ACHIEVA BANK (ONLINE)
Imagine charging you to DEPOSIT your money! Then they take your money and invest it and make much more money than you do! For that reason, I say, INVEST in bank ETF's (Exchange Traded Funds) DO NOT have large sums on deposit for two reasons:
INTEREST gains are charged the highest tax rate; same rate as if you worked to earn that money.
However if you max out your TFSA account even if it is just a high-interest savings account, then you are protecting your savings from TAXES!
The two other virtual or online banks in Canada with the highest http://www.achieva.mb.ca/Portals/0/logo/achieva_logo.jpginterest rates are both in Winnipeg. They are Accelerate and Achieva both owned by credit unions.
Both Achieva and Accelerate will give you 2% [as of sometime in 2014] in a Hi Interest Daily Savings Account, much like Ally when it started out.
Unlike Ontario banks and credit unions in Manitoba EVERY BIT OF YOUR MONEY is insured! That's a plus especially if you wish to keep over $100,000 in a savings account. I think they know that it would be extremely unlikely for any bank to go belly-up in Canada due to the regulations on them holding a certain per cent of the savings of their account-holders in case there was a run on the funds.
Achieva online bank is owned by Cambrian Credit Union, some 54,000 members strong, established in 1959.
BENEFITS
Each Achieva customer can collect up to 4 referral bonuses each year by referring their fellow savers, for a total of $100 in bonus cash every year. Refer using online banking or on your smartphone by using the AchievaMobile app.
To qualify for the bonus, new accounts must:
MY REFERRAL PETAL to save YOU money, give YOU a REFERRAL FEE and to give me a referral fee is V336405388.
EQ Bank
I also have money in EQ Bank (2.2% currently as of April 3, 2018)
Here are the benefits from their website.
Imagine charging you to DEPOSIT your money! Then they take your money and invest it and make much more money than you do! For that reason, I say, INVEST in bank ETF's (Exchange Traded Funds) DO NOT have large sums on deposit for two reasons:
- You make almost no interest compared to index funds.
- You pay taxes on your savings gains at the highest rate.
INTEREST gains are charged the highest tax rate; same rate as if you worked to earn that money.
However if you max out your TFSA account even if it is just a high-interest savings account, then you are protecting your savings from TAXES!
The two other virtual or online banks in Canada with the highest http://www.achieva.mb.ca/Portals/0/logo/achieva_logo.jpginterest rates are both in Winnipeg. They are Accelerate and Achieva both owned by credit unions.
Both Achieva and Accelerate will give you 2% [as of sometime in 2014] in a Hi Interest Daily Savings Account, much like Ally when it started out.
Unlike Ontario banks and credit unions in Manitoba EVERY BIT OF YOUR MONEY is insured! That's a plus especially if you wish to keep over $100,000 in a savings account. I think they know that it would be extremely unlikely for any bank to go belly-up in Canada due to the regulations on them holding a certain per cent of the savings of their account-holders in case there was a run on the funds.
Achieva online bank is owned by Cambrian Credit Union, some 54,000 members strong, established in 1959.
BENEFITS
- High Interest Savings
- High Interest Savings TFSA (TFSA = Tax Free Savings Account
- They offer regular GIC's and TFSA GIC's like any other financial institution as well.
- Check them out and save more money as I have since signing up
Referral Petal Program
We’re proud that more than 87% of new Achieva customers would recommend us to their friends and family.* To show our appreciation for those that recommend us to their fellow savers, we offer a cash bonus through our Referral Petal program.Earn up to $100
If you’ve been referred to us by an Achieva customer, let us know by using their Referral Petal code when you open a qualifying account. As well as getting all the benefits of saving with Achieva, we’ll reward each of you with a $25 cash bonus.Each Achieva customer can collect up to 4 referral bonuses each year by referring their fellow savers, for a total of $100 in bonus cash every year. Refer using online banking or on your smartphone by using the AchievaMobile app.
To qualify for the bonus, new accounts must:
- Meet regular account opening eligibility
- Minimum $250 required in new account.
- Account must remain open for at least one month.
- No one named on an Achieva account in the last 12 months is eligible
MY REFERRAL PETAL to save YOU money, give YOU a REFERRAL FEE and to give me a referral fee is V336405388.
| Information from Achieva Bank website regarding referrals. |
| Achieva’s Petal Referral Program |
|
EQ Bank
I also have money in EQ Bank (2.2% currently as of April 3, 2018)
Here are the benefits from their website.
-
Everyday
High Interest (As of April 3, 2018 it is 2.3% for a High Interest Savings Account)You can also get great rates on GIC's ! -
Zero
Minimum
Balance -
Zero
Monthly Fees -
Five free
Interac e-Transfers®
per month -
Unlimited
Bill Payments -
Free
Linked Accounts -
Free
Electronic
Funds Transfers -
Unlimited
EQ to EQ
Transfers -
Free
Day-to-Day
TransactionsIt is still better to bank online and make these rates than make crumby less-than-1% interest.Then when you really want to invest, check out Questrade or Virtual Brokers. I have not used them yet but I intend to. At least one or both of these do not charge you a fee to invest in ETF (Exchange Traded Funds)ETF funds are the low-fee way of investing. See later post re investing.
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