Last Edited by Punishark
September 3, 2024
at
10:45 AM
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
APYs — Annual Percentage Yields are accurate as of September 3, 2024:
0.25% APY on balances of $0.01 to $4,999.99;
5.00% APY on balances of $5,000.00 or more.
Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
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I've been banking with them for nearly 5 years. No major problems. My only issue is that their phone app is severely limited & kind of sucks. Other than that, if you send money, it arrives quickly & interest rates automatically raise without having to contact them. They seem to stay pretty competitive when it comes to the highest interest rate. I really like them & trust them with my money.
UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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You have more issues than just missing out on $10k!
Have been banking with them for many years. No issues, fast transfers, can manage everything online including closing accounts. Only negative is that their phone support sucks since they encourage online banking only, and they keep adding new account types with higher rates, and you have to open an account and transfer money to new account (which is pretty painless and done within minutes online)
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This is higher than my current HYSA, and I already have a CD with them from a while back. Easy decision to open another account in <5 minutes and transfer the funds over for the extra interest.
If you have an online brokerage account and can trade on the Toronto stock exchange, you may want to consider two ETFs that work like high interest savings accounts. The tickers are HISU.U and PSU.U. Both are denominated in US dollars. Current yield is about 5.5%. Interest is paid out monthly as dividends. Funds are very safe because they are held as deposits at major Canadian banks.
If you have an online brokerage account and can trade on the Toronto stock exchange, you may want to consider two ETFs that work like high interest savings accounts. The tickers are HISU.U and PSU.U. Both are denominated in US dollars. Current yield is about 5.5%. Interest is paid out monthly as dividends. Funds are very safe because they are held as deposits at major Canadian banks.
Pff, we all saw what happened to the truckers during the COVID period in Canada. They started freezing people's bank funds. That place is super radical. A better option is to go with US treasures. They are state income tax free too. They are paying anywhere from 5.4-5.5%. Considered the safest investment you can make (unless the entire financial system collapses).
What's their ACH transfer limits? I was looking into HYSAs few weeks ago and all the top banks I saw in the list had extremely poor transfer limits like $5000/month or something.
I was able to transfer 120k out in a single transaction without any problems
They they will lower it to zero soon enough.
Buy t bills from a month to 6 months. Well over 5% and leave some cash in your future failed bank.
Savings accounts are pointless IMO.
how do I convince my wife? have $250k cash earning no interest and she wouldn't let me to open any kind of of CDs...missing $10k+ interest a year
i'd say find a better wife, but then you'll be parted with most of your $250k. why open up a cd for 5% when synchrony bank has 4.75% on savings accounts. there will be another bump this year from what i've read, so 5% CD's arent really luring me in.
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UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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https://www.viobank.com/
Has anyone done business with them? How are they compared to the others?
Pff, we all saw what happened to the truckers during the COVID period in Canada. They started freezing people's bank funds. That place is super radical. A better option is to go with US treasures. They are state income tax free too. They are paying anywhere from 5.4-5.5%. Considered the safest investment you can make (unless the entire financial system collapses).
I was able to transfer 120k out in a single transaction without any problems
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Buy t bills from a month to 6 months. Well over 5% and leave some cash in your future failed bank.
Savings accounts are pointless IMO.
Also, interest for these accounts compunds daily.
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