It seems many people get better than normal interest rates (specifically for savings accounts and GICs) from banks due to various reasons like reputation with the bank, or saving a large amount of money with the bank. I suppose there are is no set structure for this practice, but I am curious as to what sort of rates people are getting and under what circumstances (which bank you are with, for how long, with how much saved, etc)?
I guess the questions behind this are: assuming you want to just put money into savings accounts, at what point are you better off sticking with a large bank who can negotiate some potentially much better rates Vs sticking with the smaller ones who generally always offer good rates. For example, if you knew after putting $250k or more in a bank account at TD would give you 2% interest (Vs the listed 1.1%), you would probably rather do that than, say, have this money distributed into the usual choices of smaller banks offering around 1.8%.
Afaik, HSBC Premier is the only one listing something similar to this topic where they specify you need >$100k and get access to some exclusive rates (though they are not listed).
I guess the questions behind this are: assuming you want to just put money into savings accounts, at what point are you better off sticking with a large bank who can negotiate some potentially much better rates Vs sticking with the smaller ones who generally always offer good rates. For example, if you knew after putting $250k or more in a bank account at TD would give you 2% interest (Vs the listed 1.1%), you would probably rather do that than, say, have this money distributed into the usual choices of smaller banks offering around 1.8%.
Afaik, HSBC Premier is the only one listing something similar to this topic where they specify you need >$100k and get access to some exclusive rates (though they are not listed).