Hey everyone! 👋 So, I’ve been a Tangerine customer for a while now, but I recently noticed that their High Interest Savings Account rate has dropped to 0.60%, while Desjardins is offering 1.70%. 🤔
I always thought online banks like Tangerine would have higher rates due to their lower operating costs. So, I’m curious – which bank do you think offers the best HISA in Canada right now? I’m considering Neo, EQ, or Koho, but I’d love to hear your thoughts and experiences! 💭💰
Here are a few options I’ve heard good things about:
– Neo Financial
– EQ Bank
– Koho
What’s your go-to for high savings account rates in Canada? Let’s share our knowledge and help each other make the most of our savings! 💸🇨🇦
!HISATrigger
>I don’t understand how Tangerine can have a lower interest rate than Desjardins
Because they are a business to make money not give money out if they don’t have to.
Wealthsimple
WealthSimple’s Cash account starts at 4.0% and goes up to 4.5% for 100k+ total holdings and 5.0% for 500k+. You can also get a bonus 0.5% if you setup a 2k+ monthly direct deposit (total interest capped at 5.0%).
EQ Bank has a “notice savings account” which gives you 4.5%/5.0% but you have to give them 10/30 days notice to withdraw.
Just got 5.05% for 1-year with EQ TFSA GIC,
Their new 30-day notice account gets you 5%.
What do you mean by 2k direct deposit?
Wealthsimple Cash account but only if your TFSA is maxed out. If not, open a Wealthsimple TFSA and ask them to make it an HISP. The interest rate is 5.05% minus fees: https://help.wealthsimple.com/hc/en-ca/articles/360056543874-How-the-managed-High-Interest-Savings-Portfolio-works
Rocking 30 day savings acc with EQ for 5 % then the everyday banking account I also have with EQ (direct deposit) is 4 %.
As someone else mentioned, Wealthsimple Cash is 4% base, 4.5% if 100k+ across all accounts and additional 0.5% if you get all or part of your paycheque direct deposited (2k/month minimum)
Yeah, Tangerine was great back when they were ING Direct, and then got bought out by Scotiabank and things went downhill. They have a lower interest rate because apparently they can get away with it – they offer promo rates occasionally, but nothing permanent. Some people will shift money in and out of Tangerine to catch the promo rates, but I can’t be bothered rate-chasing any more.
I have EQ Bank, which now has a “Notice Savings” account with 4.5% interest, money accessible with 10 days’ notice (or 5% if you’re willing to live with a 30-day notice requirement) and a regular HISA at 3%. Wealthsimple has (I think) 4%. Have heard good things about Simplii from some folks, but don’t know much about them.
Find a money market fund that yields 5%. I bank with RBC but their HISA is trash. I use BMO’s $ZMMK
Check out [https://www.highinterestsavings.ca/chart/](https://www.highinterestsavings.ca/chart/) you should get 4% and EQ has a 30 day notice account @ 5%
EQ Bank just released a “Notice Savings Account”. If you allow 30 days for withdrawals, you earn 5%. If you allow 10 days, you earn 4.5%.
[https://www.eqbank.ca/personal-banking/notice-savings-account](https://www.eqbank.ca/personal-banking/notice-savings-account)
Wealthsimple is also a good option. You earn 4% with no withdrawal conditions, 4.5% if you have direct deposits of $2,000 or more or if you have $100,000 of total assets with them, and 5% if you keep $500,000 of total assets with them.
Wealthsimple. Everyone else has complex gotchas. WS is no BS 4% e-transfer in and out. no fees for anything. It beautiful fintech, really.
GICs have decent rates too.
Weathsimple (4.5% if you put salary there) + HISA Simplii/CIBC (they are regularly sending personal and national promotions, I have 5.5% till July 15% with Simplii.
CASH.TO
You need to hope for targeted promos. I currently have 5.5% until October 31 with Tangerine. I had 6% with Simplii up until earlier this year and then got the Tangerine offer and switched when the Simplii promo ended.
Wealthsimple enjoy it while it lasts
I prefer a high everyday rate vs chasing FI and bank’s for promos. I recently switched from EQ bank to Wealthsimple mere days before they announced their Notice Account.
Everyone saying WealthSimple.
Who is WealthSimple, and why are they so popular?
No one seems to be asking themselves what could be gained by consolidating the Canadian Banking Sector into what is seemingly an unbeatable offer. Loss leaders are loss leaders for a reason, and we don’t really know WealthSimple’s intentions…
Wealthsimple cash.
Wealthsimple!
Bitcoin.
Desjardins accounts come with crazy fees last time I checked…so even @ +1% I would still be loosing by moving money there. Did you find something without fees?
EQ BANK.
A TFSA at the same bank that allows you to transfer funds back and forth within hours. Put the money into [VFV](https://ca.finance.yahoo.com/quote/VFV.TO/performance/).to.