'High Interest Savings Accounts'

[badbrass]

Originally Posted by EZM

Me too. I pay NOTHING for fees. Never. I am not sure what people are saying when they say $5/transaction ........ that seems ridiculous.

No Kidding! And you think how banks do it? Wow!

[MountainTi]

Originally Posted by EZM

Me too. I pay NOTHING for fees. Never. I am not sure what people are saying when they say $5/transaction ........ that seems ridiculous.

Same. No transaction fees.
TFSA accounts are far preferable to a savings account. Money always available and done right should be making 10% on them

[badbrass]

I appreciate that, I was looking into them today.
Maybe if a couple hundred grand was pulled out of the CU they might sit up and take notice.
Doubt it lol. But I will feel better knowing in 20 years that I have made $75,000 at 1.5% from another bank.

Well if your talking that kind of money! They should do it yesterday!!!! Unreal!

[badbrass]

Originally Posted by EZM

Me too. I pay NOTHING for fees. Never. I am not sure what people are saying when they say $5/transaction ........ that seems ridiculous.

To know you are paying that? Would not happen! Would be cash!

[roper1]

Originally Posted by EZM

Me too. I pay NOTHING for fees. Never. I am not sure what people are saying when they say $5/transaction ........ that seems ridiculous.

Maybe you think you don't pay fees.........

[tri777]

Originally Posted by roper1

Maybe you think you don't pay fees.........

Share more please..i seriously don't have any fees when using my debit card.

[roper1]

Originally Posted by tri777

Share more please..i seriously don't have any fees when using my debit card.

Think personal tax vs sales tax. You're paying it somewhere, it's just not showing on your statement as a fee. Large minimum balance, multiple accounts, some form of them being remunerated for you using their IT, tellers, building, infrastructure, etc. They're not in business cause they're good guys.

[badbrass]

Originally Posted by roper1

Think personal tax vs sales tax. You're paying it somewhere, it's just not showing on your statement as a fee. Large minimum balance, multiple accounts, some form of them being remunerated for you using their IT, tellers, building, infrastructure, etc. They're not in business cause they're good guys.

I have a checking account with CIBC! nothing more! No Fees! Nothing!

[roper1]

Originally Posted by badbrass

I have a checking account with CIBC! nothing more! No Fees! Nothing!

Interesting. Minimum balance ? Older account grandfathered in ? Senior's rate ?
I'm CIBC myself, I'd love to be fee-free.

[badbrass]

As posted above! 25 Years! No bank cost if I kept $1000.00 in account! Only with a checking account! And posted above I just asked if RCB would do the same, and they would. May move everything over, not sure! have all my investment with them!

[tri777]

Originally Posted by roper1

Interesting. Minimum balance ? Older account grandfathered in ? Senior's rate ?
I'm CIBC myself, I'd love to be fee-free.

I'm with RB, I watch all my statements extremely close for any little additional extras,
nothing sneaky is ever on account balance.

[roper1]

Originally Posted by badbrass

As posted above! 25 Years! No bank cost if I kept $1000.00 in account! Only with a checking account! And posted above I just asked if RCB would do the same, and they would. May move everything over, not sure! have all my investment with them!

Fair enough. 25 yr old account. Same account today is $2500 minimum. You know how much it costs you to have a grand sitting there ? The bank does, and they use it to make them lots. Not saying it's a bad deal, just very important to know it is absolutely not free.

[badbrass]

Originally Posted by roper1

Fair enough. 25 yr old account. Same account today is $2500 minimum. You know how much it costs you to have a grand sitting there ? The bank does, and they use it to make them lots. Not saying it's a bad deal, just very important to know it is absolutely not free.

If I can make $30.00 a month on $1000.00 I'm doing good!

[Ken07AOVette]

Originally Posted by roper1

Fair enough. 25 yr old account. Same account today is $2500 minimum. You know how much it costs you to have a grand sitting there ? The bank does, and they use it to make them lots. Not saying it's a bad deal, just very important to know it is absolutely not free.

$3500 must stay in the account to waive fees. And they are talking about increasing the minimum limit.

I dont like leaving a lot in the debit card account, it's just more to lose if someone finds my card.

The banks use all the money in their accounts to invest. They likely make 10% off our money and then charge everytime we look at our own money.

If money in a safe was insured it would be here, but it's not.

[roper1]

Originally Posted by tri777

I'm with RB, I watch all my statements extremely close for any little additional extras,
nothing sneaky is ever on account balance.

I own RBC shares, they better be getting some margin out of you somewhere..

[EdmontonEli]

just an opinion here. But that interest rate is just a gross number. Let's say, 2.5% interest. You earn 2.5% of w.e. your savings is. But you gotta minus inflation. Let's say inflation overall was 2.2% for the whole year. In addition, the taxes on that interest.

This is all assuming this in an non-registered account though.

As per best HISA? I would say EQ is the best out there. Easy to get money in and out from my experience. Plus, the highest of interest rates.

