Hortons to go

Hi all, We are thinking of opening a bank account in Nova Scotia. When we were last there we found that we were mainly using Scotia Bank. This was partly due to convieniance as they seemed to be in most places we went but when we used other banks like the Royal Bank we found them not to be as helpful. Before we open an account we would like to know if Scotia Bank are seen as a safe bank? Also as a side topic how do you find the savings rate in Canada to the UK?
Thanks again

JonboyE

They are one of the big retail Banks in Canada and are as safe as any. Think of them like Barclays or Nat West in the UK. If their branches are convenient and you get good service then go with them.

You will get a better rate on your savings in the UK.

the undutchables

If you have a UK account with Barclays, you can with withdraw money through Scotia Bank without being charged, either over the counter or from their ATM's.

the undutchables

We have kept all our savings in the UK, as the interest on savings here is pitiful, we transfer funds as we need them, and also use our Barclays debit card for larger purchases.

bazzz

A bit of a risky strategy; consider how much the pound has fallen against the loonie over the past two years.

mandymoochops

Yep you can open such a thing as a redeemable short term investment certificate (or similar vehicle) in Canada which doesn't lock in your money but offers better interest rates than the meagre savings accounts do.

I would say go see your account manager at the bank and tell them that you would like it over here but earning more interest then a savings account with accessibilty, and see what they can do. Costs nothing to ask!!!

montreal mike

http://www.cdic.ca/index.cfm/ci_id/1218/la_id/1.htm

the undutchables

Granted, I should add it's only a short term solution. We have only been in Canada a month, and our savings from a house sale are in an off-shore account, so at the minute we earn more from it there. Once we have got established here, it will be used to buy a house.

BristolUK

It's certainly true that over the last few years the higher interest rate will have been cancelled out by the worseing £/$ exchange rate.

It's just a shame that one can't predict what will happen with exchange rates. Who knows what will happen over the next few years; can the £ sink even further or will it be safe(ish) to assume that the higher UK interest will now be a better bet? If only we knew the answer.