CI Direct Investing High Rate Savings Account Review
- Promotional Rate
- N/A
- Interest Rate
- 0.5%
- Transaction Fee
- $0
- Minimum Balance
- $0
Our verdict
Earn a high interest rate on your savings with no minimum deposit requirements and no monthly fees.
The CI Direct Investing High Rate Savings Account is a high-performing savings account that gives you a very competitive return on your savings. You'll earn interest on any money you invest and you can enjoy unlimited transactions for no monthly fee. The main drawback of this account is that it operates entirely online so you won't be able to do any of your banking in person.
Pros
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No monthly fees
-
High return on interest
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No minimum balance required
Cons
-
Lower rates than some competitors
-
Interest rates can change
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Not clear if you get a debit card
The CI Direct Investing High Rate Savings Account is a savings account that gives you a 0.5% return on any money you invest. There are no minimum deposit requirements and you can make unlimited free withdrawals. You can also set up automatic contributions into your account easily using the CI Direct mobile app.
CI Direct Investing High Rate Savings Account features
The CI Direct Investing High Rate Savings Account is designed to maximize the interest you earn on your savings. It comes with a 0.5% interest rate, which is valid from the time you sign up and doesn’t expire after a promotional period. This is a higher interest rate than what’s on offer with all of Canada’s Big Five banks and many of its digital banks.
As an added benefit, you won’t have to make a minimum deposit to start earning interest on this account. You also won’t need to meet strict eligibility requirements to qualify for $0 monthly fees. That’s because this account comes with no fees for all its customers, no matter how much you have invested or how often you take money out.
Neo Everyday Account
Alternative: Neo Money
Earn 0.1% interest on your savings, plus earn a high rate of cashback on your spending. No account or transaction fees. Earn 0.1% interest on your balance + get up to 4% cashback on purchases at over 12,000 partner retailers with your Neo Money card. CDIC insured up to $100,000 balance.Benefits and drawbacks of the CI Direct HISA
Benefits
- No monthly fees. You won’t pay monthly fees to maintain your CI Direct HISA.
- High return on interest. You’ll earn 0.5% interest on any savings you have in your account, which is a high interest rate compared to many other banks.
- No minimum balance required. You won’t have to keep a minimum balance in your account to keep it active.
- Unlimited free transactions. You can deposit and withdraw cash from your CI Direct HISA as much as you want for no additional fee.
- Automated deposits. You can set up automatic withdrawals from your bank account to feed regular deposits into your CI Direct HISA.
- Simple mobile banking. You can use CI Direct’s online app to manage your contributions and monitor your gains.
Drawbacks
- Lower rates than some competitors. CI Direct offers lower rates than a handful of its competitors (such as EQ Bank and Alterna Bank).
- Interest rates can change. Interest rates may change in line with fluctuations in the rates set by the Bank of Canada.
- Not clear if you get a debit card. It’s not clear if you get a CI Direct debit card included with this account – which could mean no ATM withdrawals or in-store purchases.
- Online-only service. CI Direct operates entirely online so you won’t be able to do any of your banking in person at a branch.
Compare the CI Direct Investing High Rate Savings Account vs. other savings accounts
How does CI Direct’s interest rate compare with other banks?
CI Direct offers higher interest rates than all of Canada’s Big Five banks and most of its credit unions. It also offers better rates than a number of other digital banks. One of the main benefits of CI Direct’s rates is that they aren’t promotional. This means that they won’t decrease after a few months of account ownership.
Despite CI Direct’s high rates, there are a handful of banks that offer a better deal. For example, EQ Bank and Alterna Bank both offer more than double the rate that CI Direct advertises. For this reason, you might want to explore what’s on offer with several banks before deciding on the right fit for your financial needs.
How do I open a CI Direct Investing High Rate Savings Account?
It’s easy to open a CI Direct Investing High Rate Savings Account when you follow the steps below:
- Click the green ‘Go to site’ button above to be securely redirected to open an account.
- Click on “Start saving” to open a CI Direct Investing High Rate Savings Account.
- Enter your email address and a password to access your account.
- Enter your personal information such as your full name, date of birth, Social Insurance Number and employment information.
- Enter your bank account details to link your accounts together so that you can fund your CI Direct Investing High Rate Savings Account.
- Double-check your information and click submit to get started.
Eligibility requirements
To apply for a CI Direct Investing High Rate Savings Account, you’ll need to meet the following criteria:
- Be a Canadian citizen or resident
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
About CI Direct
CI Direct Investing was founded in 2012 under the name WealthBar. It was acquired by CI Financial Corp. in 2020 and rebranded to CI Direct Investing. It is now registered as a Portfolio Manager in all provinces and territories in Canada.
The majority of the products that CI Direct offers are investment products and packages. It also offers its High Interest Savings Account as an added feature. This account is protected by the Canadian Investor Protection Fund up to $1 million in the event that CI Direct goes bankrupt.
What do regulators and customers say about CI Direct?
There are very few reviews online for CI Direct’s services. It’s also difficult to find information about its High Interest Savings Account. This could be due to the fact that CI Direct Investing was rebranded from WealthBar in 2020. It could also be because CI Direct specializes in investment products so that’s what the majority of its reviewers focus on.
Bottom line
The CI Direct Investing High Rate Savings Account offers a high return on interest and a number of perks for no annual fee. It also lets you start earning interest as soon as you invest your first dollar. Just be aware that this account is only available online, so it may not be the best fit for you if you would rather do your banking in person.
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