Tuesday, April 14, 2009

Savings accounts - shop around

With the low interest rate environment right now, it is very difficult to get any sort of rate of return for cash that is parked in a savings account. Essentially, this puts the savers at a disadvantage in the near-term.

We ended up chatting upon an offer from Canadian Tire Financial Services with an introductory interest rate of 3.5%x3 months and some other bonuses for setting up a transfer ($25). It would be worthwhile to investigate this option, as the interest rates are significantly increased over other financial institutions. All that is required is a check to link your current checking account with this savings account. The savings are also guaranteed according to the CDIC rules.

Note: We do not have any conflicts of interest in recommending such institution.

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