Tuesday, 3 March 2015

Finding the right bank and letting your money work for you!

Now that I have a bit of money saved up, it's time to search for a bank that'll help me earn some interest on my money. In searching the internet for the bank that'll give me the best bang for my buck in the interim, I've compiled my findings below:

BMO: No minimum, earn 0.80%
RBC: No minimum, earn 0.80%
TD: Minimum $5,000, earn 0.80% 
CIBC: Minimum $5,000, earn 0.85%
PC Financial: No minimum, earn 1.05%
Tangerine: No minimum, earn 1.05%.
Scotiabank: Tiered interest. Less than $4,999, earn 0.10%. $5,000 - $24,999, earn 1.15%. $25,000 and over, earn 1.30%
ATB: Tiered interest. Less than $4,999, earn 0.10%. $5,000 and over, earn 0.95%

Scotiabank pays the highest interest, however, you need to have in your account $25,000 before you can start earning 1.30%. They even have a claim on their website saying it's the highest interest amongst the big 5 banks.

The bank in my opinion that tops all is Tangerine. They give a bonus of $50 cash for opening up a new account with them if you deposit a minimum of $100, and you can also earn an additional $25 for signing up to their automatic savings program for a minimum of 6 months. That's $75 in free money that they're giving away. Further to that there are no fees or service charges which is a huge bonus! Last, till the end of March 31, 2015 - any deposits will earn you 2.5%. Guess I better open up an account and deposit my money! Go check out Tangerine at https://www.tangerine.ca/en/index.html.

The obvious choice for me is Tangerine. Let's go Tangerine!

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