Having to much money in an account?

[SkittleFreak]

So I've heard that some banks charge you if you have too much money in your bank account (Ie like +1mil)

Is this true?

[Redlyne_mr2]

lol no ..u charge them

[ExtraSlow]

1) is this seriously a problem for you?
2) most banks waive their fees once you have a certain amount in the account for at least a month. Something like $20k for this, I think.


That being said, there are much better places for your money than a bank account. Government bonds or GICs are zero risk and actually pay interest.

[SkittleFreak]

Well we are thinking of investing some for savings

But what would be a good bank for doing lots of large money banking transactions? or having large amounts of money in a bank account

[Xtrema]

Since you have to ask, you must won the lottery.

[rmk]

Ask 89coupe.

[jsn]

you have 1 million dollars+ and you're using beyond for financial consulting?:rolleyes:

[aklalani]

if u have 1mil+ in a regular bank account im sure u can work your way out of a lot of kinks such as fees since they r paying you nothing to use your money.

[kertejud2]

The banks I deal with wont even let you in the door if all you have is $1M.

[Jlude]

Originally posted by rmk
Ask 89coupe.

He'll give you advice, but you gotta buy him lunch... which ain't gonna be cheap.

[Canmorite]

Originally posted by kertejud2
The banks I deal with wont even let you in the door if all you have is $1M.

1M? Psh, my bank is 5M minimum.

[Jlude]

Originally posted by kertejud2
The banks I deal with wont even let you in the door if all you have is $1M.



Originally posted by Canmorite


1M? Psh, my bank is 5M minimum.


I tried walking into a bank like this before... wouldn't even let me near the door, I had to stay further from the doors than the damn smokers!

[TomcoPDR]

Originally posted by rmk
Ask 89coupe.

How rich is 89coupe really??? He sure is living it large tho. :bigpimp:

Wasn't there a guy named AlexM who's loaned as well?

[A790]

Originally posted by TomcoPDR


How rich is 89coupe really??? He sure is living it large tho. :bigpimp:

Wasn't there a guy named AlexM who's loaned as well?
AlexM apparantly ran a hedge fund or something.

Anyway, I've never heard of a bank charging you for maintaining a large balance. I just asked my girlfriend (she works at TD) and she laughed at me. The banks pay interest on the amount that you have in it- that's why you'll have your bank fees, and then a small little credit (usually under $1) for your interest.

Most accounts also have limits where fees are waived. My savings accounts, for example, waive the fees at $3000, as do my chequing accounts.

TD has a GIA account that is paying 3.25% interest for the first six months, and then 2.75% interest after that. If you're like me and have a decent amount of money that you can't move (for one reason or another), that's probably your best bet in terms of accounts to have it sit in.

[ramminghard]

Originally posted by A790

TD has a GIA account that is paying 3.25% interest for the first six months, and then 2.75% interest after that. If you're like me and have a decent amount of money that you can't move (for one reason or another), that's probably your best bet in terms of accounts to have it sit in.

RBC has a high interest savings that pays 4.5% with free transactions in and out as long as they are done online.

[rc2002]

Originally posted by ramminghard


RBC has a high interest savings that pays 4.5% with free transactions in and out as long as they are done online.

Actually it's only 2.5%.

http://www.rbcroyalbank.com/products/deposits/e-savings.html


Since the government lowered the interest rates, you'll be hard pressed to find anything better than 4% for a savings account at the moment.

There's not much out there if you have more than $100k. CIBC has an offer for 3.75% for the next month or so. HSBC's 4.75% is expiring in a few days. Canadian Tire has a 5.25% promotion for 90 days but there's a limit of $100,000.

[B17a]

HAha, all banks would give their left nuts for someone holding balances like that. What do you think funds their loans? They pay you diddly for itnerest and loan out that same money for significantly more. Deposits are the bank's cheapest source of loan capital.

[01RedDX]

.

[l/l/rX]

you'd be the biggest idiot, for having 1 mill in 1 bank account.

