High interest rates for savings, GICs and MMFs (2017)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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Descartes
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes » 28 Aug 2017 09:06

bill2009 wrote:
28 Aug 2017 08:37
Oaken also has a good range of products - rsps,rifs,tfsas etc. I was surprised at alterna because i knew them as the cs coop and their rates were never much good.

Would anyone recommend oaken as a replacement for Tangerine? Just a place to stuff cash with individual and joint acounts?
I would recommend Oaken as a replacement for maturing GICs but not as a HISA: EQ is 2.3%. Alterna is 1.9%. Oaken is 1.75%.
Tangerine beats them all at 3.22% currently but that bonus rate expires for me at the end of September.
Who knows what I'll get after that.
I have accounts with all except Alterna.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Hogwild » 08 Sep 2017 13:10

Has anyone noticed any raises in HISA or HISA find rates since the BoC rate went up a few days ago? So far, I've only noticed Hubert raising Term Deposit rates.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by good4u » 08 Sep 2017 20:26

Hogwild wrote:
08 Sep 2017 13:10
Has anyone noticed any raises in HISA or HISA find rates since the BoC rate went up a few days ago? So far, I've only noticed Hubert raising Term Deposit rates.
I am still waiting for raises in HISA from the July 12th BoC increase. Boy these banks are really slow to increase what they are paying out. Hopefully after 2 x quarter point BoC increases they should increase something?

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by DenisD » 08 Sep 2017 21:51

fundamental wrote:
02 Aug 2017 08:26
DenisD wrote:
17 Jul 2017 23:04
rhenderson wrote:
15 Jul 2017 07:21
I just noticed that RBF2010 is now paying 0.85%, an increase of 0.10
Ditto for TDB8150.
https://www.tdassetmanagement.com/solut ... eId=130268
Tangerine base ISA rate is 0.90% as of Aug 1 2017 (first increase since August 2010)
These went up 0.1%. I predict 1% within a week or two! :roll: :wink:

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by DenisD » 10 Sep 2017 00:27

RBF2010 up 0.1% to 0.95%.

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Koogie
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Koogie » 10 Sep 2017 09:25

I guess TD decided to try not to compete with RBC.. :roll:

TDB8150, et al... up from 0.80% to 0.85%
Buy very little, sell even less.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 » 10 Sep 2017 10:35

Koogie wrote:
10 Sep 2017 09:25
I guess TD decided to try not to compete with RBC.. :roll:

TDB8150, et al... up from 0.80% to 0.85%
It was already 0.85% (from 0.75%) after the first BOC increase.
It's still TBA what the new rate will be after last week's prime increase.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by rhenderson » 10 Sep 2017 10:43

DenisD wrote:
10 Sep 2017 00:27
RBF2010 up 0.1% to 0.95%.
:thumbsup: :thumbsup: :thumbsup: :thumbsup:

And meanwhile Tangerine which is supposed to be a savings account remains at a whopping 0.90% :rofl:
Last edited by rhenderson on 10 Sep 2017 12:09, edited 1 time in total.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Koogie » 10 Sep 2017 11:05

adrian2 wrote:
10 Sep 2017 10:35
It was already 0.85% (from 0.75%) after the first BOC increase.
It's still TBA what the new rate will be after last week's prime increase.
Hunh.. you are right. I last bought it at 0.75 and when they increased in July I re-entered it in my program as 0.80%
Imagine all the $$ that I missed accounting for.... :lol:
Buy very little, sell even less.

jay
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by jay » 11 Sep 2017 08:53

Just checked and BMO's CAD HISA (AAT770) and USD HISA (AAT780) are still at 0.85% and 0.5%, respectively.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by BRIAN5000 » 11 Sep 2017 14:37

Per Oaken email, September 18, 2017, we will be returning our interest rates back to normal levels.
Dam dam dam it
Long-term GICs (registered and non-registered)

