High interest rates for savings, GICs and MMFs (2016)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Okanagan »

Tangerine gave me 2.5 % last week as replacement for prior promo of 3.25 I had....thought that was pretty good....have been following comments on RFD and noticed that some people were getting 3%.....so called them just now...wait time <3-4 minutes.....told CSR that had received 2.5 last week.....friends had been getting 3%....within 10 seconds after looking at account was given 3% til Jan. 1.....and please don't forget to phone in on Jan 1 to see what new promo is available....very happy about results....phone call well worth the time :lol: :rofl:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by GreatLaker »

Okanagan wrote:Tangerine gave me 2.5 % last week as replacement for prior promo of 3.25 I had....thought that was pretty good....have been following comments on RFD and noticed that some people were getting 3%.....so called them just now...wait time <3-4 minutes.....told CSR that had received 2.5 last week.....friends had been getting 3%....within 10 seconds after looking at account was given 3% til Jan. 1.....and please don't forget to phone in on Jan 1 to see what new promo is available....very happy about results....phone call well worth the time :lol: :rofl:
That's really weird for them to up you to 3%. If they left your rate at 2.5% where would you go? PCF at 2.25% (intro rate)? EQ Bank at 2.0%? If they said no to 3% where would you move your money? Is there another bank offering near 3%?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

I may have to second guess my BNS holding. Don't like them handing out excessive freebies like that. :wink: :P :lol:
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ertyu
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by ertyu »

A new special rate promo at Tangerine has started, looks like it's a variable rate again, everyone gets something different. Oct 5 to Dec 31.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by fundamental »

fundamental wrote:
Arby wrote:
fundamental wrote:Any recommended language I should use with the phone rep when calling Tangerine this weekend?
Don't start by asking if they will give you a better rate than 0.8% - that will get you nowhere. Start by telling them their rate is not competitive, and you want to move all of your money to another institution. They will probably ask what rate other competitors have offered, and you can tell them the PCF offer of 2.25%. I would call them today rather than on the weekend, as the weekend staff may not have the authority to make a better offer.
Gave it a try. Tangerine did not offer to match with a competitive rate. Money being withdrawn as we speak.
So 2 days ago asked Tangerine to match PCFin's 2.25% and they said no and I accordingly withdrew all my funds..... and today Tangerine offers me 2.95% on new deposits (more than I asked for) .... this is ticking me off..... someone at T-ANGER-ING needs to learn about "client experience" :evil:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Flaccidsteele »

fundamental wrote: So 2 days ago asked Tangerine to match PCFin's 2.25% and they said no and I accordingly withdrew all my funds..... and today Tangerine offers me 2.95% on new deposits (more than I asked for) .... this is ticking me off..... someone at T-ANGER-ING needs to learn about "client experience" :evil:
Why? You went back to them didn't you?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Lucy2001 »

Had a promo rate that expired this week. Began drawing $50,000 per transaction out last Friday. Phoned them tonight and they offered 3% til Jan 2, for balance plus all new deposits, yay. Thank you all for the heads up, will put the money back in.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by fundamental »

Flaccidsteele wrote:
fundamental wrote: So 2 days ago asked Tangerine to match PCFin's 2.25% and they said no and I accordingly withdrew all my funds..... and today Tangerine offers me 2.95% on new deposits (more than I asked for) .... this is ticking me off..... someone at T-ANGER-ING needs to learn about "client experience" :evil:
Why? You went back to them didn't you?
Not this time
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poedin
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by poedin »

poedin wrote:2.5% "retention rate" for our accounts @ Tangerine.
Didn't have to ask for it (this time).
Ten minutes - done.
Thanks FWFers :thumbsup:
Since others here and at RFD are getting 3%, did the Tangerine dance again. Took a little longer this time :lol: - good till the new year.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by bill2009 »

Any experiences with EQ Bank? I'd switch from Tangerine for their 2% rate but it has to be easy and convenient to access online.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by IdOp »

bill2009 wrote:Any experiences with EQ Bank?
I have an account there, it is alright I guess. The website information can be presented a bit quirky, and sometimes I can't find what I want right away, but maybe it's just me. I find the website slow to load but if you have broadband should be no problem. There is a $30k limit on transfers out, but you can do multiple at once, or apparently call them instead. Transfers to PCF have taken about 1 day longer than I'd have liked, but not too bad. Mostly I just use the site once a month to check the interest payment. As for security they haven't been around long enough to establish a track record IMO.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by deaddog »

Saving’s tough. We† feel you. So when you do it, hold onto it by putting it in a President’s Choice Financial® Tax-Free savings account (TFSA). Especially since from November 1, 2016 to March 31, 2017, your savings can earn a great rate of 2.25% on new deposits.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Koogie »

This special was posted over at the high interest forum. Note it is valid for 13 months.

http://www.idealsavings.ca
Currently offering a high interest savings account at 2.5%, rate guaranteed until December 31, 2017.

