Personal Finance

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

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Mar 23, 2004
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djino wrote: I can't confirm (well I haven't confirmed that).

But, Anyone can easily obtain a free chequing account with RBC. The chequing account I'm referring too is the Day to Day Banking account. This account gives you 15 transactions and is priced at $4/month.

So how is this free?

Well if you open up one an investment product (RRSP, TFSA/etc) and open up one of their Rewards Visa's (I have the RBC Gold Visa that has no annual fee) and deposit at least $1 into the investment account you choose, then they apply a $4/month rebate on your Checking account. Making the Day to Day Banking Chequing account free.

Hook up the RBC High Interest eSavings with that, and yer set.

djino
those are quite some hoops to jump thru to get 15 free tranactions a months..i m just saying~
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Feb 24, 2008
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angel_wing0 wrote: those are quite some hoops to jump thru to get 15 free tranactions a months..i m just saying~
Well the point was in response to the discussion on RBC's High Interest eSavings account. In that you are required to have a chequing account. So for those who are in need of this account could get the Day to Day Chequing account with no additional cost with 15 transactions included at a B&M bank.

djino
"Understood the trouble to get it may not be worth it, only stating that its a free option"
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Nov 10, 2005
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Ottawa
angel_wing0 wrote: scotia dropped to 2.25%.
You are just the bearer of good news. :P Speaking of which, I cannot find a decent GIC rate any more.
RFD 15 73H 1337
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matradley wrote: You are just the bearer of good news. :P Speaking of which, I cannot find a decent GIC rate any more.
What can u really expect from a big 5 bank savings?!

sbi/icici has pretty good rates, 2 years at 3.5%..thats the best one so far.
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Feb 10, 2009
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How does the anniversay bounus on the PCF account work? Does the bonus stay there for the duration of the year or is it a one month bonus?
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myapartment wrote: How does the anniversay bounus on the PCF account work? Does the bonus stay there for the duration of the year or is it a one month bonus?
it just gets credited into your account on your anniversary date..but dont worry, it's not alot.
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Aug 26, 2005
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Coquitlam
BMO smart saver 2.25%
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Feb 2, 2009
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Toronto
Jeebus, when I got that account just 3 weeks ago, it was 2.75...
Newbie
Jun 1, 2007
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Toronto
I have savings account with ING. But since they have reduce the rate to 2.3% I want to open HSBC and take advantage of 3.5% till March 16. Is there anyway, I can move my money directly from ING to HSBC? From the application process, it looks like I have to move it from ING to CIBC and then CIBC to HSBC.
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samir805 wrote: I have savings account with ING. But since they have reduce the rate to 2.3% I want to open HSBC and take advantage of 3.5% till March 16. Is there anyway, I can move my money directly from ING to HSBC? From the application process, it looks like I have to move it from ING to CIBC and then CIBC to HSBC.
yes, connect the accounts via ing online, then send your hsbc stmt to ing and that should be it.
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Jun 1, 2007
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Toronto
angel_wing0 wrote: yes, connect the accounts via ing online, then send your hsbc stmt to ing and that should be it.
What do you mean by connect the accounts via ing online? ING website doesn't have any opting connecting to banks without sending them a cheque. And HSBC requires the same.

Can you describe whats the process?
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samir805 wrote: What do you mean by connect the accounts via ing online? ING website doesn't have any opting connecting to banks without sending them a cheque. And HSBC requires the same.

Can you describe whats the process?
pm octavius...he will know. I m not an ing client. afaik ing accept bank statements to connect accounts not just void cheques unlike pcf.
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samir805 wrote: What do you mean by connect the accounts via ing online? ING website doesn't have any opting connecting to banks without sending them a cheque. And HSBC requires the same.

Can you describe whats the process?
You can link in two ways. Either you link ING within HSBC or HSBC within ING.

1) Link your HSBC within ING.

Log into your ING Account online.
Click the Tab "My Info and Options".
Choose "Links to External Accounts".
You should then see a list of your preexisting accounts linked to ING.
Click the "ADD" button.
Follow the directions.

I cannot recall the last time I did this, but I believe you may need to also send ING a void cheque from your HSBC Account. The Direct Savings account does provide you with Void Cheques. You will need to speak with your Account Manager. Call HSBC regular customer service line and ask the Rep for who your Account Manager/Phone number. This person will be in Vancouver so you will need to speak to them during normal PST Business Hours. A Week later you should receive 4 of them in the mail to send to ING.

AND/OR 2) Link ING within HSBC.

Log into HSBC online.
Click "Transfers"
Click "Transfer between HSBC accounts and other Canadian Banks"
Click "Add an Account"
Follow the directions.

This will involve you sending an ING paper statement to HSBC along with the Bank to Bank transfer form.


What are the advantages of doing both 1) and 2)?

Initiating the transfer from the sending bank account means the receiving bank will NOT hold the funds (ie.. You wish to send money from HSBC to ING - You would log into HSBC to initiate transfer to ING). If you initiate the transfer from the receiving account, the receiving bank will hold the funds for 5-10 business days.

djino
"Hope that makes sense."
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Jan 20, 2009
491 posts
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Ontario
djino wrote: I cannot recall the last time I did this, but I believe you may need to also send ING a void cheque from your HSBC Account. The Direct Savings account does provide you with Void Cheques. You will need to speak with your Account Manager. Call HSBC regular customer service line and ask the Rep for who your Account Manager/Phone number. This person will be in Vancouver so you will need to speak to them during normal PST Business Hours. A Week later you should receive 4 of them in the mail to send to ING.

djino
"Hope that makes sense."
I tried to get the cheques from HSBC Direct but they refused to provide them. Yes, I read the other thread re how to go about getting them but the Account Manager was adamant.

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