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best savings account

best savings account

heartbroken
Joined: May 2013
Posts: 110

heartbroken
Joined: May 2013
Posts: 110

best savings account
10/3/2016 at 5:06 AM

I am looking into changing banks in order to get a better interest rate for my savings account, I am currently dealing with the bank of Montréal and have a smart saver account with them.
Any advice will be greatly appreciated thank you in advance.
Andy_Wright

Joined: Feb 2009
Posts: 56

Andy_Wright
Joined: Feb 2009
Posts: 56

President Choice
10/3/2016 at 7:04 AM

They offer high interest and all other accounts free of charge. I have been using them for 16 years and NEVER paid a cent in fees. Free withdraws from CIBC and PC ATMs, free overdraft, free cheques, unlimited free interac usage and free replacement debit cards.

I don't understand why anyone would pay a bank for horrible hours and service when you can get 24hrs service, can do ANYTHING over then phone (mortgage, loans, additional accounts) never need to go to the branch in person and never need to pay them a cent!
venus36
Joined: This month
Posts: 586

venus36
Joined: This month
Posts: 586

...
10/3/2016 at 7:37 AM

I second PC. Been using them for about five years now. Never had a problem.
Opustwo
Joined: Jul 2016
Posts: 308

Opustwo
Joined: Jul 2016
Posts: 308

Tangerine
10/3/2016 at 8:21 AM

formerly ING. I have my savings with Tangerine. Better interest rate than my bank. Also, I don't use a debit card with it so to get my money I have to transfer to my bank and it takes a couple of days. Perfect for re-thinking those impluse purchases.

Telephone, online banking and ATM
Abbysmum
Joined: Mar 2009
Posts: 5039

Abbysmum
Joined: Mar 2009
Posts: 5039

PC
10/3/2016 at 10:04 AM

We also use PC. I've had a PC account for probably 15 years, and also have never paid fees. Rates are pretty good (we also have a mortgage through them).

That being said, depending on what type of savings account you're looking for you might be better with a traditional bank as PC has most basic financial products, but not the full range of investments. For example, if you're looking at long-term savings with moderate growth, a conservative mutual fund linked to a TFSA might be a better option (PC only has TFSAs linked to a savings account).
Fishin Guy
Joined: Dec 2005
Posts: 6897

Fishin Guy
Joined: Dec 2005
Posts: 6897

....
10/3/2016 at 2:49 PM

Looks like for interest rates Tangerine and PC come in the highest at .80% and Royal 2nd at .55%. So far all banks I looked at offered free savings accounts. Since I bank with the Royal I have my accounts through them. I have 17 savings accounts. Like everyone else they are all free accounts. I definitely don't have my savings accounts for the interest.
Adam

Joined: Mar 2005
Posts: 15663

Adam
Joined: Mar 2005
Posts: 15663

Savings
10/3/2016 at 2:54 PM

We have some parked with Westoba's online service called Maxa Financial. As far as savings accounts go 1.7% is quite a bit higher than what some of the bigger banks offer with their online accounts. As much as 1.7 still isnt an investment return rate that'll make you rich (especially after you pay tax on it)... it'll at least come closer to holding back inflation!
heartbroken
Joined: May 2013
Posts: 110

heartbroken
Joined: May 2013
Posts: 110

thanks everyone for your imput
10/4/2016 at 7:14 PM

Got some things to think about