[roper1]

Originally Posted by Ken07AOVette

$3500 must stay in the account to waive fees. And they are talking about increasing the minimum limit.

I dont like leaving a lot in the debit card account, it's just more to lose if someone finds my card.

The banks use all the money in their accounts to invest. They likely make 10% off our money and then charge everytime we look at our own money.

If money in a safe was insured it would be here, but it's not.

Exactly Ken, they have an inside track on using your money. The big 5 are all doing their quarterly reporting. You guessed it, their high earners are the trading accounts. Our money, the swear filter. lol. You ever get a chance to work over a bank or insurance co, do it, we can't live our lives without them & they know it.

[badbrass]

OMG Ken! Check it out! If a Bank does not take you in! Wow! You are getting screwed big time!

[badbrass]

OMG my son does not pay fees like that! $10.00 a month if that!

[Ken07AOVette]

Originally Posted by badbrass

OMG Ken! Check it out! If a Bank does not take you in! Wow! You are getting screwed big time!

I'm not sure how to read that

[badbrass]

Try a different bank!

[badbrass]

Its only time! And thats what we got!

[badbrass]

let them know your total funds! Ask for no fee's or charges if not go somewhere else!

[canuckistanian]

I recently moved my emergency fund over to EQ bank in a TFSA account that currently pays out 2.3% interest. I have a TFSA and RRSP account with Questrade as well for investing but had quite a bit of excess contribution room available. If you have left over contribution room or don’t have a TFSA at all I would look into parking some into the EQ account but you should understand how withdrawals and contributions work in a given year. Having a half a million sitting in a bank account isn’t putting your money to work though but I don’t know your circumstances and maybe that suits your needs.

[CMichaud]

I have found Servus to be better than the main banks I have dealt with - and I have tried several of the big ones over the years.

With Servus, I have about 4-5 accounts. Some have fees if you exceed a certain number of transactions or have less than a certain balance. It is rare that I see a service fee despite conducting 99% of my banking/purchases online or via direct debit.

The Servus High Yield Savings paying at 0.1% currently. Better than the Personal Savings which is currently paying 0.01%

TD GICs are low as are all banks. In August, one year redeemable GIC was 0.4% In March, 14 month GIC@2.0%

Years ago I tried the e-banking route. IIRC correctly, it seemed like once they got you in the rates slowly eroded back to about what the other banks were. I was not a fan of them really.

[Ken07AOVette]

I got an interesting call yesterday from Servus.

The financial advisor told me that I could switch from the 'high yield savings' currently at .1% to a TFSA Term deposit at 5%.

She said, and I am waiting for the email for proof, that the only requirement is it stays in for at least 30 days before you earn interest. From there;
you can take out as much as you want without penalty,
interest in calculated daily,
0 risk 0 cost.
you are allowed $77,500 per person on the account to a max of $155,000 which would give you $7750.00 per annum or $21.23 per day compounded.

Now I know this is not a lot, but compared to HYS bs and thinking if a guy left it in there 10 years it would compound to $265,102.60 which sounds real good to me. Straight non compounded is $232,000.

Looks like I am going to start a new term account.

Any reason not to?

[CDN offroader]

I gave up on the so called "high interest" savings accounts, or even keeping money in a bank account beyond what is needed to pay the bills. Any spare money is going to my Questrade account. Keeping it simple in a basic investing account and an all in one ETF(like a mutual fund, but with way lower fees and trades like a stock). Putting it in something like VGRO and set up dividend reinvestment, and then forget about it until I need it.

[bdub]

Originally Posted by Ken07AOVette

I got an interesting call yesterday from Servus.

The financial advisor told me that I could switch from the 'high yield savings' currently at .1% to a TFSA Term deposit at 5%.

She said, and I am waiting for the email for proof, that the only requirement is it stays in for at least 30 days before you earn interest. From there;
you can take out as much as you want without penalty,
interest in calculated daily,
0 risk 0 cost.
you are allowed $77,500 per person on the account to a max of $155,000 which would give you $7750.00 per annum or $21.23 per day compounded.

Now I know this is not a lot, but compared to HYS bs and thinking if a guy left it in there 10 years it would compound to $265,102.60 which sounds real good to me. Straight non compounded is $232,000.

Looks like I am going to start a new term account.

Any reason not to?

I have a hard time fathoming how they are going to pay a 5% annual ROR when thirty year yields are at 2.08%, ten year yields are at 1.6% and 5 year yields are at 1%. Something doesn't add up. I would be careful and dig a bit into the details.

[fishtank]

Originally Posted by bdub

I have a hard time fathoming how they are going to pay a 5% annual ROR when thirty year yields are at 2.08%, ten year yields are at 1.6% and 5 year yields are at 1%. Something doesn't add up. I would be careful and dig a bit into the details.

maybe its like gic .. its 5% for the term added total, like 5 year total 5%

[bdub]

Originally Posted by fishtank

maybe its like gic .. its 5% for the term added total, like 5 year total 5%

Yeah maybe, somethings fishy, no pun intended fishtank.