Deposit Rates: ING etc. (2009)

Saving strategies, maximizing interest rates, budgeting.

Postby IdOp » 10 Aug 2009 10:19

Manulife Investment Savings Account, MIP510, edges down to 0.85 % from 0.90 %.
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Postby sc101 » 10 Aug 2009 10:47

ward wrote:ATL5000 is described at RBCDI as being "Front-end load." Meaning?


I have called RBCDI.
Front-end load means a sales charge up front. Howevever, there is no sales charge for ATL5000, it is the same as those no load RBC money market funds.
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Postby IHateWork » 10 Aug 2009 23:16

sc101 wrote:
ward wrote:ATL5000 is described at RBCDI as being "Front-end load." Meaning?


I have called RBCDI.
Front-end load means a sales charge up front. Howevever, there is no sales charge for ATL5000, it is the same as those no load RBC money market funds.


So does it cost anything to put money in this account from my RBCDI? Do they charge the 28.95 trading fee?
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Postby Inquisitive » 11 Aug 2009 00:28

No. Think of it as like a high interest savings account.
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Postby Bylo Selhi » 11 Aug 2009 13:36

Anyone know what interest rate iTrade Cash Performer pays these days? This page says merely, "Cash Optimizer Investment Account¹... ¹Annual interest rate in effect July 16, 2009. Interest rate is subject to change at any time in Scotia iTRADE's discretion without prior notice." without divulged the actual (probably pathetic) rate. Is it any higher than BNS' "Power" Savings Account at 0.75%?

(Meanwhile Crappy Tyre pays 1.5%, ICICI Bank 1.4% and ING Direct 1.2%)
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Postby Jaunty » 11 Aug 2009 15:41

Cash Optimizer Investment Account

Rate 0.75% for CDN $1 0.50% for U.S. $1


1 Annual interest rate in effect on July 16, 2009. Interest rate is subject to change at any time at Scotia iTRADEs discretion without prior notice. Interest is calculated on the daily closing balance and is paid monthly.
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Postby Bylo Selhi » 11 Aug 2009 16:02

Jaunty wrote:Rate 0.75% for CDN $1 0.50% for U.S. $1

Where did you find that?
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Postby Jaunty » 11 Aug 2009 16:15

I had to log in, go to the "Home" page and select Our Fees, then Interest Rates. It is well hidden, but I found where to look a few weeks ago, when I wondered what they are paying. I just took another look and you don't have to log in, as Our Fees is also on the unsecured home page.
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Postby Bylo Selhi » 11 Aug 2009 17:03

OK, thanks. I'm moving my CO funds to Crappy Tyre. The difference in interest rates (double) isn't trivial.
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Postby IHateWork » 11 Aug 2009 18:59

Inquisitive wrote:No. Think of it as like a high interest savings account.
Inq
p.s Do you really hate work?


Of course, who doesn't?

This may be something I should just call RBC with, but if you have your money in the ATL5000, and you want to move it to a stock right away, can you just sell the ATL and buy the stock without waiting for the sell of ATL to clear? Or do yu pick the "sell money market funds" or whatever that settlement option is?
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Postby BRIAN5000 » 12 Aug 2009 13:05

TDW have this ?

RBCDI now offers CIBC Renaissance High Interest Savings. Symbol is ATL5000.


Call in only Blah !!!
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Postby northbeach » 12 Aug 2009 15:13

IHateWork wrote:
Inquisitive wrote:No. Think of it as like a high interest savings account.
Inq
p.s Do you really hate work?


Of course, who doesn't?

This may be something I should just call RBC with, but if you have your money in the ATL5000, and you want to move it to a stock right away, can you just sell the ATL and buy the stock without waiting for the sell of ATL to clear? Or do yu pick the "sell money market funds" or whatever that settlement option is?


When buying something else just pick sell the T Bill or Money Market fund option. It goes for ATL5000 automatically, then cash. Your buy order gets filled without problem. I believe it takes 3 days before the ATL5000 position updates however.
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Postby queerasmoi » 30 Aug 2009 17:05

I'm on the cusp of opening up shop with the highest-interest savings account I can find that is not too inconvenient. I will use an external account for daily banking but this is for my "cash reservoir". The top rates I can see are:

People's Trust 2.10% - but no online banking and all transfers are by phone, 5 free withdrawals/month
MAXA Financial 2.00% - online banking but they're really really small - their parent company is Westoba Credit Union - and it looks like you have to FAX in a paper form to make a transfer; 1 free withdrawal/month
Canadian Direct Financial 1.95% - online banking, CDIC insured, but transfers are by phone during business hours; 1 free withdrawal/month; parent company is Canadian Western Bank which is considerably large
Achieva 1.85% - online banking, online transfers (although I hear rumors it's not in both directions?); 1 free withdrawal/month

After that, it drops off to 1.50% for CanTire and Outlook.

With each notch down in interest rate, convenience improves somewhat. I can't stomach having an account I can't view online... I can't stomach faxing in a form to do a transfer... which means the best balance of convenience/interest rate is Canadian Direct Financial for me.

Any comments, suggestions, other banks to consider?
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Postby CROCKD » 30 Aug 2009 18:19

queerasmoi like yourself I am retreating from my Citizens Bank account. I have opened up an account at Canadian Direct Financial to take advantage of their higher interest rate and have deposited a nominal amount to open it.

