Thursday, August 7, 2008

High Interest Savings Accounts

What to do while I wait to build up some funds? A stack of bills under my mattress won't do me much good. I went looking around for some high interest savings accounts. Most of the major banks have some kind of a higher interest option, one maybe two percent. That's not very good, the better options are high interest savings accounts from discount banks. These banks are usually characterized by having little to no storefront presence, and their business is primarily conducted online. You usually have to submit an application form, have a social insurance number, and submit a cheque payable to yourself so that the accounts can be linked. Once your account is linked you can move funds by Electronic Funds Transfer.

Some of the options out there are:

Citizens Bank Investment Account
Citizens Bank Ultimate Savings Account
HSBC High Rate Savings Account
ICICI Bank HiSAVE Savings Account
ING Direct Investment Savings Account

The plus side is that these are all CDIC insured, the only drawback is the potential for slightly lower customer service. Personally, I've opened an account earning 3% with ING, not big dollars, but somewhere to put the cash for now.

1 comment:

  1. Pay up to 10800% after 24 hours
    We offer you to make great profit in 24 hours!
    We pay up to 10800% after 24 hours. The minimum investment amount is $300 and the maximum is $300,000. Payouts are made directly to the e-currency account you invested from. You may make additional deposits at any time. All transactions are handled via Perfect Money,Egopay and Bitcoin.
    Invest Today
    http://www.star-pays.com
    Paying HYIP
    http://www.payinghyiponline.com/Star-pays.html

    ReplyDelete

Thanks for your input into the discussion.