dslreports logo
 
    All Forums Hot Topics Gallery
spc
Search similar:


uniqs
545

sm5w2
Premium Member
join:2004-10-13
St Thomas, ON

1 edit

sm5w2

Premium Member

Where to find interest rates for TFSA products?

Does anyone actually list what their so-called "high interest" TFSA savings account gives? Or various term GIC's?

Or any other financial product that is CDIC insured. Looking for an actual number, followed by a percent sign. Printed on a web page. An internet web page. The same internet that people are by now very familiar with.

Why do banks not post this information?

Edit: ok never mind. Found some on TD's website. 0.8% maximum rate for a savings account. This is actually higher than the current BofC bank rate (0.75%). Still would like to know what the rate is of term GIC's held in TFSA's.

corster
Premium Member
join:2002-02-23
Oshawa, ON

1 edit

corster

Premium Member

Banks do list rates on their websites, some just make it more difficult to find than others. Which bank in particular are you looking for?

Keep in mind you can put so many different types of investments into a TFSA that there are usually much better ways to use it than for a high interest savings accounts.

sm5w2
Premium Member
join:2004-10-13
St Thomas, ON

sm5w2

Premium Member

I'm not interested in anything that isin't CDIC insured. There's a crash coming, and I want to be in cash when it happens. The markets are horribly overvalued given the non-existant economic recovery of the past 6 years.

Oldster
join:2015-01-19
K4P 1A0

Oldster

Member

This is a good place to start.... »www.highinterestsavings. ··· a/chart/
You can go to each FI's web site for more details.

Also, for financial advice with a Canadian perspective, you can look here...
»canadianmoneyforum.com/index.php

EUS
Kill cancer
Premium Member
join:2002-09-10
canada

EUS to sm5w2

Premium Member

to sm5w2
Devil's Advocate here, if a crash comes, what makes you think that the CDIC is properly funded; ie, can cover more than 1% of all eligible deposits out there?
Said another way, CDIC is a underfunded, feelgood policy only.
Historically, people who foresee crashes get their assets out of the institutions that are to crash.
peterboro (banned)
Avatars are for posers
join:2006-11-03
Peterborough, ON

3 recommendations

peterboro (banned)

Member

said by EUS:

Said another way, CDIC is a underfunded, feelgood policy only.

If CDIC becomes insolvent (read government) it would be the least of people's worries.

Oldster
join:2015-01-19
K4P 1A0

Oldster

Member

I don't think all of our banks are going to collapse at once any time soon. Even if you had cash, it probably wouldn't do you any good; food, fuel, and ammo would be the new currency. More likely, a small troubled financial institution is swallowed up by another larger one without the need for CDIC to cover depositors assets.

OTOH, there are always 'adjustments' in the stock market that affect peoples savings, so keeping a portion of one's portfolio in cash is not a bad idea. Everyone's risk tolerance is different.
btech805
join:2013-08-01
Canada

btech805 to sm5w2

Member

to sm5w2
For what it's worth, a crash is when the smart people make their money. Crashes mean low unit values, and the ability to buy more units for the same dollar amount. When the economy recovers, whether that be a year or a decade late you still hold those same units but at their new inflated rates.

However, for a shorter term investment, or one where you have no appetite for risk look to the smaller banks for better interest rates. Tangerine and PC financial have rates above 1% for a basic savings account, but their may be a minimum balance required. Both are CDIC insured. For GICs you're going to need a long term certificate to get anything above the rate of inflation, however credit unions may be able to provide close to the rate of inflation over 2-3 years. If you cant keep pace with inflation in your investments, your money is actually worth less year over year due to a lower purchasing power with the same principle.

Ratesupermarket.ca is a good site for comparing GIC rates over various terms and initial investments. Funnily enough, our credit union for BCE employees, ComTech Credit union is offering the highest rate right now at 1.75% for 2 years on $1000 initial investment. Not quite pace with inflation but pretty close.
Riplin
join:2002-05-13
canada

Riplin to sm5w2

Member

to sm5w2
i locked in almost all my tfsa at 2% for one year. earning $700 i interest at maturity. it was a promotion my bank had going for a month at beginning of year
bobnoxe
join:2015-03-30
fiji

bobnoxe to sm5w2

Member

to sm5w2
There is a massive crash comming and no amount of government largesse is going to smooth it out.
You are absolutely right cash will be king when it comes.

horsey
@eastlink.ca

horsey to sm5w2

Anon

to sm5w2
said by sm5w2:

Does anyone actually list what their so-called "high interest" TFSA savings account gives? Or various term GIC's?

Or any other financial product that is CDIC insured. Looking for an actual number, followed by a percent sign. Printed on a web page. An internet web page. The same internet that people are by now very familiar with.

Why do banks not post this information?

Edit: ok never mind. Found some on TD's website. 0.8% maximum rate for a savings account. This is actually higher than the current BofC bank rate (0.75%). Still would like to know what the rate is of term GIC's held in TFSA's.

