Tuesday, September 23, 2008

Canadian RRSPs and High-Interest Savings Accounts

Canoe Money has a great comparison of leading Canadian institutions RRSP rates. They also have comparisons of GIC rates and lots more.

I don't know how often the rates are updated, but I can see that the ING Direct rates are a bit out of date because ING have recently come out with a 1.5yr GIC that pays 4%.

Personally I have been pushing the RBC eSavings account which was paying 4.0% when I joined sometime in 2008, and which is now paying a paltry 2.75%. (I spoke to RBC and they said that the rate is adjusted whenever prime changes.) ING's rates have been more consistent, paying anywhere from 3.75% to 3.15% at the time of writing. Which is a damn sight better than RBC.

Let me know if you find anything out there (registered or not) which pays consistently high-interest.

Update: I just saw that as of Jan 2009 Canadians won't be taxed on savings interest up to $5000, so that's nice. You can sign up to getupdates on the Tax Free Savings Account at INGdirect.ca

0 comments: