Deposit Rates: ING etc. (2009)

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

Just a minor clarification, for MIP510 at TD-W the minimum purchase is $1000, but there's no minimum holding amount ... you could draw it down to pennies and not be forced out.
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Post by like_to_retire »

The present yield of 0.98% for MIP510 is certainly better than TD Money Market presently at 0.28%

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Post by pmj »

IdOp wrote:Just a minor clarification, for MIP510 at TD-W the minimum purchase is $1000, but there's no minimum holding amount ... you could draw it down to pennies and not be forced out.
And in my experience the same principle applies to other funds at TDW.
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Post by IdOp »

pmj wrote:And in my experience the same principle applies to other funds at TDW.
Yes, as far as TDW is concerned they don't mind, but it also depends on the policy of the particular fund company. For example, I was once automatically sold out of a MMF by the FundCo when the balance dropped below $500. (IIRC it was RBC.) For this sort of thing one can look into the simplified prospectus, ask TD FundSmart, etc.
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Post by BRIAN5000 »

IdOp wrote:
pmj wrote:And in my experience the same principle applies to other funds at TDW.
Yes, as far as TDW is concerned they don't mind, but it also depends on the policy of the particular fund company. For example, I was once automatically sold out of a MMF by the FundCo when the balance dropped below $500. (IIRC it was RBC.) For this sort of thing one can look into the simplified prospectus, ask TD FundSmart, etc.
Td auto switch's ( no call they do it on their own) you out of their premium MM when the level falls below $100,000 (IIRC)
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Post by shmenge »

Crappy Tire now down to 3.00% and then 2.00% after the 90 Day Promotion Savers continued to be punished...
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Post by queerasmoi »

Citizens is down to 1.10%! ING is down but only to 1.35%. And what's crazier, Citizens has removed ING from the "compare our rates" section on their front page. Citizens used to always match or beat ING... looks like they're unable to keep up now and they don't want to show it.

Peoples Trust with no online banking down to 2.50%, Amex and Canadian Tire at 2%. (But Amex doesn't allow new accounts)

I have a feeling CT won't be able to keep their rates up there much longer either... no point trying to do any major switches.
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Post by Coolin »

Has anyone tried selling MIP510 on TD Waterhouse before 30 days? Do they charge the estimated $33.75 fee?

I know that TD Waterhouse estimates a similar charge when trying to sell DYN500, but they don't actually charge you. I've tried it out and they didn't charge me.
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Post by Arby »

Coolin wrote:Has anyone tried selling MIP510 on TD Waterhouse before 30 days? Do they charge the estimated $33.75 fee?

I know that TD Waterhouse estimates a similar charge when trying to sell DYN500, but they don't actually charge you. I've tried it out and they didn't charge me.
TDWH advised me that the $33.75 commission indicated when you sell online is an error in their system, which they will fix. As you indicated, they don't charge the commission. Considering how many years it took them to provide online transactions for these high interest savings accounts, I wouldn't count on a fix in the near future.
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Post by Coolin »

That's good to know.

I've been storing all of my spare cash in DYN500 since I wasn't sure whether MIP510 would charge me commissions on withdrawl when performing the transactions through WebBroker. I might as well rate chase a little bit now since MIP510 seems to be consistently 0.05% higher than DYN500. :D
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Post by IdOp »

President's Choice Interest Plus savings account is down to 0.75% (from 1%) on amounts over $1000 (and 0.50% otherwise).

Their TFSA is 0.75% accross the board.
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Post by snowback96 »

President's Choice @ 0.75% is very disappointing. I quite like their savings and chequing accounts and transferring cash to/from my BMOIL account is easy and fast. However, maybe it's time to consider my alternatives.

Does anybody have any experience with Canadian Direct Financial? I see they are still paying 2% on KeyRate Savings Account. Any feedback good or bad? How well do their online transfers work? Etc.

Thanks.
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Post by AltaRed »

Think about that a bit... On $10k, the difference is $125/yr BT and about half that AT. And that could change tomorrow should the 2% go the way of the dodo bird. Is it really worth switching for one dinner for two in a nice, but not expensive, restaurant?
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Post by snowback96 »

AltaRed wrote:Think about that a bit... On $10k, the difference is $125/yr BT and about half that AT. And that could change tomorrow should the 2% go the way of the dodo bird. Is it really worth switching for one dinner for two in a nice, but not expensive, restaurant?
Point taken; however, I wasn't thinking of switching banks. I was considering keeping 2 savings accounts permanently and migrating funds periodically based on current rates (and that's why the smoothness of funds transfer is important to me). In addition, having a second savings account might double the number of ATMs that can be used free-free. And, finally, if I ever have a problem with one account (fraud, lost card, etc), I'd have a back-up.
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Post by Bylo Selhi »

AltaRed wrote:Think about that a bit... Is it really worth switching
I imagine that in PCF's and ING's calculus inertia overwhelms interest since they both now pay significantly less than their lesser-known competition.
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Post by like_to_retire »

Bylo Selhi wrote:I imagine that in PCF's and ING's calculus inertia
You really must explain what that means. Google has no clue.....

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Post by Bylo Selhi »

:oops: A comma went AWOL. Parse this, "I imagine that in PCF's and ING's calculus, inertia overwhelms interest..."
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Post by Shakespeare »

A comma went AWOL
Well, that's better than an extra one. :lol:

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Post by Okanagan »

For what it's worth, I have had accounts at Cdn Tire for well over a year now. Have found the transfers between that account and TD acct work very smooth - you receive instant credit to your CT account when transferring money in from external account - in some cases, funds transferred from CT to external account when done first thing in morning actually end up in external acct later that day. Unlimited transfers with no charge whereas I think Cdn Direct Financial have only 1 or 2 free transfers per month, .25% interest bonus on GIC over $20K. Just recently opened up a 3rd acct in wifes name only (even though she was already a joint acct holder with me) to take advantage of 1% interest bonus for 90 days ( the CSR mentioned this when I had called on another issue). Do always make sure I stay within the CDIC limits to be safe :P
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Post by seven3 »

Scotia iTrade website still shows the cash optimizer at 1.25%, but I'm not sure if that's still the rate. Does anyone know for sure? (they have the fine print that the rate can change anytime from what is posted)
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Post by greyowl »

I am considering People's Trust saving account which currently pays 2.5%.

Has anyone had any experience with Peoples in terms of customer service and accuracy and efficiency in doing transfers?

Thanks for the help.
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Post by Jaunty »

I opened a People's account about 3 months ago - so a limited number of contacts. Everything went very smoothly and when I raised a question by e-mail that they thought needed immediate attention, they phoned me within the hour.
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Post by greyowl »

Jaunty wrote:I opened a People's account about 3 months ago - so a limited number of contacts. Everything went very smoothly and when I raised a question by e-mail that they thought needed immediate attention, they phoned me within the hour.
Thanks for the information
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Post by CROCKD »

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. If I request the transfer early in the day (before 10am PT) it is usually done the same day for my eastern Canada bank account.
As there is no internet banking I rely on the monthly statement they mail me to do my personal updates. Of course you can request the status any time by telephone or e mail.
I have seen in other forums people objecting strenuously because there is no internet banking to which I would say what did you do before internet banking - but perhaps they were too young to remember that time.
Also security of deposit is often questioned for which I would say - they are CDIC insured.
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Post by Jaunty »

You can also initiate transfers by e-mail, which surprised me. I did this and it went through the same day.
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