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?

[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.

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.

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...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.