1) there are soo many other investments out there, that can gain you higher percentages back.
2) say if they bank you were at, all of a sudden went down n under, the CDIC only gives you $100,000 of it back, that is why it is highly suggested to spread your money over several other banks.

[stunta666]

You beyond guys are definately a bunch of students or losers if you only got a mill in the bank, i guess 89coupe was right when he said that shit about you clowns. What's a mill get you these days 10,000 lunches at $100 a pop, big deal. Hey skittle freak just give me your money and i wont charge you any fee's.

[JRSC00LUDE]

^

Careful son, you did all right for a 08 in that thread but you don't want to push your luck. Even a dead horse can only take so much beating. :)

[Rat Fink]

.

[stunta666]

Originally posted by JRSC00LUDE
^

Careful son, you did all right for a 08 in that thread but you don't want to push your luck. Even a dead horse can only take so much beating. :)

My Bad on that. 89coupe if your on here none of this shit is personal it's just the net and I was just having some fun.

And JRSC00LUDE that dead horse line was pretty dang funny:D

[liquid1010]

Threads like this are hilarious.

Either daddy has been handing out allowance again to a lot of beyonders, or we have the largest percentage of millionaires below 40 outside of Dubai......

[Kloubek]

If someone has a done of cash they don't need, you would be FAR off better putting it in a GIC. Even a 1-year term will yield you much better results than bank account interest.

[01RedDX]

.

[jmc]

Originally posted by SkittleFreak
So I've heard that some banks charge you if you have too much money in your bank account (Ie like +1mil)

Is this true?
I think in the past, certain banks in some countries did that, I don't know if they still do. I believe there are still some foreign bank (typically oversea) which still do charge fees on accounts less than a million (depending on the currency); they also pay no interest.

[Kloubek]

Really? That's awesome. I didn't think any accounts would provide more than 3.75 percent interest....

[01RedDX]

.

[Kloubek]

High interest is out there. HSBS is only offering 2%, but here are some good examples:

CANADIAN WESTERN BANK: 3.65
ACHIEVA FINANCIAL: 3.6
COMMUNITY TRUST: 4.0
HOME TRUST COMPANY: 3.95
ICICI BANK CANADA: 3.9
MCAN MORTGAGE CORP.: 4.0
PRESIDENT'S CHOICE FINAN: 3.5
STATE BANK OF INDIA(CAN): 3.85

Source:
http://money.canoe.ca/rates/gics.html

[blownz]

Has anyone here opened a savings account somewhere just to take advantage of the 90 day higher interest rate and then closed the account after the 90 days?

What I am wondering is if it is diffucult to get your money back out of that bank/financial institution?

I'm thinking about doing this with Canadian Tire. I am currently with RBC and getting 2.5% on my high interest savings. CT is offering 4.6% for 90 days and then 3.35% after. I may keep the money there after the 90 days but I might move it to another place that has a similar 90 day bonus rate.

Is it worth the hassle? Anyone tried it or doing it?

I would be putting 20-25k in the account and probably adding about 1k a month to it. If someone has a better idea for this money just let me know. My only stipulation is that the money has to be safe. I have other investments where I gamble a bit but this money I want to have ready to take out when I feel like it. I probably won't touch it for at least 12 months, but there is always the possibility.

Any advice?

[ExtraSlow]

Get yourself informed about Government bonds.
Not risky.

I don't know much about the mechanics of buying and selling them, you may need to get yourself a decent broker.

[max_boost]

You can never have too much money in an account!

[Xtrema]

Originally posted by blownz
I'm thinking about doing this with Canadian Tire. I am currently with RBC and getting 2.5% on my high interest savings. CT is offering 4.6% for 90 days and then 3.35% after. I may keep the money there after the 90 days but I might move it to another place that has a similar 90 day bonus rate.

Any advice?

By switching, say you're in the highest tax bracket, after tax, you gain $64 for the 1st 3 months. And $10/month after.

