Deposit Rates: ING etc. (2009)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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snowback96
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Post by snowback96 »

CROCKD wrote:I have had an account with Peoples Trust for one year.
I find them efficient and easy to deal with. As they do not have Internet banking I initiate transfers with my linked bank account by telephone call to them.
Hmmm... No internet access is a definite drawback for me. Although, in all fairness to People Trust, perhaps that explains why they pay 2.5% interest.

I was looking at both Peoples Trust and Canadian Direct Financial as options for moving some cash. For me it is probably worth 45 basis points (2.05% vs. 2.5%) to have internet banking and an ATM card. Peoples Trusts 2.5% could drop any day but they're still unlikely to add internet banking anytime soon.

Thanks to CROCKD for the insight!
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Post by Jaunty »

I think that CTC high interest account does not come with an ATM card. I believe you transfer money to and from an existing bank account (which may/may not have an ATM card).
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Post by squash500 »

TDW has recently added a new high interest savings account to complement the DYN 500 and the MIP 510.

The ATL 5000---Renaissance high interest savings account is paying a whopping 1.15% :P . Renaissance is connected with CIBC in some way.

In comparison DYN 500 is paying .90% and MIP 510 is paying .95%.
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Post by Bylo Selhi »

squash500 wrote:The ATL 5000---Renaissance high interest savings account is paying a whopping 1.15%
Already down to an even less whopping 1.05% according to the horse's mouth[piece].
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Post by squash500 »

Bylo Selhi wrote:
squash500 wrote:The ATL 5000---Renaissance high interest savings account is paying a whopping 1.15%
Already down to an even less whopping 1.05% according to the horse's mouth[piece].
Bylo I could be wrong but I just got off the phone with Renaissance and they say the rate is still 1.15% :? ?

http://www.renaissanceinvestments.ca/en ... s/hisa.asp
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Post by Bylo Selhi »

Now that page says 1.15%. When I posted the link to it, it said 1.05%.
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Post by squash500 »

Bylo Selhi wrote:Now that page says 1.15%. When I posted the link to it, it said 1.05%.
The rates on these savings accounts are so low to begin with that I got nervous about that extra .10% :)
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Post by IdOp »

That's weird, Bylo's link is showing 1.05% again ... and I checked that it's not just due to the browser cache. Also tried to get a quote for ATL5000 MFD at Waterhouse and it didn't recognize it; probably it's the latest phone-a-rep-to-trade model?
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Post by Bylo Selhi »

For the doubting Thomases...
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1.05%.jpg
1.05%.jpg (42.41 KiB) Viewed 2728 times
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Post by squash500 »

Bylo Selhi wrote:For the doubting Thomases...
Bylo you're right as usual :) .

http://www.renaissanceinvestments.ca/en ... s/hisa.asp


Eventhough this part of the website says it's still 1.15% :? .

http://www.renaissanceinvestments.ca/en ... 090511.asp

IMHO that's the major problem with these low interest savings accounts. They keep lowering the rates and you never know when they're going to do it next :? ?
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Post by squash500 »

IdOp wrote:That's weird, Bylo's link is showing 1.05% again ... and I checked that it's not just due to the browser cache. Also tried to get a quote for ATL5000 MFD at Waterhouse and it didn't recognize it; probably it's the latest phone-a-rep-to-trade model?
IdOp you're right at the present moment you can only buy ATL5000 through a TDW rep. ATL5000 is also not available for on-line quotes at the present time.
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Post by j45 »

Crappy Tire is still at 2%
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Post by IdOp »

squash500 wrote: IdOp you're right at the present moment you can only buy ATL5000 through a TDW rep. ATL5000 is also not available for on-line quotes at the present time.
Thanks for the info! About the page with 1.15% on it, I agree it is rather confusing, but it kind of looks like it was a news release and that may have been the current rate at the time of the release (May 11). If that's the case, they can't really go back and change the news release, so maybe that's a possible explanation.
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Post by Clock Watcher »

The other night my mother expressed her frustration at the low interest rates that she is receiving. I didn't have the heart to tell her that for decades the authorities had been punishing savers and rewarding risk-takers, and that in 2008, those risk-takers whose reckless action almost led to the collapse of the financial system were fully protected.