»www.tangerine.ca/en/savi ··· dex.html

It is what I use

nitzguy
Premium Member
join:2002-07-11
Sudbury, ON

nitzguy to sm5w2

Premium Member

to sm5w2
said by sm5w2:

I'm not interested in anything that isin't CDIC insured. There's a crash coming, and I want to be in cash when it happens. The markets are horribly overvalued given the non-existant economic recovery of the past 6 years.

GIC's won't keep up with inflation...even at bonus super premium rates the best you could get on a 5 yr non-redeemable GIC (which would not work for you since a crash is coming and you want cash)...

So a fully redemable GIC would be 1.80% over a 5 year term according to my friends at Rate Supermarket.ca you can check them out on the line at ratesupermarket.ca.

Holding a GIC within a TFSA provides the exact same rates vs not holding it within a TFSA.

The only time you find interest rates different in a TFSA vs not within a TFSA are the "deposit products" (aka someone using it as a savings account which is completely useless...its not my opinion, its a fact, when you might make at the best 2% within your TFSA you're still not getting ahead of inflation or you're just keeping up with inflation).

Just my $0.02 on the matter...I don't represent anything or anyone, just an internet person providing some on the line advice.

Meanwhile I'm happy to make more than 2 or 2.25% within my mutual fund...
MaynardKrebs
We did it. We heaved Steve. Yipee.
Premium Member
join:2009-06-17

MaynardKrebs to sm5w2

Premium Member

to sm5w2
Buy some dividend paying decent bank stocks and then write covered calls against them - Canada or US. You'll probably make more in 3 month on an annualized basis than you will in 3 years at current interest rates.

*The foregoing is not meant as investment advice. Consult your financial representative licensed in your jurisdiction for investments specifics suitable to your situation, risk tolerance, and life stage.

dirtyjeffer0
Posers don't use avatars.
Premium Member
join:2002-02-21
London, ON

dirtyjeffer0

Premium Member

said by MaynardKrebs:

Buy some dividend paying decent bank stocks and then write covered calls against them - Canada or US. You'll probably make more in 3 month on an annualized basis than you will in 3 years at current interest rates.

*The foregoing is not meant as investment advice. Consult your financial representative licensed in your jurisdiction for investments specifics suitable to your situation, risk tolerance, and life stage.

nice disclaimer.

fuck it...take your cash, head to the Western Fair Casino and drop it on the roulette table, your choice, red or black...50/50 chance of doubling your money in 30 seconds.

nitzguy
Premium Member
join:2002-07-11
Sudbury, ON

nitzguy

Premium Member

said by dirtyjeffer0:

said by MaynardKrebs:

Buy some dividend paying decent bank stocks and then write covered calls against them - Canada or US. You'll probably make more in 3 month on an annualized basis than you will in 3 years at current interest rates.

*The foregoing is not meant as investment advice. Consult your financial representative licensed in your jurisdiction for investments specifics suitable to your situation, risk tolerance, and life stage.

nice disclaimer.

fuck it...take your cash, head to the Western Fair Casino and drop it on the roulette table, your choice, red or black...50/50 chance of doubling your money in 30 seconds.

Not quite 50/50 . On an American Roulette wheel (one with 0 and 00) the house edge is 5.28% . so its more like a 44.72% shot at doubling your money in 30 seconds .

Source: Previous experience in the industry

I was thinking the same thing as well that I should add that in my disclaimers.

joeblow3
join:2000-12-27
h0h0h0

joeblow3 to dirtyjeffer0

Member

to dirtyjeffer0
said by dirtyjeffer0:

Western Fair Casino

???? you'll lose all of it because there is no casino there YET.

ekster
Hi there
Premium Member
join:2010-07-16
Sainte-Anne-De-Bellevue, QC

ekster to sm5w2

Premium Member

to sm5w2
»www.achieva.mb.ca/

Most of my regular savings/GICs go here. They are insured by Manitoba instead of CDIC, but at this point, I'd trust Manitoba more than anyone else..

These guys make your regular banks look like a joke when their regular rates are better than the 'super duper ultra whooper special rate for the next five minutes!!! call now to lock in!!!' promotions.

g121
play lordsgame com | Phone Cops are real
join:2004-05-28
Toronto
Hitron CODA-4680
Asus RT-AC86
Grandstream HT812

g121

Member

said by ekster:

»www.achieva.mb.ca/

Most of my regular savings/GICs go here. They are insured by Manitoba instead of CDIC ..

yep, for my "cash" savings, i've also moved over to the Manitoba Credit Union realm with Hubert Financial.

About Hubert Financial:
Hubert Financial is a division of Sunova Credit Union, one of the top 100 credit unions in Canada. Sunova was established over 50 years ago and serves over 30,000 members across 11 locations in Manitoba.