So if that's worth the hassle to you, why not.

[rc2002]

Originally posted by blownz
Has anyone here opened a savings account somewhere just to take advantage of the 90 day higher interest rate and then closed the account after the 90 days?

What I am wondering is if it is diffucult to get your money back out of that bank/financial institution?

I'm thinking about doing this with Canadian Tire. I am currently with RBC and getting 2.5% on my high interest savings. CT is offering 4.6% for 90 days and then 3.35% after. I may keep the money there after the 90 days but I might move it to another place that has a similar 90 day bonus rate.

Is it worth the hassle? Anyone tried it or doing it?

I would be putting 20-25k in the account and probably adding about 1k a month to it. If someone has a better idea for this money just let me know. My only stipulation is that the money has to be safe. I have other investments where I gamble a bit but this money I want to have ready to take out when I feel like it. I probably won't touch it for at least 12 months, but there is always the possibility.

Any advice?

I did that. I put my money in CT for 3 months @5.5% and took it out on the day the offer expired and rolled it into HSBC at 4.75%. It was super easy to transfer in and out.

The money is guaranteed (up to $100k) since everything is CDIC insured. It's a completely liquid investment that has higher rates than a GIC. So if you're deciding between a savings account and a GIC, it's a no brainer because you pay the same tax on it regardless.

If you're going to have a fixed income part of your portfolio, might as well maximize the gains from it. For me, the hassle of opening new accounts has translated into almost an extra thousand dollars in my pocket in the past half year.

[blownz]

^ I'm glad to hear it is easy to get your money back out. I think I am going to give it a shot.

And for Xtrema, I know it isn't a lot of money with the amount I would be putting in, but if it is easy to do and I can do it from my desk at work then it is worth it imo.

[483hp]

Originally posted by liquid1010
Either daddy has been handing out allowance again to a lot of beyonders, or we have the largest percentage of millionaires below 40 outside of Dubai...... [/B]

Over the past few months of browsing this board, I've come to the realize that Beyond member = baller. Don't let the JDM or Honda fool you.

[JRSC00LUDE]

^

Close, it's actually Beyonder > Baller.

[Supa Dexta]

RBC's tried to push me to move money around in different accounts when they get over a certain level. I'm not sure whats in it for them though.,

[SkittleFreak]

I think i''ll just stick with TD, good to me so far and easyweb is good banking

[dezmarez]

TD rate is 2.75% and thats on an amount over 5000. Man oh man there are so many investment alternatives out there. None of these accounts are even beating inflation in Calgary. There are plenty of ways to earn a higher return than 3% if your willing to risk some capital...over the long term of course.

[civic_ek4]

Well if you have over 1mil in your account and your banker isn't approaching you it's either he/she isn't doing her job OR they suspect that your money isn't legit. (Not flaming you)

As for how much gets you into the door for some banks, it depends what type of service you will be going into. Some Private bank or I-bank is atleast 5mil before they will look at you. But then there are other smaller investment companies that will take you as their client and group you with others like you and invest like an I-bank.

it's not necessary dumb to have all your money at one bank cuz with that balance you can really push your way around.

[Godfuader]

All my money is cycled between all the banks offering an intro rate for the past 2 years. I pulled out of the equity market and into liquid savings accounts and have come out higher than the markets would have given me. The bad thing now is that its getting increasingly difficult to find any FI that still offers 4+ in Canada. I had funds in US$ @ 6% but that is long gone.

Canadian Tire is down to 4.6% for 90 days then to 3.35%
HSBC is back to 3.3% by Friday.
ING is at 3%

To the OP: You tend not to collect interest on deposits over $1MM with the banks...but it doesn't cost you anything extra. You should really spread out the funds, or talk to an advisor to find effective parking ideas.

[zarge]

lol such bullshit, If you have even 50K in your account the bank will phone you nonstop with investment options, RRSP's, mutual funds, credit cards etc... people are so funny on these forums.

