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Old 06-14-2008, 12:45 AM   #1
lvan
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Do any of you have savings in any euro banks



Do any of you have savings account in a reputable bank in the EU? Are interest rates better then Canadian or American? What kind of rate to expect?
If Yes,
Is there a way to open saving account as a Canadian citizen? Can you access the funds from Canada? Do you have to fly in to open an account or it can be done online/telephone? Are savings in Euros, or it can be CAD $ US$

Thank you
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Old 06-14-2008, 01:05 AM   #2
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I have one, i dont remember the rate, but it was better then here...Had no problem opening with Canadian papers...Some banks wont let you, or have BAD rates for non residents...It ALL depends on the bank you deal with...and amount of $$$$$ you want to put in
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Old 06-15-2008, 12:18 AM   #3
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Fill depends on the rate. It would be nice if you can give me some example how the interest accumulates. TD gives just below $50/month on $25 000.
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Old 06-15-2008, 10:21 AM   #4
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there is a list of all the banks and their interest rates in Canada, cant find it but its around. ING is probably one of the highest.

though truth be told, if u really want to make good interest rate return you need to look into GIC's or fixed 5 year terms, etc.
more then 4% return per year is the max ud be able to find on a savings acount.... if ur lucky..

also think of safety. In Canada you money is insured. If the bank flops youll get your money. With a EU bank, they have different rules... So do u really want to risk your life savings like that?
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Old 06-15-2008, 05:10 PM   #5
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I appreciate the feedback. The TD rep mentioned something about GIC's and fixed terms. 5 year terms go as high as 5-6%. Gotta see him again to talk about that. I agree with the security issues. Canada is way to go when it comes to that.
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Old 06-15-2008, 07:09 PM   #6
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some of the options they have with TD is a step program.
So something like a 5 year locked term thing. First year u get 3 percent. second year 3.5, etc, etc. and on the 5 year u get like 5%.
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Old 06-16-2008, 03:02 AM   #7
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That's about right. BMO offers some cashflow for 100K+. I am not sure but I think they offer 500 per / month on 100k. They are targeting seniors and older people. I am a lazy bum. My co-worker works 70-80ish hours a week, even for him it would be hard to full off 100k before he is 24-25.
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