Best place to place your safe money? 2% return. Yes it is possible.

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I recently was able to place some money aside in a safe place by opening an account at an Alternative Internet Bank.
I opened a regular bank account at Tangerine Bank. It is owned by Scotiabank. When I asked my bank for a better rate they were only able to offer 0.004% on a 1 year GIC. My primary bank was not able to offer me that rate of 2%.
This alternative bank is able to offer this rate because they have lower overhead costs. The best part about this is that the money is readily available to me at anytime I want access to it without losing any interest earned. Not a bad deal.

Please note that your deposit is protected by Canada Deposit Insurance Corporation (CDIC).

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Asked on December 27, 2020 7:16 am
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There's definitely some solid options out there for savings accounts now. Just make sure to check the minimum balances. I believe it was Equitable Bank that was offering a 2.30% RRSP or TFSA.

Keep in mind, inflation was 2.27% in 2018 and 1.95% in 2020, and we can expect it to be higher heading into 2021 and beyond. So while you're earning 2%, your money is, at best, going to simply be maintaining its buying power.

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Posted by Dan Kent
Answered on December 27, 2020 3:12 pm
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