• 1 Year GIC – 1.90% (currently 2.50%)
• 18 Month GIC – 2.00% (currently 2.60%)
• 2 Year GIC – 2.25% (currently 2.70%)
• 3 Year GIC – 2.45% (currently 2.80%)
• 4 Year GIC – 2.50% (currently 2.90%)
• 5 Year GIC – 2.75% (currently 3.00%)

Short-term GICs

• 30-59 Days – 1.60% (currently 2.00%)
• 60-89 Days – 1.60% (currently 2.00%)
• 90-119 Days – 1.60% (currently 2.10%)
• 120-179 Days – 1.70% (currently 2.15%)
• 180-269 Days – 1.75% (currently 2.30%)
• 270-364 Days – 1.80% (currently 2.40%)

1 Year Cashable GICs

• After 30 Days – 1.50% (currently 1.75%)
• After 90 Days – 1.60% (currently 1.85%)

Oaken Savings Account
• 1.50% (currently 1.75%)
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed » 11 Sep 2017 15:25

Means others including Equitable will be dropping their rates too. Thank goodness I bought that Concentra 5 yr on Thursday for 2.55%. Home/Concentra/Equitable were all 2.55% at Scotia iTrade at that point.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by sayhey » 11 Sep 2017 15:53

Canadian Western Bank 1 year 1.62%, 5 year 2.60%

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Koogie
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Koogie » 11 Sep 2017 17:04

Koogie wrote:
10 Sep 2017 11:05
adrian2 wrote:
10 Sep 2017 10:35
It was already 0.85% (from 0.75%) after the first BOC increase.
It's still TBA what the new rate will be after last week's prime increase.
Hunh.. you are right. I last bought it at 0.75 and when they increased in July I re-entered it in my program as 0.80%
Imagine all the $$ that I missed accounting for.... :lol:
Okay. NOW they finally raised it. 0.95%
Buy very little, sell even less.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Hogwild » 14 Sep 2017 18:54

I received a call back today from BMO after inquiring about their HISA fund (AAT770). The rep. told me that the rate would be raised 10 basis points to 0.95% as of approximately September 21.

So it looks like most of the big banks are making similar (anemic) moves.

EDIT: Later today, someone @ BMOIL replied to my Mylink email asking whether the HISA fund rate was going to go up. That person replied that there was no info on any rate increases yet, but she'll get back to me. Sheesh.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by thegov » 20 Sep 2017 17:57

Just noticed Tang have dropped their online daily external transfer out max to 25k from 50k.
Must be noting all the withdrawals at the end of the quarters and want people to phone in before transferring.
Pulls from external accounts are still unlimited at Tang's end apparently.
And they're up to 1.0% interest!

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by DenisD » 20 Sep 2017 22:32

Made the quarterly call to Tangerine a few days ago. 2% extended for another 90 days.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by jay » 22 Sep 2017 11:50

Hogwild wrote:
14 Sep 2017 18:54
I received a call back today from BMO after inquiring about their HISA fund (AAT770). The rep. told me that the rate would be raised 10 basis points to 0.95% as of approximately September 21.

So it looks like most of the big banks are making similar (anemic) moves.

EDIT: Later today, someone @ BMOIL replied to my Mylink email asking whether the HISA fund rate was going to go up. That person replied that there was no info on any rate increases yet, but she'll get back to me. Sheesh.
Confirmed: AAT770 (BMO CAD HIGH INTEREST SAVINGS) is now at 0.95%. AAT780 (BMO USD HIGH INTEREST SAVINGS) remains at 0.50%

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed » 22 Sep 2017 11:59

jay wrote:
22 Sep 2017 11:50
Confirmed: AAT770 (BMO CAD HIGH INTEREST SAVINGS) is now at 0.95%. AAT780 (BMO USD HIGH INTEREST SAVINGS) remains at 0.50%
Another 20 bp or so and it will be worth my while to go back to using AAT770 instead of BMO Savings Builder (SB) for my extraneous cash accumulating from dividends. SB is 1.3% including bonus interest of 1.1% when account balance at end of month has had at least a net $200 deposit or more over the end of the prior month....but only 0.2% if the balance is not increased by $200. Once a year or so, I lose the bonus interest as I tap into the SB account to fund a BMO IL purchase. A one month loss of bonus interest is almost 10bp annualized.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Hogwild » 22 Sep 2017 13:07

AltaRed:

That was exactly my thinking. Not using my BMO Savings Builder would stop the nonsense of having to transfer in an additional $200 every month and reduce the recordkeeping a little. Is there a minimum balance to keep the Savings Builder account?

