Category Archives: Bank Accounts

TD Canada Trust Guaranteed Investment Account Interest Rate Bonus

Attention all Canadian savers. I just came across this special savings account offer from TD Canada Trust, which as you should know is one of Canada’s largest banks. What they’re offering is an interest rate bonus for all new clients that open up one of their “Guaranteed Investment Accounts” Contrary to the name, it is not a GIC but a mere high interest savings account. I’m a little bit late in reporting about this promotional offer, but not to worry as the offer will be valid until December 12, 2008. December is fast approaching so if this savings account interests you then you may wish to open up an account right away.

Here are the details of this offer (courtesy of the TD Canada Trust website):

Open a TD Canada Trust Guaranteed Investment Account between October 14, 2008 and December 12, 2008 and earn an interest rate bonus on every dollar you deposit until March 31, 2009. Deposit as much as you want, as often as you want, and get the bonus rate until March 31, 2009. The sooner you act, the more interest you’ll earn.

Account Balance Premium Interest Rate (as of
October 1, 2008)
Guaranteed Bonus Rate (October 14, 2008 to
March 31, 2009)
Total Interest on Deposits (up to
March 31, 2009)
$5,000 or more 2.25% 1.25% 3.50%
Less than $5,000 0.00% 2.25% 2.25%

 Interest rates may change at any time without prior notice.

Access your money when you want it

There’s no need to “lock in” your money. You can access your savings any time, 24 hours a day, seven days a week through TD Canada Trust’s Green Machine ABMs, EasyWeb Internet banking or EasyLine telephone banking. You can also visit any TD Canada Trust branch or you can speak with a TD Canada Trust or TD Waterhouse representative about how this savings account offer.

Account Features:

  • Premium interest rate
  • Rate guarantee on balances of $5,000 or greater
  • Access to your money through EasyWeb, EasyLine, Green Machine and branches
  • Unlimited free deposits
  • Free paperless, monthly statement or passbook record keeping
  • One free debit transaction each month; additional debits are $5 each after the first free debit
  • No maturity date or minimum deposit, however, no interest is currently paid on balances below $5,000

Account Options:

  • EasyWeb Internet banking service
  • 24-hour EasyLine telephone service
  • Pre-authorized Transfer Service

Now for the fine print, except I’ll make it BIG print

Your Guaranteed Investment Account will earn, commencing on the second business day after account opening, a bonus interest rate of 1.25% per annum on balances of $5,000 or more and 2.25% per annum on balances of less than $5,000, above the regular posted rates for this type of account until March 31, 2009. Regular posted rates only shall apply thereafter. Interest is paid monthly on the total daily closing balance of each tier of the account. Bonus interest will be calculated separately from the regular interest and will be credited to the account at the end of the month. For accounts opened online, account opening documentation, if applicable, must be signed and returned to TD Canada Trust by January 16, 2009. Interest rates are subject to change without notice.

So, was the print big enough for you folks? It was? I thought so too. The 3.50% (assuming you’ll deposit $5000+) is really good – it’s one of the highest you can get here in Canada. The limited time nature of the interest rate bonus sucks though, but if you’ve got a lot of cash you want to keep in a safe savings account for a little while it makes sense. Obviously if you’ve got less than $5000 to save then this account is not for you as you will not earn any interest except the bonus interest rate which will expire anyways.

For more info I suggest you jump on over to the TD Canada Trust website at:

http://www.tdcanadatrust.com/accounts/gia.jsp

*note: I am in no way affiliated or associated with TD Canada Trust*

Cheers,

Alan
http://alansmoneyblog.com

Free Report – Discover the Top 100 Safest U.S. Banks

The latest headlines on big name bank bailouts serve as reminders of just how unsafe your bank may be. This FREE report, Discover the Top 100 Safest U.S. Banks, is a must-read in these volatile market conditions. You’ll learn how to find a safe bank, why the FDIC can’t really guarantee your money, tips on international safe banking, and more.

Click here to download this free report.

ICICI Bank Canada HiVALUE Chequing Account

ICICI Bank Logo

Hello dear fellow Canadians. Today I was just briefly visiting ICICI Bank Canada’s website to check the balance on my savings accounts (see this post for details) and I stumbled upon this new product that they’re offering. ICICI calls it the “HiVALUE Chequing Account” (yes, here in Canada we spell checking differently) , and it is essentially an interest bearing Canadian Dollar chequing account.

