Savings account with good interest and withdrawal not restricted.

EQ Bank, with a current rate of 2.3%, but since 2016, new accounts are limited to $100,000 in deposits.

If you don't currently have business with Tangerine, then new clients are given 2.4% for 6 months.

fastlayne wrote: ↑ EQ Bank, with a current rate of 2.3%, but since 2016, new accounts are limited to $100,000 in deposits.

If you don't currently have business with Tangerine, then new clients are given 2.4% for 6 months.

sounds good. Do we have the flexibility to withdraw when needed?

Both you can withdraw as you desire, they are just normal unrestricted savings accounts.

It could take 2-3 days to withdraw a large amount from a Tangerine savings account into a chequing account at another bank. It moves instantly from a Tangerine savings account to a Tangerine chequing account.

It may take 5-7 business days to withdraw a large amount from EQ Bank into an account at another bank. For EQ, I would start the withdrawal earlier to be sure it gets out when you need it. It's just slower, it's not restricted.

Keep an eye on the rate at Simplii Financial (formerly PC Financial) starting in March. They had a promotional rate of 3% offered till the end of February 2018. No one knows what they may offer after that. It will take 3-4 days to move money from a Simplii Financial savings account to a chequing account at another bank. It takes one business day to move from a Simplii Financial savings account to a Simplii Financial chequing account.

Oaken Financial also has a reasonable savings account rate (1.5%). It can take 5 business days to transfer from an Oaken savings account to a chequing account at another bank.

Do not put more than $100 000 in one account though if you want to be protected by CDIC insurance (at any bank). You can hold more than 100 000 and keep it insured by CDIC if you use a combination of personal and joint accounts. Read the details on the CDIC website.

Congrats on saving for your home!