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

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

Post by amphitryon »

The answer might just lie in an oddity I found with PC and also with ING. If I recall correct, when I started out, they both opened automatically two accounts, one chequing and one saving account.
With ING I'm hazy on the details, with PC I am certain that I initially had two accounts. In both cases I never used the chequing accounts and eventually transferred all funds out into the HISA, since they were my reason for having an account in the first place. This seemed to ''work'' and I never saw a second account in both cases at any statement; they seemed to have been ''dropped'' quietly.
But in both cases did I link to my CIBC chequing account and used this link to transfer in and out. Perhaps this is a requirement, that the linked account at another institution is a chequing account?
All the other HISA providers (at least the ones I use) seem to be happy with a user only opening a HISA without having to open a chequing account as well.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

Chequing accounts are relatively new to ING/Tangerine. For at least a decade, you could only get a savings account.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

When I was with PCF, I only e er used a savings account and used it for push-pull to/from Scotia.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by schmuck »

CROCKD wrote: 30 Nov 2017 19:33 I am having trouble getting my head around this.
Ditto!
On the one hand you'd think Simlpii's 3% promo was obviously intended to attract new clients. On the other hand, they seem to be doing everything possible to piss off depositors. I can't imagine why they would not allow links to savings accounts to other institutions, unless their promo is generating more depositors than they ever intended.

My account was transferred over fro PCF to Simplii and I have been trying to create a link to RBC where I have a substantial amount in their 2% esavings act that matures today. I mailed the RBC account confirmation document as instructed on Nov 2, only to be informed 2 weeks later that they would only accept links to checking accounts. I mailed the document for the checking act Nov 16 and I'm still waiting. In the meantime my wife applied to open a Simplii account online. She mailed in her signature form along with a voided cheque Nov 14, and she received her card with a truckload of propaganda yesterday. She waited half an hour to activate the card by phone and was told that it would take another 8 business days (minimum) to process the account for online transactions.

What complicates things even more is that I've received conflicting instructions from their staff. I did however receive a helpful tip that to avoid long waits on the phone, the best time to call was early in the morning, but as they are situated in New Brunswick and I am in Vancouver, I guess I would have to set my alarm for 5:am :(. With all the effort expended so far, it's probably too late to tell them to stuff it now.
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Re: High interest rates for savings, GICs and MMFs (2017)

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schmuck wrote: 01 Dec 2017 13:28
CROCKD wrote: 30 Nov 2017 19:33 I am having trouble getting my head around this.
Ditto!
On the one hand you'd think Simlpii's 3% promo was obviously intended to attract new clients. On the other hand, they seem to be doing everything possible to piss off depositors. I can't imagine why they would not allow links to savings accounts to other institutions, unless their promo is generating more depositors than they ever intended.

My account was transferred over from PCF to Simplii and I have been trying to create a link to RBC where I have a substantial amount in their 2% esavings act that matures today. I mailed the RBC account confirmation document as instructed on Nov 2, only to be informed 2 weeks later that they would only accept links to checking accounts. I mailed the document for the checking act Nov 16 and I'm still waiting. In the meantime my wife applied to open a Simplii account online. She mailed in her signature form along with a voided cheque Nov 14, and she received her card with a truckload of propaganda yesterday. She waited half an hour to activate the card by phone and was told that it would take another 8 business days (minimum) to process the account for online transactions.

What complicates things even more is that I've received conflicting instructions from their staff. I did however receive a helpful tip that to avoid long waits on the phone, the best time to call was early in the morning, but as they are situated in New Brunswick and I am in Vancouver, I guess I would have to set my alarm for 5:am :(. With all the effort expended so far, it's probably too late to tell them to stuff it now.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by amphitryon »

Pickles wrote: 30 Nov 2017 20:32 Chequing accounts are relatively new to ING/Tangerine. For at least a decade, you could only get a savings account.
Not to be picky, but simply to clarify: ING had chequing since 2010, and with regard to PCF, my application from 2009 shows one HISA and one Chequing account. Not that I actually wanted one nor did I ever use it.

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

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amphitryon wrote: 01 Dec 2017 16:17
Pickles wrote: 30 Nov 2017 20:32 Chequing accounts are relatively new to ING/Tangerine. For at least a decade, you could only get a savings account.
Not to be picky, but simply to clarify: ING had chequing since 2010,
https://www.milliondollarjourney.com/in ... ancial.htm
I got my ING account in the 90s, a good 12-15 years before they had chequing accounts. Neither they nor Tangerine have ever required customers to have a chequing account. They offer bonus money for opening a chequing account, though. They have a very different system of transfer from Simplii
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

Agreed. I had an ING account for a very long time from back in the '90s and never had a chequing account with them, and didn't need it for transfers.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by max88 »

Tangerine/ING savings account is free flow, can be linked to bank card for withdrawal or linked to external accounts for transfer, subject to periodical and practical limits. In this case an internal Tangerine/ING chequing account is not required.