The downside is that I then wouldn't have a chequing account or other method to cheaply move money in to/out of BMOIL. You only have 1 or 2 transactions with the BMOIL account before paying an (albeit not too bad) service fee for further transactions.

BMO Savings Builder recently changed to 1.3% yield.

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by IdOp » 22 Sep 2017 14:41

PC Financial Interest Plus savings account rate up to 1.00 % (from 0.90 %).

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed » 22 Sep 2017 15:01

Hogwild wrote:
22 Sep 2017 13:07
AltaRed:

That was exactly my thinking. Not using my BMO Savings Builder would stop the nonsense of having to transfer in an additional $200 every month and reduce the recordkeeping a little. Is there a minimum balance to keep the Savings Builder account?

The downside is that I then wouldn't have a chequing account or other method to cheaply move money in to/out of BMOIL. You only have 1 or 2 transactions with the BMOIL account before paying an (albeit not too bad) service fee for further transactions.

BMO Savings Builder recently changed to 1.3% yield.
Don't know if there is a minimum balance, but any transfer out beyond the 1 free one each month costs $5, which is steep in my opinion. The message is that transfers are discouraged, and should be I guess, given the intent (savings builder) of the account.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Money101 » 24 Sep 2017 21:35

So when are folks moving their funds out of Tang in order to be eligible for the October 5th lottery (a high rate)? If I understand correctly, funds need to be out by October 4th?

By which day should you push out from Tangerine or pull in from the bank.

If I pull in from EQ, which day should I schedule it for?
Can I schedule it for this Friday, September 29? And wouldn't that result in a double-dip at both banks too?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes » 25 Sep 2017 08:52

Money101 wrote:
24 Sep 2017 21:35
So when are folks moving their funds out of Tang in order to be eligible for the October 5th lottery (a high rate)? If I understand correctly, funds need to be out by October 4th?

By which day should you push out from Tangerine or pull in from the bank.

If I pull in from EQ, which day should I schedule it for?
Can I schedule it for this Friday, September 29? And wouldn't that result in a double-dip at both banks too?
Based on past years, the "smart" money says that the next Tangerine lottery, if there is one, will start on Wednesday October 4.

A push from Tangerine involves a call or a chat for anything over 25K.
Again, the "smart" money says be non-committal regarding any offer they might give you but proceed with the push.

A pull from EQ does not involve any call or chat.
EQ won't pull for about 3 business days so you will double up interest with a pull.
However, EQ holds the money for 5 business days.

I, personally, am doing a pull from EQ today with the remainder (under 25K) pushed elsewhere later this week: it is more important to me to ensure I am in the running for any possible lottery rather than preserve a few days additional interest.
"A dividend is a dictate of management. A capital gain is a whim of the market."

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by jeremy » 25 Sep 2017 11:29

Money101 wrote:
24 Sep 2017 21:35
So when are folks moving their funds out of Tang in order to be eligible for the October 5th lottery (a high rate)? If I understand correctly, funds need to be out by October 4th?

By which day should you push out from Tangerine or pull in from the bank.

If I pull in from EQ, which day should I schedule it for?
Can I schedule it for this Friday, September 29? And wouldn't that result in a double-dip at both banks too?
How do you know that the next Tangerine lottery will be on Oct 5? I wasn't sure which date would be the cutoff, but figured that I should have the money out of the account before the end of the month to qualify. So I pulled the money into EQ on Friday the 22nd to double-dip for the weekend and to have the funds available in case Tangerine starts another promotion in the first week of October.

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