From a personal perspective, I have to agree with her. Enough is enough. From an investment perspective, it doesn't matter.
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Post by squash500 »

IdOp wrote:
squash500 wrote: IdOp you're right at the present moment you can only buy ATL5000 through a TDW rep. ATL5000 is also not available for on-line quotes at the present time.
Thanks for the info! About the page with 1.15% on it, I agree it is rather confusing, but it kind of looks like it was a news release and that may have been the current rate at the time of the release (May 11). If that's the case, they can't really go back and change the news release, so maybe that's a possible explanation.
IdOp they changed the news release as well to reflect the new rate. Official rate of ATL5000 is now 1.05% :(
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Post by IdOp »

squash500 wrote:they changed the news release as well to reflect the new rate.
Looks like they must have changed it yet again, now it doesn't refer to any rate. Next I'm expecting rumours of a name change from Rennaissance to Chameleon to more accurately reflect the nature of the company website. :D
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Post by tidal »

Yeah, I was just informed that it is definitely 1.05%. Money was flowing in at a furious rate. Jumbo accounts in the $10million plus range, whereas the CIBC modelling had been assuming an average account size of $250,000. There is going to be a go-forward account size maximum, but if you are in you are good, as I understand it.
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Post by Descartes »

Curiously, there has been a recent trend for the interest rates on 4 and 5 year GIC terms to bend upward; for example, Canadian Tire and Outlook Financial.

http://www.fiscalagents.com/thestar/gic_ann_sort.shtml
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Post by NOVICE99 »

But the discount brokerages have gone down again - 3 days ago >4% for 5-yr gics, now below 4%.

Question is: where to park while waiting?
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Post by tidal »

RBC has announced a product similar to the Renaissance/CIBC savings account "fund"... will launch by mid-July. No interest rates mentioned...
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Post by Descartes »

NOVICE99 wrote:But the discount brokerages have gone down again - 3 days ago >4% for 5-yr gics, now below 4%.

Question is: where to park while waiting?
Are you looking at multi-year GICs as a parking space until you pour money back into the market?

I'm looking at them because I'm in the process of staffing a 60 month ladder and, also, because I'm wondering if they might indicate when financial institutions are forecasting widespread increases in lending rates.

I personally just keep money ear-marked for the market in a savings account at ING. Because of my personal investment objectives, I don't keep a lot off the table and so the pitiful interest rate is not a big concern.
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Post by adrian2 »

6 short months ago, [url=http://www.financialwisdomforum.org/forum/viewtopic.php?p=293412#293412]IdOp[/url] wrote:
BRIAN5000 wrote:Anyone have any US cash at TDW ?

TDB166 pays about .91% any other ideas?

Or has everyone sold all US cash?
Royal's U$ MMF, RBF261, is paying around 2.15%. No transaction fee at TDW. (Own diligence is required, as usual.)
Of course I've followed the above quotes and switched my US$ cash from TD's MMF to RBC's (at TD Waterhouse, no transaction fee etc).

So today I've decided to check the current yields on these money market funds:
TD US$ MMF = 0.45%
RBC US$ MMF = 0.14%

A switch back for few more peanuts may follow...
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Post by IdOp »

adrian2 wrote:So today I've decided to check the current yields on these money market funds:
TD US$ MMF = 0.45%
RBC US$ MMF = 0.14%

A switch back for few more peanuts may follow...
Interesting you pointed that out. I think the FundCo's must be eating a fair bit of MER to keep these yields positive, and it looks like TD is eating more of it at the moment (they have a higher MER to start with, too).

My U$ is also still at RBC, though not a huge amount. I've also followed the quotes but it sorta got lost on me which one I owned, LOL. I'm hoping to drain it soon for one final nibble at VTI, so it's probably not worth switching at this point for me.
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Post by DenisD »

adrian2 wrote:TD US$ MMF = 0.45%
RBC US$ MMF = 0.14%
MIP511 = 0.6%. Don't know about availability, though.

http://www.manulife.ca/canada/mBank.nsf ... days_rates
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Post by Bylo Selhi »

[Copied here from the BCE Dividend thread where it's OT]
IdOp wrote:
Bylo Selhi wrote:As it happens yesterday BNS quoted me over 50% more than that, 0.65%. I'll be picking up cheques for the principal when it matures next week :(
I have some maturing at RBCDI next month, and just checked their offerings. High is 1.7% for 1 year, from ICICI and Pacific & Western.
Bylo Selhi wrote:Thanks. I know. Here's a handy cheat sheet for RBCDI that someone posted once upon a time.

What's fascinating is that ICICI pays only 1.6% when you deal with them directly (and thus save them the 0.25% commission they presumably pay RY :shock: :( )
An update. I went to my BNS branch this morning to pick up my cheques. It seems the manager found my arguments compelling enough to plead my case with HQ. Because my family and I are considered good, loyal customers and the amount of money involved was substantial, I was offered a better deal than even ICICI et al offer. I'm sworn to secrecy on the details but let's just say I'm smiling :D [I'd be laughing all the way to the bank if not for the still dismally low prevailing rates even with incentives.]

Moral of the story: If you're a good customer and/or there's significant money on the table, it never hurts to bargain -- even with institutions as "inflexible" as the big-5 banks.
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