PC Financial Interest first Savings Accounting

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When it comes to savings accounts, in my view there are only two valid options today. It’s either President’s Choice Financial or Tangerine (or Bank Formerly Known As ING DIRECT). I would never consider opening a savings account at any other bank simply because none of other banks offer completely free savings account with all features included without fees of any kind. These two are your best options because:

- Both savings accounts are completely free (no min. balances, no monthly fees)

– They both offer competitive rates on your savings

– Both come with an array of features one would find useful

– You can open yours in a matter of minutes. Like, right now.

None of the other banks made the cut simply because none of the other banks managed to offer the same value. Some banks offer free savings accounts only if you already have a checking account with this bank. Others offer bare-bone accounts with limited accessibility and no features. Some banks demand a min. balance in your account for it to be free. So, for the purpose of finding out which bank offers best savings account I won’t even consider them.

So, who offers the best savings account? Let the battle begin!

Currently, both Tangerine and President’s Choice Financial offer similar rates. Today, you can get 1.30% on your savings with 2.50% promo on new deposits at both financial institutions. Historically though, Tangerine (formerly known as ING Direct) always offered slightly better rates. It was 5.00% just few years ago, but now we live in low interest rates era, so it came down significantly.

This is a solid tie, at least at the moment.

– In my opinion, Tangerine actually promotes saving money as opposed to just offering it as a service like PC Financial does. Even their old TV ads were all about “SAVE YOUR MONEY!” Are you thinking of saving towards a specific goal such as vehicle, house down payment, or a flight into space to experience zero gravity? Well, Tangerine offers a calculator that will break down how much you have to save every month to reach your goal, and will set up an automatic saving program that will transfer this amount from your account. With President’s Choice you are on your own, though regular transfer option is available.

– In both cases, you can access your monthly statements online. However, with President’s Choice account, I can only go back 13 months. With Tangerine, I can go back as far as 7 years. While it’s not super important, it might come in handy if you’re looking for a specific transaction that happened years and years ago – say, if you’re getting audited by CRA/IRS.

– Tax forms are readily available on Tangerine’s web site. President’s Choice Financial either doesn’t let you see them or hides them very well in one of their confusing menus. I just tried to find them and failed miserably.

Tangerine wins hands down in this category.

– Tangerine web site is much easier to use. They’ve put a lot of work into their design, and it shows. I’ve never felt lost when doing my online banking with Tangerine.