INTEREST RATE ON FIXED DEPOSITS

[priceless]

Hi,

Anyone have an idea on the interest rate applicable to fixed deposits of 30 days.The amount involved is $30,000.Also this is to be rolled over on a monthly basis until an instruction is given to liquidate.

Would like to know the rates/bank.

Thanks

 

[steaky]

Check the interest rate posted by the big 5 in the internet!

 

[scylla]

Likely less than 1%. But as steaky said, check with one of the banks in person or online. Look for something along the lines of a cashable GIC.

 

[seton]

Hi,

Anyone have an idea on the interest rate applicable to fixed deposits of 30 days.The amount involved is $30,000.Also this is to be rolled over on a monthly basis until an instruction is given to liquidate.

Would like to know the rates/bank.

Thanks

Short term GICs might get your the best (risk-free) rates - you can get around 2.5-3.0% through credit unions or banks (some big5, but mostly non brick and mortar like ING Direct, etc.)

 

[priceless]

thnks guys would do the check and revert.wondering if its not better to fix my money bck home as I get a 10%rate on fixed deposit here while d simple check I carried out prior to posting was in the range of 0.5-1%.This rate appears low and doesn't make any investment sense.

Just a quick ques to any investment savy person on this forum.how best can one invest this?also do I have to declare this amt if I decide to fix it bck home?

Thanks once again for you advice

 

[seton]

thnks guys would do the check and revert.wondering if its not better to fix my money bck home as I get a 10%rate on fixed deposit here while d simple check I carried out prior to posting was in the range of 0.5-1%.This rate appears low and doesn't make any investment sense.

Just a quick ques to any investment savy person on this forum.how best can one invest this?also do I have to declare this amt if I decide to fix it bck home?

Thanks once again for you advice

You need to factor in the currency you are holding - if your home country is volatile, or you have a high inflation rate, then the high return will be negated by the devaluation when you go to convert the funds. Canada has a low inflation rate and a relatively stable currency. You can't look at interest rates alone.

You will need to declare the interest income on your Canadian return, regardless of where the account is.

 

[carlopop]

You need to factor in the currency you are holding - if your home country is volatile, or you have a high inflation rate, then the high return will be negated by the devaluation when you go to convert the funds. Canada has a low inflation rate and a relatively stable currency. You can't look at interest rates alone.

You will need to declare the interest income on your Canadian return, regardless of where the account is.

Agreed +1