There are a number of high interest savings options in Canada. As I have said before I used Tangerine (previously ING Direct) until their rates went in the toilet after Scotia Bank bought them. I was working in the credit union system at the time and so found Implicity. It is a online only brand from Entegra Credit Union in Manitoba buy available to anyone in Canada. Overall I like them and use them.
Overall Experience
Implicity’s website is basic, as is their online experience. Overall it was a bit of hassle to set up having to manually provide a couple of things, however, it wasn’t crazy. Once setup you get a debit card number and can start logging in. Setting up accounts involves sending in a form with your banking information and getting it linked to your account. Once setup you can move money via EFT’s at no cost. You also get the interest on the day you initiate the transfer which is nice. Like EQ Bank there are no minimums and no fees. Also you can pay bills, send eTransfers and setup multiple accounts. Unfortunately with Implicity you have to send an email to add or change the name of accounts.
They offer a full range of accounts from savings, GIC, TFSA and RRSP options.
Rates
Current rates are competitive generally with other providers. They are currently less than EQ Bank but over time have consistently been better than Tangerine . Credit Unions are insured by their provincial government (so Manitoba in this case) for 100% of deposits as described here no matter where you live in Canada. Given Federal insurance is capped at 100,000 per account type per institution that could impact some people.
Mobile App
Terrible. Don’t download it. You can pay bills, deposit cheques, and inter-account transfers, but you can’t transfer money to external accounts – and isn’t that the entire point?