It even happened to me the first time i had 5K in my account LOL

[A790]

Originally posted by zarge
lol such bullshit, If you have even 50K in your account the bank will phone you nonstop with investment options, RRSP's, mutual funds, credit cards etc... people are so funny on these forums.

It even happened to me the first time i had 5K in my account LOL

Maybe. I have significantly more than $50,000 sitting in one account right now and I have yet to receive a single phone call from TD offering me any kind of investment advice/alternatives. I'm actually kind of surprised, as I add around $5K to that account every month and no one's said a word to me about it since I started putting money into it.

What's even funnier is that every time I go into a bank I get ID checked in every possible way because of it and still no one says anything about investments. Then, when I went and talked to a broker at TD, he told me to come back in 3 months if the money was still there... WTF?!

[turbotrip]

no if u have that much money in your account you get some kind of "special account" with silly useless perks, or atleast at TD you do

[civic_ek4]

well, like i have said with a "good balance" the bank ususally call you. BUT then the banker could be having some great sales (walk in)without using this pool, so they don't make the call.

but really if you want to invest and they won't look at you then find another place and withdraw all your money. close everything with them and when they asked why, tell them.

i think one mill could get you into private banking in most bank in the calgary area, correct me if i am wrong. but then not many ppl need private banking unless they travel often.

[Thaco]

buy gold bars, then you'll be ballin, but seriously, with the unstable economy right now, that's what I'd do... gold will not devalue, the dollar will.

[Rat Fink]

.

[blownz]

Originally posted by Supa Dexta
RBC's tried to push me to move money around in different accounts when they get over a certain level. I'm not sure whats in it for them though.,


Originally posted by zarge
lol such bullshit, If you have even 50K in your account the bank will phone you nonstop with investment options, RRSP's, mutual funds, credit cards etc... people are so funny on these forums.

It even happened to me the first time i had 5K in my account LOL


The reason lots of bankers will do this is because they get commission/bonus based on new accounts or investments. Even if it comes out of other accounts at the same bank.

[E46..sTyLez]

Originally posted by rmk
Ask 89coupe.

:rofl:

[SilverRex]

Originally posted by Rat Fink


And if you bought into that hype when gold was over 1000/oz expecting it to slingshot to 1600/oz like some of the queerbait pumper analysts called for, you have now lost 13% in a couple months.

people shouldnt be buying at the peak if they had any investment sense.

but from a technical point of view, gold shouldnt drop below 750. since 750 is the last 61.8% fibonnacci retracement.

Ive set a buy at 840-850 which is the 50% retracement. it will either move side ways from here and up.

and if US does invade Iran, future looks bright for gold to move towards 1500. this aint the 90s anymore.

The world is in a lot of termoil.

speaking of topic

I see fed to come out with a positive spin on the outlook as they will capitalize this opporunity with the recent market and dollar rebound and further kick the economy up a notch. This way money comes back into the country. They will most likely take the .25 pt off and pause at 2% for a few month then start rising to curb inflation.

This will be their last and best effort to stim the economy. Long term wise who knows but short term I see great opporunity everywhere for that 10-30% gain.

[Frosty]

Originally posted by SilverRex


people shouldnt be buying at the peak if they had any investment sense.

:thumbsup: When gold articles, pictures, and investment advice are plastered all over newspapers, magazines, and the internet, it was time to SELL.

When everyone is disgusted at their loss and liquidates, it will once again be time to BUY :D I'd love to see $750 again.

As for the OP, I would never, ever have more than $100k in one account, not only because of lack of return, but because CDIC will not insure the excess.

[civic_ek4]

i think if you keep your money at a national bank not like a credit union you are much safe. I never worry about this CDIC.

