years ago but closed my account but they said I can't avail of there 5% offer simpli won't give me any offers called them. Any other options?

unsolicited, Simplii offered my 5.00% on any new fund into my then-empty HISA ... I guess to entice me to shovel some funds their way?

Albertan wrote: ↑ Thanks. The HSBC chat gal said "Please be informed that HSBC does not support EFT transfers. You may do a wire transfer or INTERAC eTransfer instead." Trying to move about $500K.

HSBC certainly does support receiving a push EFT from Tangerine, at least to a Premier Chequing account. I've done it in the past and recently. What type of HSBC account were you trying to transfer into? Maybe it's not allowed directly to a savings account, and there was a miscommunication about that between the agent and you.

Normally banks will accept an EFT of any large amount from another bank, although they will likely put the amount on hold for up to a week. They restrict the amount you can send out by EFT (a push from their side) because they are responsible for verifying that transaction. Usually if it's over $50K they make you call in and verify your identity with an agent before they will override the limit.