savings account interest

Discuss Canadian banks, bank accounts, and anything related to banking.
ms.piggy
Posts: 15
Joined: Wed Jun 04, 2008 2:02 pm

savings account interest

Postby ms.piggy » Fri Jun 06, 2008 3:57 pm

Do you have savings account and what bank in Canada gives the highest interest?

stocks
Posts: 16
Joined: Wed Jun 04, 2008 1:27 pm

Re: savings account interest

Postby stocks » Fri Jun 06, 2008 6:18 pm

I think ING Direct Canada offer pretty high interest rates on savings accounts, compared to their competitors. They are able to do that, because they don't have retail Canadian branches, all the banking is done online or through ATM, which saves the bank a lot of money and they pass the savings to their customers.

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: savings account interest

Postby spencer » Fri Jun 06, 2008 6:50 pm

Is ING Bank Canada a member of Canada Deposit Insurance Corporation? If you want to put your money there make sure that your deposit is eligible for CDIC deposit insurance of up to $100,000.

sunshine
Posts: 23
Joined: Tue Jun 03, 2008 5:55 pm

Re: savings account interest

Postby sunshine » Fri Jun 06, 2008 8:19 pm

I spoke with RBC last week and they told me the savings account interest rate is 2.75%.
I don't know about the other banks...
It barely covers the inflation.

ms.piggy
Posts: 15
Joined: Wed Jun 04, 2008 2:02 pm

Re: savings account interest

Postby ms.piggy » Mon Jun 09, 2008 3:29 pm

Thanks for your feedback. I still don't know if it is good idea to open savings account. Still I need to save money so i may as well do it.

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: savings account interest

Postby theway » Mon Jun 09, 2008 3:33 pm

sunshine wrote:I spoke with RBC last week and they told me the savings account interest rate is 2.75%.
I don't know about the other banks...
It barely covers the inflation.


It barely covers the official inflation, but if you are like most people that need energy and food to survive, then you know that inflation in Canada is running close to 10% per year :). The purpose of the official inflation numbers is to keep your inflation expectations low, not to report the real inflation numbers. If the real Canadian inflation numbers are reported, then there will be a mass panic and run for gold. This will happen anyway, sooner or later, but we are not there yet.

rock
Posts: 20
Joined: Tue Jun 10, 2008 3:06 pm

Re: savings account interest

Postby rock » Tue Jun 10, 2008 3:30 pm

Inflation in food and energy has been scary to say the least in the last year. However many other things we buy have had relatively stable prices, and some have even come down in value. I understand that people with all incomes are immediately affected by the rising prices of gas and food, but still the gas and food are not the only things we consume.


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