They are the online division of Carpathia CU (Manitoba). Insured under DGCM.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by lacrosse905 »

Oaken change of rates as of Dec 1st. Daily rate goes from 1.75 to 1.50. Am also with E.Q. so may transfer over to them.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

lacrosse905 wrote:Oaken change of rates as of Dec 1st. Daily rate goes from 1.75 to 1.50. Am also with E.Q. so may transfer over to them.
Until they follow suit. Once an institution has reached its goals in deposits, there is no reason for them to be an outlier. Shareholders should be outraged if they continue to do so.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by SoninlawofGus »

lacrosse905 wrote:Oaken change of rates as of Dec 1st. Daily rate goes from 1.75 to 1.50. Am also with E.Q. so may transfer over to them.
Somewhat disappointing to see while GOC short rates are trending up. This just makes it that much harder to track CPI with fixed income -- notwithstanding moving your cash around to chase the short term teaser rates (which I might have to start doing). There is a race to the bottom.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Wing »

New to Canada... noticed a couple of special situations and hope someone can shed some light.

USD cash

USD GICs are not insured under CDIC, if I really want to setup a USD GICs to put my idle USD cash, is credit union then preferred as say at Hubert, all deposits are guaranteed by the Deposit Guaranteed Corp of Manitoba?

Except GIC, any other alternatives?

CAD cash

Short term GIC rates are so close or even the same as in High Interest Savings (for example, https://www.oaken.com/gic-rates/), is it a normal situation? What's the reasoning to save in a cashable GIC (1.5%) or short term GIC (1.5%)when I can enjoy total flexibility putting my money in the High Interest Savings (1.5%)? Does the High Interest Savings fluctuate quite a bit?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

GIC interest rates are guaranteed for their term. HISA rates are not, and indeed have been coming down here and there over time. Who knows when they will start to go up? It is up to you to decide what gamble you wish to play.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

PCF has started sending out emails to their customers extending the Promo offer (ending Dec 31) to end of March 2017. The catch? 1.5% interest instead of 2.25% at least to some customers. YMMV

The plus: Eliminates the prior gimmick needed to pull out all the money before Dec 31 in order to qualify for anything above closing balance.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by IdOp »

I didn't get the email, but even if I do I'll be pulling mine out before month-end. There should be a bonus for jumping through the hoop. Otherwise EQ Bank likely beats 1.5% ( <-- prediction about future, MMMV).
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Re: High interest rates for savings, GICs and MMFs (2016)

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Agree that 1.5% doesn't cut it.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by lacrosse905 »

Did anyone get a box of chocolates delivered today from Oaken. UPS delivered this gift today..... just a few days after 0aken notified us in an email that their HISA rate of 1.75 was going down to 1.50. It seems E.Q are holding at 2 percent, at least as of
today...frustrating....what are others planning .....I hate chasing yield and switching back and forth.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

I don't chase any more. I take the best of what PCF or Zag or CDF has to offer. Every new upstart has (relatively) juicy rates until they get the deposit base they want/need and then fall into line with the rest.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by rhenderson »

My present offer expires at the end of the month. If I'm offered an extension of anything less than 2%, everything except a dollar will be moved out FAST.

Even stodgy old CIBC seems to have joined the game offering 1.75% until March 31 2017. :wink:

https://www.cibc.com/en/personal-bankin ... count.html
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by poedin »

lacrosse905 wrote:Did anyone get a box of chocolates delivered today from Oaken. UPS delivered this gift today..... just a few days after 0aken notified us in an email that their HISA rate of 1.75 was going down to 1.50. It seems E.Q are holding at 2 percent, at least as of
today...frustrating....what are others planning .....I hate chasing yield and switching back and forth.
I'll start with the chocolate :P
Tang's 3% promo ends in a few weeks, see what happens then. BTW chasing yield has been worth it this year.
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