Personal Finance

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

Jr. Member
User avatar
Jun 11, 2008
185 posts
146 upvotes
Brampton
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
Newbie
Nov 8, 2014
5 posts
2 upvotes
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?
Deal Addict
User avatar
Jul 29, 2013
1783 posts
1530 upvotes
Ontario
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?
Sr. Member
Jan 26, 2020
692 posts
174 upvotes
Canada
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.
Deal Addict
User avatar
Jun 23, 2017
1456 posts
991 upvotes
Toronto, ON
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
Last edited by 905P4N6 on Jan 18th, 2023 10:37 am, edited 2 times in total.
Deal Addict
Jan 13, 2007
1003 posts
121 upvotes
Tangerine keeps reversing my large deposit from Tangerine to HSBC, even though I successfully linked the account. Any ideas why?
Deal Fanatic
Jan 30, 2012
9875 posts
3124 upvotes
multi city dweller
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.
Deal Addict
Jan 13, 2007
1003 posts
121 upvotes
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.
Member
Aug 13, 2018
326 posts
362 upvotes
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....
Deal Expert
Jan 7, 2002
26740 posts
24181 upvotes
Waterloo, ON
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"
veni, vidi, Visa
Member
May 3, 2016
474 posts
58 upvotes
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.
Newbie
Feb 10, 2009
74 posts
21 upvotes
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
Sr. Member
Jun 15, 2015
963 posts
1180 upvotes
Thornhill, ON
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.
Member
May 3, 2016
474 posts
58 upvotes
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".
Deal Fanatic
Jan 30, 2012
9875 posts
3124 upvotes
multi city dweller
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.
Deal Addict
User avatar
Jun 23, 2017
1456 posts
991 upvotes
Toronto, ON
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?
Deal Fanatic
Jan 21, 2018
7826 posts
8512 upvotes
Vancouver
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.

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