High Interest Rates for Savings, GICs, MMFs [2012]
Re: High Interest Rates for Savings, GICs, MMFs [2012]
Hey Bylo
Want to split a "C" note
Want to split a "C" note
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
ING may have a good read on Canadian culture: as a whole, Canadians seem to focus on short term gains over long expenses. Witness the "free smart phone" offers that involve people signing up for three years of very expensive monthly cellular data plans. Our cellular costs are the highest in the world. Despite their kvetching, enough people sign up to keep the offers coming from the telcoms and ING, apparently.Bylo Selhi wrote:A sign of desperation?optionable68 wrote:I agree that ING has lost its luster.Bylo Selhi wrote:ING Direct's is, by far, the least competitive HISA. That's quite a change from how they got established in Canada...
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
Peoples Trust Choice Savings Account is now paying an interest rate of 1.9%
- freedom_2008
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
It is still 2.1% in https://thebestrate.peoplestrust.com/main/?mainhome# for existing clients?Taggart wrote:Peoples Trust Choice Savings Account is now paying an interest rate of 1.9%
“Life is 10% what happens to you and 90% how you react.” — Charles R. Swindoll
Re: High Interest Rates for Savings, GICs, MMFs [2012]
I find that kind of strange. Is it normal for a financial institution to keep it's former interest rates for existing customers and lower it for new accounts? How long can they keep that going?freedom_2008 wrote:It is still 2.1% in https://thebestrate.peoplestrust.com/main/?mainhome# for existing clients?Taggart wrote:Peoples Trust Choice Savings Account is now paying an interest rate of 1.9%
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
Weird - never heard of such a thing......Taggart wrote:I find that kind of strange. Is it normal for a financial institution to keep it's former interest rates for existing customers and lower it for new accounts? How long can they keep that going?freedom_2008 wrote:It is still 2.1% in https://thebestrate.peoplestrust.com/main/?mainhome# for existing clients?Taggart wrote:Peoples Trust Choice Savings Account is now paying an interest rate of 1.9%
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
Isn't it usually the other way around ? (Entice new customer's and accomodate existing customers who squawk)like_to_retire wrote:Weird - never heard of such a thing......Taggart wrote:I find that kind of strange. Is it normal for a financial institution to keep it's former interest rates for existing customers and lower it for new accounts? How long can they keep that going?freedom_2008 wrote: It is still 2.1% in https://thebestrate.peoplestrust.com/main/?mainhome# for existing clients?
“Courage is what it takes to stand up and speak. Courage is also what it takes to sit down and listen.” - Winston Churchill
Re: High Interest Rates for Savings, GICs, MMFs [2012]
Just confirmed by telephone PT Savings Acct. rate is now 1.9% for all clients.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
Re: High Interest Rates for Savings, GICs, MMFs [2012]
Thanks for confirming. I'm in the process of moving our TFSA's to Peoples Trust and was thinking about moving the savings account there too, but now I think I'll just sit back a bit longer, and take a wait and see attitude.CROCKD wrote:Just confirmed by telephone PT Savings Acct. rate is now 1.9% for all clients.
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
I had a $5k gic from cibc that was a tfsa, I think I should have transferred it to PT, where I am currently parking tfsa gics. Instead, I just dumped the money into a bank account and will send PT a check. I'm assuming I have lost the interest amount as something to put in to PT and am only allowed to send in the original 5k amount...anybody done this?
Thx
Thx
suzy
Re: High Interest Rates for Savings, GICs, MMFs [2012]
This is a bit confusing. I assume you withdrew the money from a cibc tfsa - this would have been $5k+ interest. If it was withdrawn before Dec.31,2011 you are eligible to deposit $5k+int. into a PT TFSA this year. If it was only withdrawn this year (2012) you cannot put it back (5k+int.) into a TFSA until Jan.1, 2013 or you will pay a penalty.flywaysuzy wrote:I had a $5k gic from cibc that was a tfsa, I think I should have transferred it to PT, where I am currently parking tfsa gics. Instead, I just dumped the money into a bank account and will send PT a check.
Edited:
If you have not made a contribution to a TFSA for this year you are eligible to deposit $5k.
However any amount withdrawn from a TFSA is subject to the above rules for redeposit.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
Thanks, my fault for not checking the rules ahead of time..I'll send it in in January, along with next year's contribution!
suzy
- freedom_2008
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
Yep, looks like they just updated the saving rate on "Valued Customers" page today. But their GIC rates are still very different between their public page and the "Valued Customers" page (e.g. 5yr GIC 2.4% vs 3.25%). If I remember correctly, you can only get the better rate if you have an account with them already and buy GIC on-line, not via phone.CROCKD wrote:Just confirmed by telephone PT Savings Acct. rate is now 1.9% for all clients.
