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ArticlesCanadian High Interest Savings Accounts go head to head
First Posted: December 1, 2004 Signup BonusesIn the long term, signup bonuses don't really mean anything. They can, however, make it easier to choose between two banks that may be very similar. Here are the bonuses offered by each bank.
ConclusionsThe BestCitizens Ultimate A good well rounded account with a fair amount of access methods, with the notable absence of Interac Direct Payment. Fortunately, if you sign up for a Citizens Investment account as well (also free), you have access to Interac and free chequing. A big plus for the globetrotter is the four free transactions ANYWHERE in the world! Also, Citizens is by far the most ethical choice of the bunch, with the goal of going carbon neutral by 2010. ICICI Sets the benchmark for an online bank. Strong interest, combined with a plethora of free access methods. For those needing to transfer money back and forth from India, this may also be a great option. A warning: many seem to have had problems with ICICI, stemming mostly from poor customer service. There seem to be plenty of people, though, that have been fine with ICICI. Your mileage may vary. Altamira An outstanding interest rate, but weaker on access methods than ICICI. HSBC HSBC improved their offering considerably when they introduced the Direct Savings Account. Unlimited Interac Direct Payments, bill payments & free access to BMO and The Exchange ATMs means you could almost use this as your primary account. Unless you use actual cheques. Similar to Citizens Ultimate, but has unlimited ATM interactions and includes Interac Direct Payments. The RestPC Financial Interest Plus This account was introduced to universal acclaim for its strong interest rates. They have recently become increasingly less competitive. Although this account is very convenient for people with PC chequing accounts, you're probably better served by ICICI or Citizens Ultimate. Achieva & Outlook At the outset, either of these can look very attractive with their reasonable interest rates. As long as you don't need to access your money much, these would be a great choice. Unfortunately, with prolonged hold periods and a lack of online transfers, these accounts can make your money feel isolated. Before signing up with either of these, take a good long hard look at ICICI. It's probably worth it. If you think you'll be accessing your money so seldomly that Achieva or Outlook still seems like a good deal, check out the latest rates on some short term GICs, they might be a better choice. E*Trade / Canadian Tire Similar to the Altamira account, but with less interest. Royal Bank RBC seems to be the only Big 5 bank that has made an attempt to compete in the high interest savings account world. Still not good enough. Pass on this one unless you also have an RBC chequing account. Manulife ICICI's interest is usually higher, and it's more feature-rich. ING Direct There are many accounts here that offer better interest. If you were to choose ING for the 4 free ATM transactions, Citizens' Ultimate Account and HSBC offers the same thing, but with more features. ING Direct just turns out to be all hype and nothing attractive. ING seems to put most of their money into paying for advertising instead of features or interest. Pass. PC Financial Interest First/ Scotiabank You could say these accounts are only in here for pity. They offer little interest, and very few ways to access it. They are useful for people that hold their primary bank account with one of these banks. Transfers are fast and easy to set up. In the case of Scotiabank, they're also instant. If you're looking for any substantial interest though, these are out of the running. Citizens Investment Wow. Free unlimited cheques. If that makes up for a considerably lower interest rate, this may be the account for you. Also, note that Citizens has a strong ethical policy. If you're thinking about replacing your chequing account, you might want to check out our chequing account article, which includes this account. SuggestionsThe Investor: I may write the occasional cheque, but otherwise, I leave my money untouched.Probably ICICI. Rates change often, and banks move up and down on this list often, but ICICI usually stays on or near the top. The Online Banker: I don't use my high interest savings account much, but when I do, I want to have my money transferred to my main bank account quickly and easily, over the internet. ICICI takes this title for now. But like I said, the rates, they are flailing. The Chequing Account Replacer: Frequent access and high interest - Why not have both? Citizens Ultimate and Citizens Investment are an unstoppable tag team of good rates (former) and free chequing (latter) with instant transfers to top it off. |
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