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06-27-2009, 09:48 PM
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#1 | | Proud to be called a RS Regular!
Join Date: Nov 2004 Location: VANCOUVER
Posts: 108
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| good savings plan
do any of u guys know any good savings plans? like the one where u just deposit a certain amount each month and gain interest?
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06-27-2009, 10:28 PM
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#2 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
Posts: 3,073
Thanked 69 Times in 47 Posts
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i believe ING direct has the highest interest rate .....
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07-08-2009, 08:53 PM
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#3 | | HELP ME PLS!!!
Join Date: Jan 2004 Location: here
Posts: 5,793
Thanked 146 Times in 67 Posts
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they all suck right now.... PC is 0.75%. was 4.1% 8 months ago or so. TD is also 0.75 right now if you have $5000+
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07-09-2009, 09:59 PM
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#4 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Nov 2003 Location: vancouver
Posts: 6,606
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As waddy41 mentioned, I think ING is the highest currently at 1.35%. Send me PM if you want the referral bonus of... I think it's $12.
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07-09-2009, 10:13 PM
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#5 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,063
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| Quote:
Originally Posted by johny  they all suck right now.... PC is 0.75%. was 4.1% 8 months ago or so. TD is also 0.75 right now if you have $5000+ | 0.75% with over 5000? are you serious.. that is terrible.
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07-10-2009, 01:09 AM
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#6 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
Posts: 3,070
Thanked 120 Times in 63 Posts
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mostly 0.75-1.25% take your pick of bank.
*1.35 for ING as someone mention above.
Almost like putting in a shoe box under your mattress =P
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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07-10-2009, 02:46 AM
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#7 | | Captain Happy Bubble is my Homeboy
Join Date: Mar 2003 Location: vancity
Posts: 327
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I always laugh at those who scoff at the interest rates on savings account. Do any of you plan on making the big bucks with it? A 0.25%-1% interest rate difference is so minute. Besides, having a high interest rate is hardly consider a good 'savings plan'.
A good savings plan is something what the OP said in regards to having monthly or semi-monthly transfers from your main account to a savings account. Or start taking advantage of those save-as-you-go type.
TD has one in regards to transferring a certain amount to your savings based on the number of times you use your debit card. They even have a promotion going on.
A penny saved is a penny earned.
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07-10-2009, 03:59 PM
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#8 | | I am Hook'd on RS
Join Date: Sep 2005 Location: Vancouver
Posts: 71
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I would invest in private mortgage if you have enough cash flow $30,000 minimum you can earn 12-16% per year plus 2% lender bonus
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07-10-2009, 10:32 PM
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#9 | | HELP ME PLS!!!
Join Date: Jan 2004 Location: here
Posts: 5,793
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Originally Posted by ProShift I would invest in private mortgage if you have enough cash flow $30,000 minimum you can earn 12-16% per year plus 2% lender bonus | explain...
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07-10-2009, 11:59 PM
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#10 | | RS controls my life!
Join Date: Apr 2006
Posts: 722
Thanked 143 Times in 15 Posts
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best interest rate right now is from peoples trust 2.25% but downside is they don't have online banking.
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07-11-2009, 12:30 PM
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#11 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
Posts: 3,070
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| Quote:
Originally Posted by johny explain... | aka lend to people privately in a sense.
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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07-11-2009, 12:39 PM
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#12 | | I am Hook'd on RS
Join Date: Sep 2005 Location: Vancouver
Posts: 71
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johnny- In my experience I have matched an Investor (lender) with a Borrower that has a hard time getting conventional financing. Like any investment there is risk, but the nice thing with mortgages is that they are secured by real property. You would only lend up to a maximum of 60-70% of the value of someone's home, and therefore they have a vested interest in making their payments. I only broker in situations where both the lender and borrower are made better off, and to date my company hasn't had a single delinquency.
Theres a cool trick called the rule of 72s. You take whatever interest rate you are earning and you divide it into 72. Your resulting number is the amount of years it would take to double your investment:
IE: 72 / 7.2% interest rate = 10 years to double your money. With these private loans you are earning often earning 14%, meaning it takes you approx. 5 years to double your money. Getting into this type of investing early in life can really pay off. The trick is to get a good relationship with a broker. Though a broker will do their best to inform you of everything and how it all works, the best bet is to learn as much as you can about the risks involved. I'm sure Amazon or Google will have some info for you. Otherwise, feel free to give me a PM. I'm happy to answer any questions... I don't want to break any forum rules regarding advertising here, but we do work across Canada and arranging these mortgage, so feel free to contact me directly.
Last edited by ProShift; 07-11-2009 at 12:57 PM.
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07-11-2009, 02:56 PM
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#13 | | HELP ME PLS!!!
Join Date: Jan 2004 Location: here
Posts: 5,793
Thanked 146 Times in 67 Posts
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so someone is going to pay me 14% to borrow my money for a mortage, when the banks are offerening 4%? that makes no sense.
the only way they would pay, is if their credit is so bad the bank won't give them money. if that is the case, I certainly wouldn't give them mine either.
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07-13-2009, 01:19 PM
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#14 | | I am Hook'd on RS
Join Date: Sep 2005 Location: Vancouver
Posts: 71
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As my previous post said before the client would have a hard time getting conventional financing that is why the investor would be getting 14% return. What takes some risk out of the equation is that the investor is secured by real property and my policy is to only go up to 70% loan to value of the property, which in a case of default there is a buffer to protect the lender.
I am not saying that private lending is right for everyone, but it is a growing sector of the mortgage industry.
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