“Life is 10% what happens to you and 90% how you react.” — Charles R. Swindoll
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
As of today, Canadian Direct Financial still pays 2% and 3% interest on their KeyRate Saving and KeyReach TFSA, respectively.Taggart wrote:Peoples Trust Choice Savings Account is now paying an interest rate of 1.9%
Interestingly, they upgraded their online banking system recently. Transfer between account can be done without placing a phone call to them and are instantaneous. (TFSA<->savings)
There's a review of the CDF online interface, here: http://www.highinterestsavings.ca/2011/ ... ce-review/
We'll see if they lower their rates to follow People's Trust.
MIP710 at TDW
Today I placed a buy order to add funds to my MIP710 at TDW...a messsage came up that the order could not go through and to call TDW. As of June 1st, TDW will not sell MIP710's, the alternative is a TDW investment @1.25% they explained that my existing MIP710 which is paying 1.3%. can still exist, but I cannot purchase additional units.
I guess they feel it is better to keep this investment in house.
I guess they feel it is better to keep this investment in house.
Re: MIP710 at TDW
This is covered in considerable detail in this thread http://www.financialwisdomforum.org/for ... 25#p469525
I suspect most, if not all, discount brokers have discontinued the practice of offering competitor HISA products.
I suspect most, if not all, discount brokers have discontinued the practice of offering competitor HISA products.
Last edited by Peculiar_Investor on 07 Feb 2014 07:04, edited 1 time in total.
Reason: replace old domain name with www.financialwisdomforum.org to reflect new domain name effective 19-Jan-2014
Reason: replace old domain name with www.financialwisdomforum.org to reflect new domain name effective 19-Jan-2014
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Re: MIP710 at TDW
Thanks for your reply Alta Red I didn't check far enough in the other posts, I should have known this site would be right up to date.
- optionable68
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Re: MIP710 at TDW
I own both the MIP and TDB ISA accounts.
I wouldn't worry too much about 5 bps, but if the spread widens materially, then other options may need to be considered.
I wouldn't worry too much about 5 bps, but if the spread widens materially, then other options may need to be considered.
3-time winner of FWF Annual Stock Market Predictions contest
Re: MIP710 at TDW
BMOIL still offers 7 products from IBN100 to DYN500 and incl.MIP710AltaRed wrote:I suspect most, if not all, discount brokers have discontinued the practice of offering competitor HISA products.
The big drawback. There is a $25,000 minimum.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
Re: MIP710 at TDW
Plus most likely a minimum 90 day hold to avoid penalty provisions (intended no doubt to ensure the broker gets one trailer fee out of the transactions).CROCKD wrote:The big drawback. There is a $25,000 minimum.
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Re: MIP710 at TDW
No minimum hold. You can put it in one day and take it out the next. I checked by telephone before I parked my RRIF withdrawal money.AltaRed wrote: Plus most likely a minimum 90 day hold
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
Re: MIP710 at TDW
Perhaps limited to registered accounts? If not, it seems odd they would be a charitable organization incurring expense on behalf of their clients. No wonder BMO has not raised their dividend since 2007,CROCKD wrote:No minimum hold. You can put it in one day and take it out the next. I checked by telephone before I parked my RRIF withdrawal money.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: MIP710 at TDW
Does anyone know of an option for a bit less than $25,000 with BMOIL? Also need to be able to apply "automatic" monthly withdrawals for a RRIF.CROCKD wrote:BMOIL still offers 7 products from IBN100 to DYN500 and incl.MIP710AltaRed wrote:I suspect most, if not all, discount brokers have discontinued the practice of offering competitor HISA products.
The big drawback. There is a $25,000 minimum.
Re: MIP710 at TDW
No, but it is probably BMO's own product. When you do find out, it would be good to include something here http://www.finiki.org/wiki/High-Interes ... s_AccountsTaggart wrote:Does anyone know of an option for a bit less than $25,000 with BMOIL? Also need to be able to apply "automatic" monthly withdrawals for a RRIF.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
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Re: High Interest Rates for Savings, GICs, MMFs [2012]
BMOIL:
RRSP: http://www.bmo.com/home/personal/banking/rates/rrsp looks like savings account is .25%
TFSA: Tax free savings account | Bank accounts | BMO Bank of Montreal - 1.15% available
I note that Fund Quote - The Globe and Mail yields .1%.
Added: iShares CMR http://ca.ishares.com/product_info/fund ... ew/CMR.htm may be a possibility but isn't CDIC insured.
RRSP: http://www.bmo.com/home/personal/banking/rates/rrsp looks like savings account is .25%
TFSA: Tax free savings account | Bank accounts | BMO Bank of Montreal - 1.15% available
I note that Fund Quote - The Globe and Mail yields .1%.
Added: iShares CMR http://ca.ishares.com/product_info/fund ... ew/CMR.htm may be a possibility but isn't CDIC insured.
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