Simplii/PCF savings account is not free flow, it's actually a 1 day term deposit that is continuously renewed. This technicality prohibits immediate access to it (i.e.: ATM withdrawal). Customer is implicitly required to put a request to stop renewal, and to direct funds to be transferred to an internal Simplii/PCF chequing/LOC account or an external account. This is where things get irritating, in my opinion, that it requires unnecessary planning with regard to savings account that's supposed to be readily accessible.
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Re: High interest rates for savings, GICs and MMFs (2017)

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max88 wrote: 02 Dec 2017 13:55 Tangerine/ING savings account is free flow, can be linked to bank card for withdrawal or linked to external accounts for transfer, subject to periodical and practical limits. In this case an internal Tangerine/ING chequing account is not required.

Simplii/PCF savings account is not free flow, it's actually a 1 day term deposit that is continuously renewed. This technicality prohibits immediate access to it (i.e.: ATM withdrawal). Customer is implicitly required to put a request to stop renewal, and to direct funds to be transferred to an internal Simplii/PCF chequing/LOC account or an external account. This is where things get irritating, in my opinion, that it requires unnecessary planning with regard to savings account that's supposed to be readily accessible.

You could withdraw funds from the PC Financial chequing account using your PC banking card. Ditto for Tangerine. Like PC Financial, Tangerine did not link savings accounts to the banking accounts. The difference was that I could make an instant transfer, via its website, from savings to chequing, then walk to the corner and withdraw my money 5 minutes later.
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Re: High interest rates for savings, GICs and MMFs (2017)

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Pickles wrote: 02 Dec 2017 15:07 You could withdraw funds from the PC Financial chequing account using your PC banking card. Ditto for Tangerine. Like PC Financial, Tangerine did not link savings accounts to the banking accounts. The difference was that I could make an instant transfer, via its website, from savings to chequing, then walk to the corner and withdraw my money 5 minutes later.
You can be very correct that Tangerine doesn't link savings accounts to bank card. I don't recall withdrawing from Tangerine/ING (via Scotia ATM) in recent years. My last attempt to deposit a cheque to Tangerine (via Scotia ATM) was unsuccessful, probably due to years of inactivity of the bank card.

In any case Tangerine savings account accessibility is superior to that of Simplii's. At one time PCF was my main bank for transactions, but its 1 day term deposit savings account has caused my some headache and it fell off as my main bank.

Today Simplii's high(est) interest rate has brought me back, and of course the 1 day term deposit "feature" has caused problem again. On Nov 21st I created tfr-out to be run on Nov 24th, expecting funds to arrive TD on Nov 24th or 27th. Nothing in TD. On Nov 27th, I create another tfr-out (slightly different amount) to be run on Nov 28th. Both arrived at TD on Nov 29th. WT!%@#(*@!$
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

I wonder if Simplii will change its procedure? They are certainly pissing people off. Me, I can live with it primarily because I already had my account set up an operational when the 3% off was made.

You are right that Tangerine is superior to Simplii and I am less likely to accept another Simplii offer (unless they are losing customers and forced to keep their offers higher than the other online banks.....)
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Re: High interest rates for savings, GICs and MMFs (2017)

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schmuck wrote: 01 Dec 2017 13:29 My account was transferred over from PCF to Simplii and I have been trying to create a link to RBC where I have a substantial amount in their 2% esavings act that matures today. I mailed the RBC account confirmation document as instructed on Nov 2, only to be informed 2 weeks later that they would only accept links to checking accounts. I mailed the document for the checking act Nov 16 and I'm still waiting. In the meantime my wife applied to open a Simplii account online. She mailed in her signature form along with a voided cheque Nov 14, and she received her card with a truckload of propaganda yesterday. She waited half an hour to activate the card by phone and was told that it would take another 8 business days (minimum) to process the account for online transactions.

What complicates things even more is that I've received conflicting instructions from their staff. I did however receive a helpful tip that to avoid long waits on the phone, the best time to call was early in the morning, but as they are situated in New Brunswick and I am in Vancouver, I guess I would have to set my alarm for 5:am :(. With all the effort expended so far, it's probably too late to tell them to stuff it now.
After another 40 minute wait on the phone, Simplii claimed that the last document I sent (over 2 weeks ago) to create a link to RBC was never received. Solved that with a direct wire transfer from RBC to Simplii. The only snag was that I did know Simplii's "swift" code, and had to go to the nearest CIBC branch where the manager wasn't quite sure but was able to confirm that it is (CIBCCATT) after an online search and a couple of phone calls. While waiting he asked me why I wanted to send money to Simplii as he was not aware of their 3% promo, and was quite surprised by it.

