Opening bank account to earn higher interest for new immigrants?

[wyho007]

With the internet rate so low on savings at big banks, I attempted to open a higher internet rate account on quite a couple online banks (EQ bank, Alterna, Oaken financial) and none successful. The reason for refusal is that I don't have at least 6 months of credit history. Even when I have personal cheques and an account at one of the big 5 bank don't work. They are offering 1.5-2% rates.

Anyone has any success of earning similar high-interest rates (high interest savings account or 3-6 month GIC) elsewhere that welcome new immigrants to open accounts? I'm not talking about 3-month promotional rates but relatively stable 1.5-2% rates.

 

[steaky]

If you are looking for 2% p.a, why don't you go to HSBC? They have a limited time special rate of 2% per annum on 18-month redeemable TFSA term deposits when you contribute to your TFSA.

https://www.hsbc.ca/1/2/personal/special/tfsa-offer?WT.ac=HBCA_171603_11TAXFSAe05975H

 

[BC4life]

With the internet rate so low on savings at big banks, I attempted to open a higher internet rate account on quite a couple online banks (EQ bank, Alterna, Oaken financial) and none successful. The reason for refusal is that I don't have at least 6 months of credit history. Even when I have personal cheques and an account at one of the big 5 bank don't work. They are offering 1.5-2% rates.

Anyone has any success of earning similar high-interest rates (high interest savings account or 3-6 month GIC) elsewhere that welcome new immigrants to open accounts? I'm not talking about 3-month promotional rates but relatively stable 1.5-2% rates.

You will have to wait 6 months to apply; have you obtained a credit card with your current bank? You need to have some type of credit to start your credit history

 

[NetMecca]

I use a self managed TFSA and invest in Dividend stocks 10% annual payable monthly is not unheard of. Money is a little tied up but takes about 2-5 days to get freed if you need it desperate. Or just open a stock market account through any o the banks. Fees are higher but could still be worth it.

Good luck

 

[wyho007]

I was told by HSBC that I can't contribute (ie. without penalty) to my TFSA account (although they have opened one for me) until I've lived here for more than 183 days this year. I arrived only last month.

 

[steaky]

I was told by HSBC that I can't contribute (ie. without penalty) to my TFSA account (although they have opened one for me) until I've lived here for more than 183 days this year. I arrived only last month.

Oh, I remembered you arrived from Macau. If the bank interest there is higher than here in Canada, why bother to get a high interest savings account in Canada?

 

[wyho007]

Oh, I remembered you arrived from Macau. If the bank interest there is higher than here in Canada, why bother to get a high interest savings account in Canada?

Don't want to keep money abroad and cause myself troubles when dealing with income tax reporting/FINTRAC in the future. Easier to just have everything in Canada.

 

[steaky]

Don't want to keep money abroad and cause myself troubles when dealing with income tax reporting/FINTRAC in the future. Easier to just have everything in Canada.

Hmm... I thought the Macau government give free money to it's citizens and residents every year and so you might still need to deal with them.

 

[steaky]

Hmm... I thought the Macau government give free money to it's citizens and residents every year and so you might still need to deal with them.

This year the government will give the equivalent of CAD1500 to its permanent residents! If I were you, I would keep a bank account there just to receive the free money.