As of August 27 I initiated a sizable transfer by telephone call at about midday EDT.
They sent me an email confirmation for the transfer as follows:-

Request to transfer ‘to your account at CDF has been received and setup in our system. The transfer will take place at 11:59 P.M. MST on August 31st, 2009.’

In other words 3 business days for them to schedule the transfer, with CDF scheduling it for 1 minute to midnight MST.

Go figure ????
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Postby Pickles » 30 Aug 2009 19:31

queerasmoi wrote:I'm on the cusp of opening up shop with the highest-interest savings account I can find that is not too inconvenient. I will use an external account for daily banking but this is for my "cash reservoir". The top rates I can see are:

People's Trust 2.10% - but no online banking and all transfers are by phone, 5 free withdrawals/month....

Any comments, suggestions, other banks to consider?


According to their website, after the initial deposit is made, electronic transfers to and from your "home" account are permitted. I plan to open an account there next week.
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Postby queerasmoi » 30 Aug 2009 19:35

Pickles wrote:According to their website, after the initial deposit is made, electronic transfers to and from your "home" account are permitted. I plan to open an account there next week.


You are referring to People's Trust right? Yes, I understand that transfers are permitted. My problem with People's Trust is that there is zero online banking at all - you have to phone in to get your bank balance. This would drive me batsh*t crazy.

CROCKD wrote:Request to transfer ‘to your account at CDF has been received and setup in our system. The transfer will take place at 11:59 P.M. MST on August 31st, 2009.’

In other words 3 business days for them to schedule the transfer, with CDF scheduling it for 1 minute to midnight MST.

Go figure ????


Hm interesting. Although they may still initiate the EFT earlier - perhaps they are simply indicating the date on which it would be finished.
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Postby snowback96 » 30 Aug 2009 21:17

queerasmoi wrote:Hm interesting. Although they may still initiate the EFT earlier - perhaps they are simply indicating the date on which it would be finished.


I have done several transfers with CDF and it has always been executed 2 business days later at 11:59 pm. They set it up in their system on the day you call but it takes 2 business days to transact/execute.

All things considered, it's not a bad product given the high interest rate. They tell me they are working on adding online transfer capability. Not sure if that will speed up the transfer process or not. (On the other hand, more features & faster service may also reduce the interest rate they need to pay. So be careful what you wish for!!!)
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Postby queerasmoi » 30 Aug 2009 23:15

snowback96 wrote:I have done several transfers with CDF and it has always been executed 2 business days later at 11:59 pm. They set it up in their system on the day you call but it takes 2 business days to transact/execute.

All things considered, it's not a bad product given the high interest rate. They tell me they are working on adding online transfer capability. Not sure if that will speed up the transfer process or not. (On the other hand, more features & faster service may also reduce the interest rate they need to pay. So be careful what you wish for!!!)


I wonder, will CDF issue a "Void Cheque Form" so that I can link it to HSBC or ING and execute the transaction on the other end?
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Postby IdOp » 30 Aug 2009 23:24

queerasmoi wrote:My problem with People's Trust is that there is zero online banking at all - you have to phone in to get your bank balance. This would drive me batsh*t crazy.

Ultimately this sort of thing is a matter of personal taste, but I really don't understand why it's such a problem, because of the fact it's only a single savings account. It should be easy to keep track of; if you do at least one withdrawal each month, you can ask for the interest amount then. The fact you get 5 free withdrawals is a lot better than 1. Highest rate (for now) which is what you're chasing, and they're CDIC insured.
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Postby snowback96 » 31 Aug 2009 01:02

queerasmoi wrote:I wonder, will CDF issue a "Void Cheque Form" so that I can link it to HSBC or ING and execute the transaction on the other end?


I don't know how that would work. Why don't you just call them and ask? It's a small operation with helpful staff. Very different from my experience calling the mega-banks.
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Postby BRIAN5000 » 31 Aug 2009 01:10

I wonder, will CDF issue a "Void Cheque Form" so that I can link it to HSBC or ING and execute the transaction on the other end?


Is this what you whant an ETF set up form?



https://www.canadiandirectfinancial.com ... _04_09.pdf
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Postby queerasmoi » 31 Aug 2009 10:40

BRIAN5000 wrote:Is this what you whant an ETF set up form?



https://www.canadiandirectfinancial.com ... _04_09.pdf


Other way around. I would also want to set up an EFT that can be initiated from HSBC or ING's end. This would require CDF to produce a form confirming my account info, which I would then submit to HSBC or ING.
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Postby Pickles » 03 Sep 2009 09:06

New online bank open for business today! http://www.Ally.ca

It's a reincarnation of GMAC operated by Resmor Trust (CDIC insured) and the daily interest rate is 2% (3.5% for TFSAs)
Rob Carrick has an article in today's G&M.
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Postby queerasmoi » 03 Sep 2009 10:54

Interesting... I look forward to hearing people's experiences.

On one hand this could fill in the chasm between top-rate savings accounts and good online access. On the other hand, it's too new for me to jump at the opportunity. Plus, I just sent in my Canadian Direct Financial application. :)
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Postby IdOp » 03 Sep 2009 11:56

The daily compounding of interest on the high-interest savings account seems like a bit of a gimmick to me, since they control the rate anyway, and it makes it harder to check their work.

The site isn't opera-friendly.

Apart from these kind of nits it seems like it could become interesting, and is good to know about. Thanks for pointing it out Pickles.
Last edited by IdOp on 03 Sep 2009 13:34, edited 1 time in total.
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