Every so often while perusing financial blogs I see a reference to high interest savings accounts. Most seem to reference US-based services, however, a quick search for Canadian equivalents provides two sources of such lists one at Canoe.ca and another at MSN. The best rates are offerred by the virtual banks, with Achieva Financial and Outlook Financial, both located in Winnipeg, Manitoba offering the highest rates of 4.10%. This is a rate nearly 20% higher than the well marketed ING Direct account currently offers.
Both of these financial institutions are expansions of Credit Unions in Manitoba. Does this mean that Winnipeg is set to become Canada's V-bank centre?
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