Financial Channel

I've decided to open a savings account.

I've sort of narrowed down to HSBC(Safest?), ING Direct(Popular?), and Achieva(Highest rate).

I probably won't be taking $$ out anytime soon and I will also be depositing some money (~$800-900) bi-weekly. Any suggestions or recommendations?

Thanks!

I'd vote for Achieva.

Reasons are:

They are all insured.
Spending money on popularity isn't wise (I think).
Highest rate is what matters, especially if you don't need the money for a while.


You might want to look at other options as well, GICs, mutual funds.

Isn't ING having a promo on an automatic deposit plan (or something along that line)? I think there's a post in the hot deals section.

EDIT: Details here: http://www.redflagdeals.com/forums/s...d.php?t=297246

A $20 bonus will offset any interest lost by going with ING instead of Achieva.

Currently, HSBC is offering $25 bonus on min $100 deposit. You're suppose to get your $25 by August some time. Great deal if you ask me. They're interest rate is currently 3.15% but if you count that bonus $25, you won't be able to beat it.

It's more popular because it spends more on advertising.

Sure you get the bonus... but you get dinged everytime you try to take money out.... and if you transfer your money to another HSBC account (this at no cost) ...your other HSBC account costs to maintain...

that is what I got from them after calling to enquire about this promo.

so... your opinions... please.. is this still such a good deal ??

Hum... how about this

Put $100 in HSBC, get the $20 ($25-$5). -> 20% return.

Put $100 in ING DIRECT, get the $20. -> 20% return

And put the rest in Achieva.

This way, you make the most out of every penny.

I like this 4.1% rate better than ING's 3.15%. Does Achieva have any fees for transferring money to other bank accounts? I love ING for not having any fees.

I think it's a $1 fee per (withdrawal) transaction each month after the first.

However, Achieva also gives you $1/month bonus if you go with an electronic statement. That combined with the higher interest rate should make up for the bonuses from other accounts.

What about the PC financial savings account?

Use PCF's chequing account to write lots of cheques for free. No minimum account balance requirement.

You can transfer into Achieva from another bank as many times as you like I think. But you can transfer out of Achieva only once a month for free online I think.

I have 2 HSBC savings accounts. One regular savings account (0.05% interest) and a high-interest savings account (3.15% interest). Both are suppose to have no monthly fee, I'll confirm that in my next monthly statement.

All my money is in the high-interest account, and when I need to pay for something, I just transfer the money from the high-interest account to the regular savings (free) and I pay out with the regular savings account (cost $0.85 a transaction tho).

You can waive the 85 cents transaction fee if you use a chequing account, but the chequing account has a monthly fee unless you keep a $2000 minimum in it.