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  • Dec 25th, 2008 9:28 am
[OP]
Deal Fanatic
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Oct 23, 2003
8290 posts
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TD vs ING savings

im looking to start building up a 2-3 year savings account for a future apartment down-payment.

at the interest rates alone, ING beats TD by 1% in regular savings accounts but i was wondering if starting a TFSA would also be beneficiary or not.

I understand some basics of the 2 accounts but for pure savings (no withdrawals), which would be the better way to go.

ING/ TD and full savings acct or a combo of savings with the tax free accounts?

i was perhaps thinking ING for savings and TD for the TFSA (i have chequing with TD already)

thoughts and suggestions more than welcome. Thank you.
18 replies
Member
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May 15, 2007
479 posts
2 upvotes
So it has to be the ING/TD combo? I figure if you are looking to ING for savings you might as well get the most in your savings and go with the bank that pays the most such as People's Trust, HSBC Direct Savings, PCF, CTFS, etc...all of which pay more than ING and some even allow online bill payments.

If you dont plan on touching your savings then maybe you might want ot consider putting it into a GIC...there are some that pay just a tad more than the highest savings account.

Btw, not sure if you got the deal from TD but they currently have a 3.50% promo savings account (which can be accessed like a chequing account for anything) until March 2009. I got the promo in the mail but havent used it yet since other banks are offering better rates right now. I am a bit lazy right now to find my original post here on RFD about it sorry.

There are a bunch of us here on RFD who are high-interest chasing hoes where we will move our cash from bank to bank in a heartbeat who will gives us just the slightest increase....no bank loyalty at all :twisted:

You will be getting some great advice in this thread soon enough. Cheers. :razz: :razz:
Newbie
User avatar
Jul 15, 2003
62 posts
Vancouver, BC
This thread caught my eye as I have also been looking to park some money into a savings account to build up some interest. I was looking into People's Trust (esp since they are based in Vancouver) which offers 4% on a regular savings account but I've always dealt with TD...currently I have a savings account with TD at 2.25%. Does anyone have opinions/comments on People's Trust? (i.e. can you trust them! :cheesygri

Also, I never got that TD promo of 3.5% in the mail! is it something I can ask about or do you need the flyer?
Member
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Jan 29, 2007
374 posts
33 upvotes
i-doc wrote: [...]I have a savings account with TD at 2.25%.[...]
Also, I never got that TD promo of 3.5% in the mail! is it something I can ask about or do you need the flyer?
TD lowered their GIA rate to 1.75% recently (see: TD Lowers GIA interest rate), with the bonus, that makes 3% now. Apparently you need to have received the offer to qualify for the bonus. I only got one notice online, no hardcopy offer. If you call they can tell you if you qualify.
Deal Addict
Apr 14, 2007
2924 posts
412 upvotes
Montreal
You could open up an HSBC savings account (online) for 3.75% which is the highest rate going and open up a TFSA account.

Remember with TFSA you can open any amount of accounts but you're limited to $5000.
[OP]
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Oct 23, 2003
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thing is though the higher the rate, the more desperate the bank might be and especially in these crappy financial times...can you really trust a smaller bank when even the big ones have problems.

i think between 2-3% is a decent rate at the moment...4% and up to me is iffy.
Deal Addict
Nov 18, 2008
3271 posts
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Buggy166 wrote: thing is though the higher the rate, the more desperate the bank might be and especially in these crappy financial times...can you really trust a smaller bank when even the big ones have problems.

i think between 2-3% is a decent rate at the moment...4% and up to me is iffy.
Only reason why I'll still play the game is that there's CDIC insurance. Yes I've thought that a bank that's really desperate would only offer 4% interest to get as much money as possible. Yeah, I know people will say CDIC insurance claims could take a long time in such a rare case. I still believe that putting your money in a big bank if there's a 0.25 or 0.5% difference is a better idea, but when we're talking 2% gaps I'll take the risk. There was a time when RBC eSavings was paying more than 4% and now it's at 2.5%.

And yes, I'd trust the stability of a bank like HSBC over the Big 5. But definitely not for Citizen's or People's Trust.
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Mar 23, 2004
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Markham
Buggy166 wrote: thing is though the higher the rate, the more desperate the bank might be and especially in these crappy financial times...can you really trust a smaller bank when even the big ones have problems.

i think between 2-3% is a decent rate at the moment...4% and up to me is iffy.
they have been 4% for quite sometime already, so i think it should be fine. And no 2-3% is NOT a decent rate.
Member
Jul 21, 2006
364 posts
5 upvotes
I could never trust a bank (people's trust) that is offering saving account rate that is above prime.
Deal Addict
Nov 11, 2004
3328 posts
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Ottawa
LoL i never heard about this peoples trust bank account until toay while i was reading the forums.


I then visited there website. I would never put my $ into a site that looks that cheap. I could make a better looking site with in a few hours.

Im a strong beleiver in ING bank, They are top of the crop when it comes to stability, and easy to use.

I would diffently recommend going with ING
Moderator
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Mar 23, 2004
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jchanq wrote: I could never trust a bank (people's trust) that is offering saving account rate that is above prime.
ilusa wrote: LoL i never heard about this peoples trust bank account until toay while i was reading the forums.


I then visited there website. I would never put my $ into a site that looks that cheap. I could make a better looking site with in a few hours.

Im a strong beleiver in ING bank, They are top of the crop when it comes to stability, and easy to use.

I would diffently recommend going with ING
CDIC insured. Nuff said.
Deal Addict
Nov 18, 2008
3271 posts
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angel_wing0 wrote: ..and u still ended up joing ppl's trust ;)
I said stability wise. They're insured with CDIC so the risk is acceptable with me. No way would I put over 100K in there though.
Deal Addict
Nov 18, 2008
3271 posts
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angel_wing0 wrote: that can be said for any canadian bank.
Not necessarily. My parents put well over that amount at TD and yet a very large portion is insured as it's spread over a few TD subsidiaries, such as Waterhouse, TD Bank, Canada Trust Co., TD Mortgage and the list goes on.

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