With the Bank of Canada raising its discount rate this week, we could be starting an upward trend in rates. Perhaps, then, it is time to pay more attention to idle cash and moving it to better-yielding places. Before, it was hardly worth the effort because rates were so low but that could now be changing.
Where are the best rates? I put that question to Jim Yih, a registered deposit broker before he sold his financial-services company about two years ago (but still active as a financial blogger, writer and media guest). In response to the question, he said:
For best GIC [and high-interest savings account] rates, I usually look at Canoe Moneyor Fiscal Agents, which is really the same thing because Fiscal Agents supplies the data. I like Canoe Money because it is the most user-friendly and because I can rank the rates with a click of a button. Cannex[sections are free] is an option but I do not find it user friendly. One might argue that Cannex is more independent because they do not sell GICs but the data is pretty similar.
I would also add RedFlagDeals.coms, Official RFD Thread for Savings Accounts! It ranks high-interest saving accounts from highest to lowest, and conveniently embeds links to each institutions website so with one click you can check the details of fees, minimums, CDIC coverage, etc.
James Yih also suggested using a deposit broker. They shop for the best rates on your behalf and make life so much easier than trying to shop rates yourself. There are no commissions for the consumer: the deposit broker is paid 20 basis points by the institution offering the product. There is a list of deposit brokers at www.RDBA.ca.
Canadian Capitalist also has some informative postson places to park money.