High Interest Saving Accounts

53 views and no reply ... I guess those 2 banks are really new that nobody has any opinion?

There is a new one offered by Ally bank that offers 2% with a promise not to drop the rate. This is a branch on the new GMAC finance.

CuriousReader said:

Hi guys,

I am looking to open a new high interest saving account and after looking around, I found a couple of choices (seems like PC, ICICI and Canadian Tire are not the best choice these days)

• 
  Canadian Direct Financial: 2.0% (insured under CIDC)

• 
  MAXA Financial: 2.0% (insured under CUDGC)

I never heard of these banks before, I am wondering if any of you have comments / experience on opening accounts with them? I just want a simple high-interest saving account that I can easily access online.

Thanks

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I have accounts with PC Financial and ING Direct. I have no experience with these banks.

HISA comparo ... http://www.redflagdeals.com/deals/main.php/articles/savings1/

... and the mother of all threads on Canadian Savings Accounts ... enjoy the 633 posts ;-) ...
http://www.redflagdeals.com/forums/showthread.php?t=698055&highlight=savings+account

MAXA Financial is the online division of Westoba Credit Union in Manitoba. I looked into putting money in a GIC with them because they had the highest 5 year rate at the time. However, their rate paid annual interest rather than compounded interest and in reality was lower than a rate I got at Achieva Financial. I've been Achieva for about 10 years and have my high interest account with them.

high interest

I don't know about this, everytime I hear "high interest rate" and its
ING at 1.2% or these two new banks at 2%...high interest rate. What would 5% be or 10%?

sorry, just had to vent a little......lol

JDWood said:

I don't know about this, everytime I hear "high interest rate" and its
ING at 1.2% or these two new banks at 2%...high interest rate. What would 5% be or 10%?

sorry, just had to vent a little......lol

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Just remember that interest rates have to be considered in tandem with inflation rates; they have little meaning in isolation. I'm old enough to remember when standard savings accounts paid 5% interest and GICs paid 10% interest. But that was back in the late early 80s when inflation was about 10%. So in reality you were losing money if you put your money in a savings account at 5%, and you were barely breaking even with a GIC at 10%.

JDWood said:

I don't know about this, everytime I hear "high interest rate" and its
ING at 1.2% or these two new banks at 2%...high interest rate. What would 5% be or 10%?

sorry, just had to vent a little......lol

Click to expand...

Actually, the ING rate is now 1.05% ... :-(