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04-05-2013, 09:33 AM
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#1 | | Diagonally parked in a parallel universe
Join Date: Feb 2011 Location: Vancouver
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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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04-05-2013, 09:51 AM
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#2 | | I contribute to threads in the offtopic forum
Join Date: Apr 2001 Location: VAN/RMD/BBY
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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 $5k in the chequing account though.
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04-05-2013, 09:54 AM
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#3 | | I bringith the lowerballerith
Join Date: Nov 2005 Location: vancouver
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ING direct has 2.5% interest rates when you open new accounts until the end of june. Regular interest rate is 1.35% I believe, and interest is accrued monthly.
You could start putting money in a TFSA, or an ISA. I remember they were doing a promotion before where you got 50$ for opening an account but i'm not sure if they're doing that anymore.
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04-05-2013, 10:11 AM
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#4 | | MOD MOD MOD MOD MOD
Join Date: Dec 2003 Location: vancouver
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coast capital! free high interest savings account. no transaction fees or anything whatsoever.
__________________ Quote: | [03-07, 03:26] Yodamaster - The feeling when you quickly insert without hitting the sides | | |
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04-05-2013, 10:41 AM
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#5 | | Who's naughty? I___i
Join Date: Jun 2010 Location: GVR
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| Quote:
Originally Posted by Spoon  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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04-05-2013, 03:03 PM
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#6 | | Diagonally parked in a parallel universe
Join Date: Feb 2011 Location: Vancouver
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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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04-05-2013, 05:19 PM
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#7 | | Rs has made me the man i am today!
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| Quote:
Originally Posted by Chronix 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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04-10-2013, 05:22 PM
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#8 | | Where's my RS Christmas Lobster?!
Join Date: Jun 2009 Location: Burnaby
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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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