Wednesday, October 19, 2011

Comparing Interest Rates for Savings Accounts

I've been taking the time for the last week to compare the interest rates on savings accounts and GICs at 5 Canadian Banks. My Tax-Free savings account is at it's limit for the year, and I hate to see a bunch of money sitting in our bank accounts that we are not aloud to spend, but it's not making interest while sitting there. Also, we will need to set up an RESP for baby once she arrives. I figured I would include GICs as I expect a lot to happen in the next 5 years financially. Our main focus right now is Vancouver and school next year, but what happens after that? We both want to buy a house and get married. Although I'm not sure when these events will happen, I'd rather have the money to do it when we're ready rather than have to wait several more years to save for it.

I love making spreadsheets and organizing numbers and plans, so of course I recorded all the rates and balances in Excel. I figured since most people probably don't find the silly enjoyment of tedious spreadsheets, here's what I put together:

PC FinancialThis is my bank, I love PC because it's free (I think it's stupid to pay to use your money) and they have some of the best interest rates.

TD Canada Trust (Kyle's Bank)

No comments:

Post a Comment