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Articles

Canadian High Interest Savings Accounts go head to head

First Posted: December 1, 2004
Last Updated: June 22, 2008

By Denis Agar



Which banks are in the running?

Here's a list:

Which one is right for me?

There are many things to consider before signing up for an account. Here are all the different factors to be discussed:
  • Signup Requirements: There's no point in even bothering if you can't sign up.
  • Interest Rates: After all, isn't that the reason you'd choose one of these over your usual chequing account?
  • Access Methods: Some accounts offer great interest rates, but what happens if you're paying more in withdrawal fees than you're earning?
  • Signup Bonuses: With such similar interest rates, some banks really want to set themselves apart.

Signup Requirements

Most of these banks ask for identification to comply with within money-laundering legislation. Some banks offer extras like overdraft protection, so they need more ID to be able to check your credit rating.

Bank Requirements
Achieva Personal Cheque mailed to them, SIN Number.
Altamira Personal Cheque mailed to them, SIN Number.
Canadian Tire Financial Services Personal Cheque mailed to them, SIN Number. Must be over the age of 12.
Citizens Personal Cheque mailed to them, SIN Number, two pieces of ID (one must have photo) photocopied and sent to them, as much personal information as possible (employment info, Credit card #s, passport #, Driver's License # etc.), photocopy of a utility bill to confirm your address
E*Trade Personal Cheque for at least $1 mailed to them, SIN Number. Must be over the age of majority.
HSBC Personal Cheque mailed to them, SIN Number. Must be over the age of majority.
ICICI Personal Cheque mailed to them, SIN Number, Employment info. Must be over the age of majority.
ING Direct Personal Cheque mailed to them, SIN Number, Physical home address
Manulife Personal Cheque mailed to them, SIN Number, two pieces of ID (one must have photo) photocopied and sent to them
Outlook Personal Cheque mailed to them, SIN Number
President's Choice SIN Number, visit to a PC Financial Pavillion with 2 forms of ID (one with a photo) OR a personal cheque mailed to them.
Royal Bank Personal Cheque for at least $25 mailed to them (or a visit to a branch), photocopies of two pieces of ID (one must have a signature). Must be over the age of majority.
Scotiabank SIN Number, visit to a Scotiabank branch with 2 forms of ID (one with a photo) OR preprinted cheque, employment information

Interest Rates

You can't argue with the facts, a better interest rate is a better interest rate. Here's the lineup:

Bank Interest Rate (as of February 17, 2008)
ICICI 3.40%
Altamira 3.20%
Citizens Ultimate 3.15%
Canadian Tire 3.05%*
E*Trade 3.05%
President's Choice Interest Plus 3.05%
Outlook 3.05%
Achieva 3.05%
HSBC 3.00%
ING Direct 3.00%
Manulife 3.00%
Royal Bank 2.75%
Scotiabank 2.25%
President's Choice Interest First 2.00%
Citizens Investment 1.50%


*On accounts containing more than $1000 (calculated daily, so you'll only lose a day of interest if your account drops below the threshold). Balances below $1000 collect 1.00% interest. Also, PC will raise your interest rate depending on how much you've kept in the account for how long. See PC's site for more details.








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