Best bank to have a Savings Account

[BB_keina]

I am using RBC...

But I am thinking to get a different bank for a savings account...

Any suggestions or recommendations?

Thanks!

 

[APPNOV2014NY]

Tangerine has 2.5% for first 182 days and 1.1% after that.

 

[NetMecca]

Best is to shop around. Call the banks, see what they offer. 5 majors RBC, TD Canada Trust, Scotia, BMO, CIBC.
There are also some smaller more regional banks (Credit unions)
Good luck

 

[keesio]

I have RBC and TD. While I am overall happy with RBC, I find that TD offers a lot more perks.

 

[APPNOV2014NY]

I have RBC and TD. While I am overall happy with RBC, I find that TD offers a lot more perks.

Do they offer better savings interest than Tangerine?

 

[keesio]

I have a Tangerine account also (I opened one when it was ING). They tend to have better rates, though I haven't checked recently.

 

[BC4life]

For pure savings, besides Tangerine, you can check the rates of EQ Bank, Simplii and Alterna Bank. They are all online banks which have interest rates over 2% and will consistently beat the big banks.

 

[theguyraghav]

For pure savings, besides Tangerine, you can check the rates of EQ Bank, Simplii and Alterna Bank. They are all online banks which have interest rates over 2% and will consistently beat the big banks.

Can you open a Tangerine or Simplii account when you are heading as a PR to canada in a month.. can you do it when you are still outside canada?

 

[Tbone27]

Can you open a Tangerine or Simplii account when you are heading as a PR to canada in a month.. can you do it when you are still outside canada?

i dont think you can open an account with these banks before you land. However, you can open an account with RBC and TD via phone, and with Scotiabank and National bank via their online application. I am banking with both TD and Scotiabank and have found Scotiabank to be marginally better because of higher credit limit for newcomers with credit history and income.

 

[theguyraghav]

i dont think you can open an account with these banks before you land. However, you can open an account with RBC and TD via phone, and with Scotiabank and National bank via their online application. I am banking with both TD and Scotiabank and have found Scotiabank to be marginally better because of higher credit limit for newcomers with credit history and income.

thanks for the insight.

the reason i am planning to go for TD bank ans simplii combo -

TD bank Minimum Chequing Account - hold $2000 in this account and i get this account for free. i also get 12 transactions of which i use one to transfer money into simplii account and one to pay my credit card bills.
TD bank cash back credit card - this card has no annual fees. all purchases are made on this card.
Use simplii no fee checking account - for withdrawing cash from ATMs, for interac payments, etc. all of these are free for this account.

is there a better way to do this?

 

[theguyraghav]

I am using RBC...

But I am thinking to get a different bank for a savings account...

Any suggestions or recommendations?

Thanks!

just curious, why would you want a savings account in canada? when the rate of interest is greater in indian banks?

 

[APPNOV2014NY]

just curious, why would you want a savings account in canada? when the rate of interest is greater in indian banks?

Because he is from Philippines

 

[theguyraghav]

Because he is from Philippines

 

[Tbone27]

thanks for the insight.

the reason i am planning to go for TD bank ans simplii combo -

TD bank Minimum Chequing Account - hold $2000 in this account and i get this account for free. i also get 12 transactions of which i use one to transfer money into simplii account and one to pay my credit card bills.
TD bank cash back credit card - this card has no annual fees. all purchases are made on this card.
Use simplii no fee checking account - for withdrawing cash from ATMs, for interac payments, etc. all of these are free for this account.

is there a better way to do this?

Think that's the best way - i do the same with Scotiabank and Tangerine.
Am maintaining minimum balance in Scotiabank chequing account and using Tagerine's free account for regular transactions. Shopped around a bit for credit card, found Scotiabank offered the highest credit limit, so went with them.

 

[APPNOV2014NY]

Think that's the best way - i do the same with Scotiabank and Tangerine.
Am maintaining minimum balance in Scotiabank chequing account and using Tagerine's free account for regular transactions. Shopped around a bit for credit card, found Scotiabank offered the highest credit limit, so went with them.

Do you still need to open Scotia Checking account? You can easily pay Scotia Credit card bills with Tangerine. Right?