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Old 04-05-2013, 08:33 AM   #1
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Putting money aside for a short term?

I'm looking for some sort of savings account for putting aside money gradually until September. Start up will be $1K and Im planning to transfer $700 per paycheck into that account.

I'm looking into CIBC right now because they have a short term GIC account. Are there any other you guys recommend?
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Old 04-05-2013, 08:51 AM   #2
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Depends on your needs. If I was in your situation, I would consider President's Choice just because of the free transactions, higher interest rates and just because it's convenient since I get my grocery & gas there.

President's Choice Financial|today's great rates|

But if you need the face-to-face interaction of a teller, then you'll need to stick with the big 5 banks. My main account is with TD and I have a negligible amount of money with President's Choice. Highly recommend getting TD's Select Service account if the perks apply to you. You'll need $5k in the chequing account though.
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Old 04-05-2013, 08:54 AM   #3
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ING direct has 2.5% interest rates when you open new accounts until the end of june. Regular interest rate is 1.35% I believe, and interest is accrued monthly.

You could start putting money in a TFSA, or an ISA. I remember they were doing a promotion before where you got 50$ for opening an account but i'm not sure if they're doing that anymore.
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Old 04-05-2013, 09:11 AM   #4
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coast capital! free high interest savings account. no transaction fees or anything whatsoever.
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Old 04-05-2013, 09:41 AM   #5
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Depends on your needs. If I was in your situation, I would consider President's Choice just because of the free transactions, higher interest rates and just because it's convenient since I get my grocery & gas there.

President's Choice Financial|today's great rates|

But if you need the face-to-face interaction of a teller, then you'll need to stick with the big 5 banks. My main account is with TD and I have a negligible amount of money with President's Choice. Highly recommend getting TD's Select Service account if the perks apply to you. You'll need $5k in the chequing account though.
+1 on PC financial high interest saving, I just put 1k in there and it's been growing nicely
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Old 04-05-2013, 02:03 PM   #6
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This would be just for short term though, so when I take the bulk of the money out in September, I wouldn't get charged any fees?
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Old 04-05-2013, 04:19 PM   #7
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This would be just for short term though, so when I take the bulk of the money out in September, I wouldn't get charged any fees?
Not for PC. Can't say about ING or Coast Capital.

One thing to note is that you have to transfer your funds from your savings account to your chequing account before 9pm the night before you want to withdraw. It's my only gripe with PCF, otherwise I've been very happy with having them as my primary bank.
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Old 04-10-2013, 04:22 PM   #8
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+1 for coast capital. When they say free they really mean it. No fees whatsoever.
Unlimited transactions/deposits/withdrawals whatever
Not sure if interest is really that high, but it's called 'high interest'. Research yourself

Only con is depending on where you live, branches are not everywhere. Richmond there are tons but vancouver there's one at metro and and Broadway that I know of (may be more). Burnaby there's one at Edmonds and kingsway.

However you can also use any HSBC (maybe bmo too I think) ATM to deposit and withdraw with no fees whatsoever, if you don't need a teller. Of course.
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