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The best places to park your cash
With rates so low, it pays to shop around. Here are the best rates out there now for high-interest savings accounts, Tax-Free Savings Accounts and GICs.
2%: High-interest savings accounts
Five Manitoba credit unions tie for first place. Achieva Financial, AcceleRate Financial, MAXA Financial, Outlook Financial and Steinbach Credit Union offer accounts to residents in every province and territory. All five have their deposits insured by the industry-financed Deposit Guarantee Corp. of Manitoba. For large sums, you can earn more: Steinbach Credit Union, for example, pays 2.2% on amounts over $250,000.
3%: Tax-Free Savings Accounts
Vancouver’s Peoples Trust and Canadian Direct Financial, a division of Alberta’s Canadian Western Bank, are both offering 3%. These aren’t just teaser offers: rates have been unchanged for several years. Peoples Trust requires written notice for withdrawals and deposits up to $100,000 are covered by the federal government’s Canada Deposit Insurance Corp (CDIC). Canadian Direct Financial’s accounts are also insured up to $100,000 by CDIC, but the service isn’t available in Quebec.
3.15%: Five-year registered GICs
The best rates for a GIC that you can hold inside your RRSP, RRIF, RESP or TFSA are currently being offered by ICICI Bank Canada, a wholly-owned subsidiary of Indian giant ICICI Bank Ltd. The GIC is insured for up to $100,000 by CDIC and there is a $1,000 minimum. Available in all provinces and territories.
MoneySense Magazine, November 2012
It seems, as of Nov 13 2012, CDF changed the rates for TFSA to 2.55%
Interesting about the ICICI RRSP rate. I checked the ICICI website today (Nov 5) and you can still buy a RRSP GIC directly from them and get 3.15% for 5 years. (At least they say that is their rate as of July 5, 2012 subject to change at any time.) When I look at the RRSP GIC 5 year rate offered by ICICI via CIBC's Investor's Edge, the offered rate is only 2.45%. Thanks for the tipoff!
Wake up!
The cost of living much more.
Our buying power is tanking
In Ontario, Meridian has an 18-month 2.2% GIC. These days you'd have to go to 5 years to get that 2.2%.
Wow, these rates are unreal. I may need to look into switching my investments.. my tfsa is getting a measly 1.15% right now.
been using canadian western bank since i first heard mention of a 3% tfsa rate on here months ago… everything has been great. they also dont have wait times when you call them at all somehow
I have a subscription to your magazine and have not yet received the November issue. Since you make the content available online for free before subscribers receive the magazine, should I just cancel my subscription and access the material online instead? This happens every month.
Hi. Thanks for reading and sorry for the inconvenience. I've shared your concerns with our subscription department and they should be in touch shortly. In the meantime, please know that we do not make all of MoneySense magazine available online and that a subscription also gets you free access to our iPad edition.