REVscene - Vancouver Automotive Forum

03c0upe · 05-13-2010, 04:07 PM

Im with pc right now and im looking to switch they only offer 1% for tfsa and 1% for regular savings account. Ive seen that western Canadian bank offers 3% for tsfa and Ing gives 1.20% for savings account. 3% isn't so bad, but is there a bank that offers higher interest rate for Savings account?

johny · 05-13-2010, 06:49 PM

3% is pretty high right now... I think my Td one might be 1.25.. (for TFSA)

flawless · 05-13-2010, 09:18 PM

TD is 1.25 for TFSA

therubberguard · 05-13-2010, 10:28 PM

cibc and rbc are both 1.25% as well

waddy41 · 05-14-2010, 12:44 AM

i think ING is your best bet...

Or you can put it into an investing account...put it in stocks, mutual funds, etc. and see a higher return

skholla · 05-14-2010, 06:55 AM

ing ftw! 3%
Posted via RS Mobile

taylor192 · 05-14-2010, 07:18 AM

Don't bother. Inflation is ~2%, most you'll get is 3% which is barely making you anything.

You can put anything in your TFSA: stocks, mutual funds, bonds, ... hell most bonds will make you more than 3% right now, and you can get mutual funds that are basically packaged bonds.

If you have > $500, please don't waste it in a "high interest savings account", you're making jack-sh*t.

rymack · 05-14-2010, 08:50 AM

Taylor...which bonds would you reccomned? Government?

Also wonder if you could offer a opinion on Mortgage Companies. Family friends have had money invested in a mortage company in Vancouver for the last15-20 years. Avg return before the economic meltdown was 10% per year. During the meltdown was 5-6% and now back up to 7%. Are they able to pay that out based on the skyrocketing prices in vancouver real estate? I realize I;m not giving you much info here , just thought maybe you were familiar with them.

Thnaks for the reply.

taylor192 · 05-14-2010, 10:29 AM

Quote:

Originally Posted by rymack

Taylor...which bonds would you reccomned? Government?

I personally don't hold any bonds, and like I've said before I will leave investment recommendations to the pros, even I'm seeking a qualified person to manage my investments.

Quote:

Originally Posted by rymack

Also wonder if you could offer a opinion on Mortgage Companies. Family friends have had money invested in a mortage company in Vancouver for the last15-20 years. Avg return before the economic meltdown was 10% per year. During the meltdown was 5-6% and now back up to 7%. Are they able to pay that out based on the skyrocketing prices in vancouver real estate? I realize I;m not giving you much info here , just thought maybe you were familiar with them.

Thnaks for the reply.

What do you mean by "invested"?

What I would be worried about is there are some mortgage companies out there that have taken on "sub-prime" type mortgages in Canada without CMHC backing. We've already heard stories of a few of these closing up shop, or not taking customers, or not renewing existing customers. These kind of shady mortgage companies offer great returns, yet will be the most at risk for any downturn.

03c0upe · 05-14-2010, 01:03 PM

Quote:

Originally Posted by skholla

ing ftw! 3%
Posted via RS Mobile

it dropped to 2%.

im gonna go with canadian western @ 3% for now. Even know you wont save or make much, it will save same me some tax money that i pay on my hi interest account

AppleSugary · 07-22-2010, 01:10 AM

Hi Coupe. Just wondering if the 3% for the Canadian western is just personal savings or TFSA?

I am with Vancity right now. TFSA is 1.25% while personal saving is 1%

03c0upe · 07-22-2010, 04:56 AM

Im getting 3% for tfsa from canadian western in Surrey location. Not sure what the rate for savings account is.
Posted via RS Mobile

AppleSugary · 07-22-2010, 09:30 AM

Thanks I will check out the bank indeed
Btw did you find out which bank offers the best interest rates for savings account? ING offers 1.3%.
Thanks again
Posted via RS Mobile

Presto · 07-23-2010, 09:10 AM

Quote:

Originally Posted by taylor192

Don't bother. Inflation is ~2%, most you'll get is 3% which is barely making you anything.

You can put anything in your TFSA: stocks, mutual funds, bonds, ... hell most bonds will make you more than 3% right now, and you can get mutual funds that are basically packaged bonds.

If you have > $500, please don't waste it in a "high interest savings account", you're making jack-sh*t.

I have my TFSA in mutual funds, and due to timing, my return was 30% last year. I don't expect such a gain this year, but it'll still be significantly better than dumping it into a bank's standard TFSA.

03c0upe · 08-19-2010, 03:22 PM

Quote:

Originally Posted by AppleSugary

Thanks I will check out the bank indeed
Btw did you find out which bank offers the best interest rates for savings account? ING offers 1.3%.
Thanks again
Posted via RS Mobile

im still with pc i heard they went upto 1.5% Ally has it at 2%

i guess if you have a lot of money saved up that .5% will make a bit of a difference

jackmeister · 08-19-2010, 04:01 PM

If you're just saving money and don't want to get into the stock picking stuff, you can try to get a TFSA stock account and purchase TSX 500 index fund or something similar. that way you're getting decent returns and definitely higher than just saving cash.

clandestine · 08-22-2010, 09:34 PM

You can set up a TFSA for the purpose of buying stocks with any of the big banks or with other online providers such as Qtrade, which I use.

If you are saving your money and do not plan to take it out, a safe bet is to buy stocks that are Blue Chip companies (3M, Walmart, etc.) that pay consistent dividends.

My finance teacher once put it this way, even if the stock moves 3% annually, if you get a 5% annual dividend, then your making 8% overall for a large, well established company. Of course like anything stocks are more risky than GIC, mutual funds and Bonds but with higher risk comes higher return.