With Hubert, every penny of your deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. As a member you can rest easy knowing that no matter what happens in the economy, your investments are safe and secure with Hubert Financial.

»www.happysavings.ca/rates.aspx
happy savings - high interest savings account
high interest savings account 1.90%

lasting happiness - high interest terms
1 year quarterly term 2.20% average
2 year term 2.30%
3 year term 2.45%
4 year term 2.55%
5 year term 2.70%

cheers from Toronto ..
btech805
join:2013-08-01
Canada

btech805 to MaynardKrebs

Member

to MaynardKrebs
said by MaynardKrebs:

Buy some dividend paying decent bank stocks and then write covered calls against them - Canada or US. You'll probably make more in 3 month on an annualized basis than you will in 3 years at current interest rates.

This is what I do with my money I need most protected. Most of my money gets put into my either my target date RRSP through work or my tangerine Mutual fund in my TFSA, however for my "safe" money I place a small amount into a dividend paying ETF (which is also held in a TFSA). Even if a crash happens, I'll still be earning a dividend reinvestment on my money.

The new doubling of contribution limits means you can play a lot more with the tfsa

EUS
Kill cancer
Premium Member
join:2002-09-10
canada

EUS to sm5w2

Premium Member

to sm5w2
I'm confused, people here are investing in stuff that (pre-tax) pays out less than the official inflation rate?
No wonder my bank stocks keep going up.
btech805
join:2013-08-01
Canada

btech805

Member

Exactly my point. While it's nice to think your money is safe, at below inflation you are actually losing money.

Sure I've had a couple bad years and once took a double digit hit, but the good years more than make up for those losses.

g121
play lordsgame com | Phone Cops are real
join:2004-05-28
Toronto
Hitron CODA-4680
Asus RT-AC86
Grandstream HT812

g121 to EUS

Member

to EUS
said by EUS:

I'm confused, people here are investing in stuff that (pre-tax) pays out less than the official inflation rate?

think asset allocation while factoring in age, personal situation & risk tolerance .. my "cash savings" is only a portion of my overall investment portfolio.

cheers from Toronto ..

corster
Premium Member
join:2002-02-23
Oshawa, ON

corster to EUS

Premium Member

to EUS
said by EUS:

I'm confused, people here are investing in stuff that (pre-tax) pays out less than the official inflation rate?

Look, if I was 64 and retiring next year I'd probably be pulling my cash out of the market right around now. So I can't blame everyone who does that.

But being some 40 years away from that, I'll happily keep 100% of my investments in equities and ride the roller coaster up and down and up and down.

sm5w2
Premium Member
join:2004-10-13
St Thomas, ON

sm5w2 to EUS

Premium Member

to EUS
Talk all you want about inflation. It's a concept that really doesn't exist any more - not since wages have been stagnating for the past 6 years. If there's only so much money to go around, then there is going to be extreme pressure on retail prices for everything that is sold under pure competitive market conditions or forces. And when there is an over-supply of retailers, guess what happens?

There is more risk of DEFLATION than anything else right now. Read the stories on zerohedge. There are some european banks that have mortages tied to eurobor rates (which today just went negative). Some Spanish banks are PAYING a small amount on some of their mortgages (subtracting instead of adding a small amount to the declining balance).

Deflation is the ultimate "bad thing" that central banks do not want to happen, but they've mismanaged the credit markets so much in US and Europe that we are heading for more collapse of discretionary retail spending as those prices have nowhere to go but down, while other cartel-controlled or monopolistic "must have" things (like energy) increase.

EUS
Kill cancer
Premium Member
join:2002-09-10
canada

EUS

Premium Member

I don't care about central banks, they do not have my best interests at heart.
If you read 0hedge, you'd understand that deflation is occurring with stuff we don't need to survive, and rapid inflation is occurring with the stuff we do need to survive.
btech805
join:2013-08-01
Canada

btech805

Member

Exactly. Prices for tvs and furniture and electronics have come way down in recent years, but necessities like food, electricity and gasoline continue to rise far above the rate of inflation.

dirtyjeffer0
Posers don't use avatars.
Premium Member
join:2002-02-21
London, ON

dirtyjeffer0 to joeblow3

Premium Member

to joeblow3
said by joeblow3:

said by dirtyjeffer0:

Western Fair Casino

???? you'll lose all of it because there is no casino there YET.

oh, just slots??...my bad...i thought they had casino stuff there too.

how about Windsor then?
dirtyjeffer0

dirtyjeffer0 to nitzguy

Premium Member

to nitzguy
said by nitzguy:

Not quite 50/50 . On an American Roulette wheel (one with 0 and 00) the house edge is 5.28% . so its more like a 44.72% shot at doubling your money in 30 seconds .

Source: Previous experience in the industry

I was thinking the same thing as well that I should add that in my disclaimers.

forgot about the 0 and 00...not a player myself...i assume the 0 and 00 pay considerably more?