Of course another phone call was required to find out what the hell was delaying my wife's account application. Yup, another 50 minute wait that was interrupted by a message that "there are currently more than 15 people waiting ahead of you". I guess they haven't figured out yet that that message might be more rational at the beginning of the wait rather than 30 minutes into it.
Anyway, they claimed that they are still working with Equifax to verify her identity and that they did not know how long it would take to resolve that. That was the final straw as wifey doesn't surfer fools quite as lightly as I do...and told them to stuff it.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by BRIAN5000 »

You either get the best service or the best price the two IMO seldom go together. I'm sure the CIBC branch manager would have taken your money, maybe even bought you a coffee, but not at 3%.

I'm waiting for my stupid box of chocolates from Oaken again this year :roll: something about a tree last year IIRC. I sent them more money so if I don't get one this year I'll be miffed.
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Re: High interest rates for savings, GICs and MMFs (2017)

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For anyone who might be interested, MCAN is offering 3.0% 5 year GICs through brokers. CDIC insured.
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Re: High interest rates for savings, GICs and MMFs (2017)

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Motive Financial (formerly Canadian Direct Financial) also has 5 yr GIC @ 2.97% - also CDIC insured.
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Re: High interest rates for savings, GICs and MMFs (2017)

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BRIAN5000 wrote: 03 Dec 2017 15:25 You either get the best service or the best price the two IMO seldom go together. I'm sure the CIBC branch manager would have taken your money, maybe even bought you a coffee, but not at 3%.

I'm waiting for my stupid box of chocolates from Oaken again this year :roll: something about a tree last year IIRC. I sent them more money so if I don't get one this year I'll be miffed.
And what should arrive at my door 5 minutes ago yes a box of chocolates from Oaken. :thumbsup:
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Re: High interest rates for savings, GICs and MMFs (2017)

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BRIAN5000 wrote: 06 Dec 2017 20:00
BRIAN5000 wrote: 03 Dec 2017 15:25 You either get the best service or the best price the two IMO seldom go together. I'm sure the CIBC branch manager would have taken your money, maybe even bought you a coffee, but not at 3%.

I'm waiting for my stupid box of chocolates from Oaken again this year :roll: something about a tree last year IIRC. I sent them more money so if I don't get one this year I'll be miffed.
And what should arrive at my door 5 minutes ago yes a box of chocolates from Oaken. :thumbsup:
We also received a box of chocolates. We never used to get these but feel special now. :)
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Re: High interest rates for savings, GICs and MMFs (2017)

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BRIAN5000 wrote: 06 Dec 2017 20:00 And what should arrive at my door 5 minutes ago yes a box of chocolates from Oaken. :thumbsup:
Did they change brands to See's ? Warrens favorite.... :lol:
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Dejavu »

Here in Mb. I have just negotiated 3% on several 5yr.rollovers coming in January 2018.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Peculiar_Investor »

rhenderson wrote: 16 Jul 2017 13:32 I'm not a fan of RBC but now they are offering 2.15% until Dec 1.

http://www.rbcroyalbank.com/dms/pba/e-s ... -d-or.html

Sounds pretty good to me for one of the major banks. :wink:
Totally missed this post but was pleasantly surprised today when I checked our RBC eSavings account and found a 'Bonus Deposit Interest' payment received on December 1st. Christmas shopping money or perhaps help fund a couple of travel adventures that we've got booked for 2018?
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Re: High interest rates for savings, GICs and MMFs (2017)

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From email from OAKEN
As part of our commitment to making customers the first to know about our rate changes, please note that effective tomorrow (Wednesday, December 13, 2017), we'll be increasing our interest rates for all GIC terms as follows:

Long-term GICs (registered and non-registered)

• 1 Year GIC – 2.00% (currently 1.90%)
• 18 Month GIC – 2.25% (currently 2.00%)
• 2 Year GIC – 2.35% (currently 2.25%)
• 3 Year GIC – 2.65% (currently 2.45%)
• 4 Year GIC – 2.75% (currently 2.50%)
• 5 Year GIC – 3.00% (currently 2.75%)
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
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Re: High interest rates for savings, GICs and MMFs (2017)

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A few posts split into new topic Joint ownership of savings account/GICs and the tax implications -- Administrator
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Re: High interest rates for savings, GICs and MMFs (2017)

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It has been pointed out that when TD offered me an ePremiun savings account paying 2.5% interest till March 31 I was being targeted by them. I took advantage of the offer by transferring $50k from Tangerine. About 3 weeks later I got a phone call from Tangerine offering me 2.5% on my savings account for a period of 90 days if I would bring the money back. I rejected the offer as being uncompetitive, however, I will talk to them again after March 31. It's nice to be wanted. You might note that TD's regular saving rate is .75% while Tangerine pays 1% on my savings account there.
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Re: High interest rates for savings, GICs and MMFs (2017)

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Donut wrote: 18 Dec 2017 15:07 It has been pointed out that when TD offered me an ePremiun savings account paying 2.5% interest till March 31 I was being targeted by them. I took advantage of the offer by transferring $50k from Tangerine.
Just a reminder that Simplii (formerly known as PC Financial) offers everybody (no enrollment required) 3% on their savings account (well, on money exceeding the balance as of the end of October, if any) up until the end of February.
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