[kertejud2]

I wonder if this guy is a member of beyond

http://www.citynews.ca/news/news_22274.aspx

[Celica TVS3]

If you seriously have +1mm and you're looking for a place to put it pay for some advice. Your plans/goals for the cash will have a huge influence on what you shoul be doing with it. For example if it's profit from a recent property sale and you intend to redeploy it over the next few months toss it into a (or a couple) of high interest savings acounts at a bank. If this is an inheretance you'll need to talk to a professional (not a beyond consultant). I know there are some advisors on here but don't give a million + to a rookie broker. PM me if you need an unbiased starting point. ( I don't work for a bank, not a retail broker...)

[Skyline_Addict]

Originally posted by l/l/rX
you'd be the biggest idiot, for having 1 mill in 1 bank account.

2) say if they bank you were at, all of a sudden went down n under, the CDIC only gives you $100,000 of it back, that is why it is highly suggested to spread your money over several other banks. Yep. CDIC, insurance for banks, indeed only covers 100,000 PER ACCOUNT. Alot of my bank's customers open up multiple GICs because they are very weary of the chance of forclosure. diversify your portfolio as they say.

[Rav4Guy]

CIDC covers SAVINGS accounts whereas CIPF covers $1,000,000 per account type account. Investment accounts are covered by CIPF whereas regualr savings/cheque accounts are covered by CIDC.

If you have $1MM just sitting in the bank... you must be a :bigpimp:

[89coupe]

UBS is your friend ;)

http://www.ubs.com/

[ZorroAMG]

Originally posted by Rav4Guy


If you have $1MM just sitting in the bank... you must be a :bigpimp:

Or foolish with your money haha

[A790]

Let's get real: any of the big banks in Canada going under anytime soon? I don't think so.

[Skyline_Addict]

Originally posted by A790
Let's get real: any of the big banks in Canada going under anytime soon? I don't think so.

you'd be surprised how difficult it is to convince clients (especially elderly) with lots of money that that is the case. lots of paranoid people out there :)

[Redlyne_mr2]

Looks like Canadian tire is now at 4.3% damn.. ING is low as well at 3% anyone know of any other high interest savings accounts, HSBC is 3% as well.

[ckangarloo]

ICICI at 3.4%. I can't believe that is what is considered OK now.

[Rav4Guy]

....bank and interest rates decline.....

[rc2002]

I'm getting 3.75% on my savings account at CIBC right now.

[A790]

Originally posted by 483hp


Over the past few months of browsing this board, I've come to the realize that Beyond member = baller. Don't let the JDM or Honda fool you.
So true.

The only difference is not all of us have a 'rarri ;)

[483hp]

Originally posted by A790
The only difference is not all of us have a 'rarri ;)

Actually, right now, that's not true. The old girl was put out to pasture earlier this year.

[Canmorite]

Originally posted by 483hp


Actually, right now, that's not true. The old girl was put out to pasture earlier this year.

You're just waiting for the new one ;)

[483hp]

Sheesh. You know how to ruin a surprise!

[MR.Ladner]

wow...lots of people got tonnes of cash...shit i dont even have 100 bucks in my bank account...wish i could roll like all you rich people...i work hard every day at work pushing 50 hours a week and i have some tiems where i cant make it by and have to cut somthing out...wow...people are really good on life or full of alot of bullshit...the day i had a million dollers is the day i die...wow...wish i was like you people...

[A790]

Originally posted by 483hp


Actually, right now, that's not true. The old girl was put out to pasture earlier this year.
Nice. What's coming in?

I got plans. Oh yes, lots of plans. That also means work, lots of work, but believe me, one day I'll have a 'rarri or two ;)

[davidI]

Originally posted by MR.Ladner
wow...lots of people got tonnes of cash...shit i dont even have 100 bucks in my bank account...wish i could roll like all you rich people...i work hard every day at work pushing 50 hours a week and i have some tiems where i cant make it by and have to cut somthing out...wow...people are really good on life or full of alot of bullshit...the day i had a million dollers is the day i die...wow...wish i was like you people...

You could start with writing a normal sentence and move on from there. One can work hard, or work smart.