How to 'Save Your Money'

By RedFlagDeals.com Staff • Page 6 of 6

Last Updated: September 22, 2011

Summary

Enter the sum you want to invest : 

Bank & Name Signup Bonuses Ways to Deposit Ways to Withdraw Signup Requirements and Transfer Time Interest and your Earnings
Peoples Trust
Peoples Choice Savings Account		 None Cheque By Mail - Free
Phone Transfer - Free
Online Transfer using another bank's website - Free		 First five per month are free, $1.50 after that:
Phone Transfer
Cheques
Online Transfer using another bank's website 		Required to Sign Up: Pre-Printed personal Cheque, SIN number
Transfer Time: Nearly immediate, but a 9 day hold is placed on transfers initiated with Peoples Trust. No hold for transfers initiated from an account at another bank.
Enter the amount you wish to invest to calculate the interest.
Ally Financial
High interest savings account		 None Cheque by mail - Free
Online Transfer - Free
Phone Transfer - Free		 Online Transfer - Free
Phone Transfer - Free		 Required to Sign Up:Personal Cheque mailed to them, SIN Number. Not available in Quebec. Must be over the age of majority.
Transfer Time: 3 business days
Enter the amount you wish to invest to calculate the interest.
Canadian Direct Financial
KeyRate Savings Account		 None Cheque by mail - Free
Exchange ATMs - Free
Direct Deposit (payroll) - Free
Online Transfer - Free		 One free withdrawal per month (any method), after which the following charges apply:
Online transfer - $1.00
Exchange ATM - $1.00
Non-Exchange ATM - $2.50
Bill Payments - $2.50
Interac Direct Payment - $2.50
 Required to Sign Up: Personal Cheque mailed to them, SIN Number, employment info. Not available in Quebec. Must be over the age of majority.
Transfer Time: 2 business days
Enter the amount you wish to invest to calculate the interest.
MAXA Financial
Savings account Account		 12 cheques Direct Deposit (payroll) - Free
Acculink ATMs - Free
Mailing a cheque - Free
Automated Transfer - Free ($5.00 to set up)		 There is one free debit per month, the rest are $1.00 each. This includes:
Cheques
Interac Direct Payment
Acculink ATMs
pre-authorized debits
bill payment
Other fees ON TOP of the $1.00:
Interac ATM - 1.50$
Cirrus or Plus ATM (USA) - $3.00
Plus or Cirrus ATM (International) - $5.00		 Required to Sign Up: Personal Cheque mailed to them, SIN Number, employment info.
Transfer Time: Not sure. Do you know? E-mail me and I'll credit you as the source. Suggest@redflagdeals.com
Enter the amount you wish to invest to calculate the interest.
Achieva Financial
Achieva Savings		 One Free Chequebook Cheque by mail - Free
Acculink ATMs - Free
Direct Deposit (payroll) - Free		 Cheque - $1.00 (the 1st every month is free)
Acculink ATMs - $0.60
Interac ATMs - $1.00 + fees
Interac Direct Payment - $0.60
Bill Payment - $0.50		 Required to Sign Up: Pre-Printed personal Cheque mailed to them, SIN Number.
Transfer Time: However long it takes to mail the cheque (3-4 days from Toronto) and it's held for 10 days afterwards. (Thanks to Maia Saneblidze for the info)
Enter the amount you wish to invest to calculate the interest.
Outlook Financial
High Interest Savings Account		 One Free Chequebook Direct Deposit (payroll) - Free
Manitoba CU ATMs - Free
Mailing a cheque - Free
Automated Transfer - Free		 There is one free debit per month, the rest are $1.00 each. This includes:
Cheques
Interac Direct Payment
Acculink ATMs
pre-authorized debits
bill payment
Other fees ON TOP of the $1.00:
Interac ATM - 1.25$
Cirrus or Plus ATM (USA) - $2.50
Plus ATM (International) - $5.00		 Required to Sign Up: Pre-Printed personal Cheque, mailed to them, SIN Number.
Transfer Time: 2-3 business days.
Enter the amount you wish to invest to calculate the interest.
ICICI Bank
HiSAVE Savings Account		 None Direct Deposit - Free
Telephone Banking - $0.75
ICICI ABMs - Free
Online Transfer - Free