The interest rate ranges from 1.0% to 1.50% p.a. depending on your account balance. Interest on a Canadian Dollar HiVALUE Chequing Account is calculated on the daily closing balance and paid monthly.

Interest on the Canadian Dollar HiVALUE Chequing Account:

Interest Rates:  
First C$ 1,000.00 (balance between C$ 0.00 to C$ 1,000.00) 0.00% p.a.
Next C$ 1,500.00 (balance between C$ 1,000.01 to C$ 2,500) 1.00% p.a
Over C$ 2,500.00 (balance from C$ 2,500.01 and above) 1.50% p.a.

This account may be suitable for some of you, especially if you’ve already got a savings account with them, or live near one of their branches. Personally, I never like to keep a high balance in my chequing account preferring rather to move excess cash into a high-interest bearing savings account or into various money market instruments.

Their current branch network is a bit small, so this account only makes sense if you live near one of their branch offices. If you can live without branch access ICICI Bank does offer free deposits and withdrawals at any of their ABMs or other Exchange Network ABMs. You can search for the nearest Exchange Network ABM over here.

Branch locations can be found over here (at the bottom – branch locations).

One item that will be of interest to Canadians of Indian ethnicity is that ICICI Bank Canada offers free money transfers to India. So if you have family in India and you wish to send them money you can do so at zero cost to you.

Interested parties should visit the HiVALUE Chequing Account product details page.

Wishing you all peace and prosperity,
Sincerely,
Alan

Canada Introduces Tax-Free Savings Account

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The Canadian Federal Government agrees that it’s important for all Canadians to save. And better still, they’ve just passed legislation to let you save without paying tax on the interest you earn. This means that soon all Canadians will be able to save up to $5,000 every year without being taxed on interest earned. This is great news for us savers!

Starting in 2009, Canadians aged 18 and older can contribute up to $5,000 annually (from their taxable income) to a TFSA (tax free savings account). The investment income, including capital gains, earned in a TFSA will not be taxed – even when withdrawn. The plan also allows an investor to withdraw funds from the TFSA at any time and for any purpose. The withdrawal amount can then be put back at a later date without reducing contribution room. Additionally, if an investor puts less than $5,000 into a TFSA in a given year, the unused room can be carried forward to future years.

Tax-Free Savings Accounts should be available at most major Canadian financial institutions once 2009 comes around. Stay tuned to this blog as I will be doing some research and will let you know which financial institutions offer high interest rate tax-free savings accounts.

See, another reason why Canada rocks!

EverBank New World Energy Index CD

everbank_logo.jpg

I was visiting EverBank’s website yesterday and I came across a new CD (certificate of deposit) product offering which peaked my interest, so I thought of sharing this with you my dear readers. EverBank calls this financial product the “New World Energy Index CD.” Essentially this CD is composed of the currencies of 3 non-Middle Eastern countries: Australian dollar, Canadian dollar, and Norway krone.

As you all should know, diversifying your cash holdings into foreign currencies is one good way to protect your wealth from potential financial problems in your home country and to also gain from the potential appreciation of the foreign currency holdings. With CDs you also earn interest in addition to potential currency appreciation so you stand to gain double. The only risk clearly evident with this product is the possibility that one or more of the 3 currencies will depreicate severely relative to the US Dollar. My opinion is that this is not likely to happen anytime soon but don’t take my word for it – do your own research. Also the short term nature of this CD fund makes it easier to “bail out” if ever such a depreciation was to occur.

Here are the details of the New World Energy Index CD:

Features of our New World Energy Index CD:

  • Available in 3- and 6-month terms.
  • Comprised of 3 non-Middle Eastern energy producing countries:
  • Returns based on a fixed-interest rate and any changes in the values of the currencies that comprise the Index CD versus the U.S. dollar. If any of the currencies lose value versus the U.S. dollar, you could potentially experience a loss of principal.
  • No monthly access fees.
  • Open with a competitive minimum deposit of $20,000.
  • FDIC insured for bank insolvency.

I should also mention that this product IS available to non-US citizens as well, even though the bank based in the U.S.A

Stay tuned to this blog as I will be introducing other CD products from EverBank.

Happy investing everyone!

Alan out.