With the internet rate so low on savings at big banks, I attempted to open a higher internet rate account on quite a couple online banks (EQ bank, Alterna, Oaken financial) and none successful. The reason for refusal is that I don't have at least 6 months of credit history. Even when I have personal cheques and an account at one of the big 5 bank don't work. They are offering 1.5-2% rates.
Anyone has any success of earning similar high-interest rates (high interest savings account or 3-6 month GIC) elsewhere that welcome new immigrants to open accounts? I'm not talking about 3-month promotional rates but relatively stable 1.5-2% rates.
If you are looking for 2% p.a, why don't you go to HSBC? They have a limited time special rate of 2% per annum on 18-month redeemable TFSA term deposits when you contribute to your TFSA.
With the internet rate so low on savings at big banks, I attempted to open a higher internet rate account on quite a couple online banks (EQ bank, Alterna, Oaken financial) and none successful. The reason for refusal is that I don't have at least 6 months of credit history. Even when I have personal cheques and an account at one of the big 5 bank don't work. They are offering 1.5-2% rates.
Anyone has any success of earning similar high-interest rates (high interest savings account or 3-6 month GIC) elsewhere that welcome new immigrants to open accounts? I'm not talking about 3-month promotional rates but relatively stable 1.5-2% rates.
You will have to wait 6 months to apply; have you obtained a credit card with your current bank? You need to have some type of credit to start your credit history
I use a self managed TFSA and invest in Dividend stocks 10% annual payable monthly is not unheard of. Money is a little tied up but takes about 2-5 days to get freed if you need it desperate. Or just open a stock market account through any o the banks. Fees are higher but could still be worth it.
I was told by HSBC that I can't contribute (ie. without penalty) to my TFSA account (although they have opened one for me) until I've lived here for more than 183 days this year. I arrived only last month.
I was told by HSBC that I can't contribute (ie. without penalty) to my TFSA account (although they have opened one for me) until I've lived here for more than 183 days this year. I arrived only last month.
Oh, I remembered you arrived from Macau. If the bank interest there is higher than here in Canada, why bother to get a high interest savings account in Canada?
Oh, I remembered you arrived from Macau. If the bank interest there is higher than here in Canada, why bother to get a high interest savings account in Canada?
Don't want to keep money abroad and cause myself troubles when dealing with income tax reporting/FINTRAC in the future. Easier to just have everything in Canada.
Don't want to keep money abroad and cause myself troubles when dealing with income tax reporting/FINTRAC in the future. Easier to just have everything in Canada.
This year the government will give the equivalent of CAD1500 to its permanent residents! If I were you, I would keep a bank account there just to receive the free money.