Automated Transfer - Free		 Telephone Banking - $0.75
Interac Direct Payment - $0.75
ICICI ABMs - Free
All Interac/ US/ Int'l. ABMs (Cirrus network) - $1.25/ $2.00/ $3.00
Online Transfer - Free		 Required to Sign Up: Pre-Printed personal Cheque.
Transfer Time: 2 business days for deposits and 1 business day for withdrawals. (Thanks to Martha Finch for the info)
5 day hold on deposits excluding bank drafts and certified cheques (Thanks to Gary Bajaj for the info)
Enter the amount you wish to invest to calculate the interest.
Canadian Tire Financial Services
Ultimate Savings Account		 None Online/Phone Transfer - Free
Required to Sign Up: Personal Cheque mailed to them, SIN Number. Must be over the age of 12.
Transfer Time: 48 hours. Suggest@redflagdeals.com
Enter the amount you wish to invest to calculate the interest.
ING Direct
Investment Savings Account		 $13 with a referral and a minimum deposit of $100 Phone/ Online Transfer - Free
Cheque by Mail - Free		 Phone/ Online Transfer - Free
Interac ATMs - 4 Free, ATM fees after (Convenience Fee may apply)		 Required to Sign Up: Pre-Printed personal Cheque, SIN Number, mailed to them.
Transfer Time: One Night (Thanks to actng from redflagdeals.com for that info). Note that they hold cheque deposits for 5 to 7 days.
Enter the amount you wish to invest to calculate the interest.
Manulife Bank
Advantage Account		 None ACCEL/The Exchange ATM - Free
Cheque By Mail - Free
Direct Deposit (Payroll) - Free
Online /Telephone Transfer - Free
Royal Bank Branch - Free		 Cheque - Free
ACCEL/The Exchange ATM - $1.25
Interac ATM - $1.25 + other fees
Cirrus/ Maestro/ ACCEL ATMs (international) - $2.50
Interac Direct Payment - $0.50
Online/ Telephone Transfers - Free
Bill Payment - $0.50		 Required to Sign Up: Pre-Printed personal Cheque, two pieces of Photo ID. You can mail the cheque and the photocopies of the ID or meet a Manulife representative. There are many across Canada.
Transfer Time: Two business days.
Enter the amount you wish to invest to calculate the interest.
HSBC
Direct Savings Account		 None Phone/Online Transfer - Free
Automatic Transfer - Free
The Exchange / BMO ATMs - Free
Direct Deposit - Free		 Phone/Online Transfer - Free
Automatic Transfer - Free
The Exchange / BMO ATMs - Free
Interac/Cirrus ATMs - $1.50/$3.00 (convenience fee may apply)
Interac Direct Payment - Free
Bill Payment - Free		 Required to Sign Up: Personal Cheque mailed to them, SIN Number.
Transfer Time: Not sure. Do you know? E-mail me and I'll credit you as the source. Suggest@redflagdeals.com
Enter the amount you wish to invest to calculate the interest.
President's Choice Financial
Interest Plus Savings Account		 None Phone/ Online Transfer - Free
PCF/ CIBC ATM - Free
Direct Deposit (payroll) - Free
 Phone Transfer - Free
PCF/ CIBC ATM (transfer only) - Free		 Required to Sign Up: Nothing, if you already have an account with PC. If you don't, you'll need a SIN Number and a Pre-Printed Personal cheque to mail to them. If you don't have any cheques, you can go to any PC Financial Pavilion. Also, if you're under 18, you have to go into a pavillion with your parents.
Transfer Time: At least one day.
Enter the amount you wish to invest to calculate the interest.
Royal Bank
High Interest eSavings Account		 None Online Transfer with another Royal Bank Account - Free
Most other transactions - $5.00		 Required to Sign Up: 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). You must have/sign up for another RBC account. Also must be over the age of majority.
Transfer Time: Instant, between RBC accounts.
Enter the amount you wish to invest to calculate the interest.

The interest calculator is for approximation purposes only, rates change, and there are no guarantees. Each bank may calculate interest slightly differently. We suggest verifying all information with the bank before opening an account.