Switching High Interest Savings Accounts?

Earlier this summer Royal Bank tried to tempt me over to their new high interest savings account yet at the time their rate was going to be dropping to 3.25% after the introduction period. So I told them no thanks I have a higher rate with my current ING account.

Now it is the opposite. Royal is now at 3.75% while ING is trailing at 3.5% and I recall the last time interest rates when up it took ING a very long time to raise their rate up. Royal also has the advantage of being my primary bank at the moment, so going over to them would be very easy.

Perhaps the only thing I would like to know from anyone with a RBC high interest savings account is how fast do the transfers take place? (I can’t find anything on this on their website). Since that is the only thing that vaguely annoys me about ING.

Or perhaps I should look beyond Royal to someone else entirely? I can do the research into other options, I’m just curious for a current customers viewpoint on the service at each place.

Thanks for any feedback you can provide and have a good long weekend (no post on Monday).

13 thoughts on “Switching High Interest Savings Accounts?”

  1. I’m still a loyal PC financial customer. I have their 4% interest savings account. You need to maintain at least a balance of $1000 / month to get that rate. There’s also an annual interest bonus they give you if you keep certain average annual balances I think, but it’s very small, and I don’t know the specifics because I haven’t had the account more than a few months!

    And of course they have no bank fees.

  2. I’ve got a RBC high interest e-savings account. The only transfers I’ve done to it are from other RBC accounts, and those transfers have been instant.

  3. I have two high interest savings accounts. I have the PC Financial account (4% interest) for quick cash flow from/to from my PC Checking account. I also have an account with Achieva Financial. Achieva is currently at 4.35% interest. 🙂

  4. Have you heard about the Canadian Tire High Interest Savings Account?

    It takes a day or two to transfer funds.

    https://myctfs.com/Products/HighIntSavings/ource:

    “For a limited time, earn 4.50%1 (compared to our regular 3.80%) on your first Canadian Tire High Interest Savingsâ„¢ account. On balances up to $50,000.”

    Reach further with our† new Canadian Tire High Interest Savingsâ„¢ account. No monthly fees. No minimum balance. And bonus Canadian Tire ‘money’*. Nice.”

  5. I have three different savings accounts – an ICICI account, a PC Financial account, and an RBC e-savings account. I’m likely going to consolidate everything into the RBC account as the convenience of being able to schedule instant transfers to my chequing account trumps the extra couple of dollars that I would be earning each month with the money in the ICICI account instead. So everything will go into the e-savings account and I’ll just postdate transfers for things like my mortgage payments, credit card payments, and other recurring debits. Takes the stress away for me, at least!

  6. Hello Canadian Dreamer

    I too have an ING Direct Hi-Savings account. I am getting annoyed with their lagging interest rates, only reason I still keep the account open is their ‘Everyday Savings Challenge’ and the 4.25% Summer Savings Sale on new deposits, so I transfered out and back in my money.

    HSBC is offering 5%, for a limited time to new customers only. This is a lousy promo, since just last month they were giving $50 to new customers (that’s a tax free prize unlike interest. So unless you’re keeping $100K+ so not worth it, there a better offer out there:

    I’ve discovered ICICI Bank and my experience has been awsome. Some may have complained about customer service issues. I have no complaints, especially since I do most of my banking on line. Current rate is 4.5%, no catch.

    There’s also a Referred Client promo where you’ll get $20 for opening a new Hi-Savings Account, tax fee unlike interest income. If interested, you and your readers can email me at TKOWKD77@Yahoo.com and I’ll send you the referral. To make it work you’ll need to provide First & Last Name, email and home phone #.

    Disclaimer: ICICI Bank would also credit my account $20 for every successfull referral. I’ve made $140 with these referrals. My wife, sister, mom and friends are all happy with this account.

    Cheers from London, ON
    TKOWKD77

  7. All transfers from RBC e-savings are instant. I’ve had an account since the initial 4% offering, and will stick it out at 3.75% over a PC savings account bc of the easy access to the cash.

  8. Everyone,

    Thank you so much for the feedback on those different accounts!

    I’m thinking I’ll go with RBC just because the instant transfers between my regular accounts.

    I hope everyone had a good long weekend.

    CD

  9. I’m in an identical situation (RBC and ING). My mortgage was also with ING, but that’s a thing of the past so I just cleared out my ING account.

    I haven’t opened a high interest account at RBC, but instead put all of my savings cash into E-Trade’s 4.15% account. The transfer speed between E-Trade and RBC is great (1 day), and of course then the money is there if I want to jump into a hot stock, since I use them as a brokerage.

    ING was fantastic when I switched to them about 4 years ago, but everybody else has caught up and they really haven’t responded to the competition.

  10. Warren,

    Thanks for your feedback. It’s good to know I’m not the only one thinking these things.

    CD

  11. I am happy camper at ICICI Bank for 4.50% as well, been with them since the start, until halfway I moved to PCF’s 4%, got my anniversary bonus, then move to ICICI after they increase to 4.5%

    Referral bonus is nice $20 for the new signup. I probably won’t advertise here :P, but just want to say I’m happy to help out

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