Where to open savings account now?

[Country_Bookie]

My understanding is the IPI is an annuity product but is not registered with IRD like normal annuities, so you can't claim your contributions as an allowance when doing your TD1 or tax returns. I would stay far from these unless you want to make a 5 year investment.

A mutual fund earns higher yields than deposit accounts but you need to understand your own risk profile to choose the right one. NAV means the fund's net asset value or daily price.

Fixed NAV funds are the ones with names like Income Fund or money market fund where the value of your principal remains fixed and interest is paid monthly or quarterly. It's invested in bonds and treasury bills etc so it has a lower return than equities. These were the rates in the market when I was checking around a couple months ago :

Bourse 1.75%
ANSA 1.75%
GAM 1.6%
FCB 1.2%
UTC 1.17%
RBL 0.9%


If you prepared to accept more risk for a higher return, then you are looking for floating NAV funds, where the price changes daily and the value of your principal can go up or down. An income and growth fund is one such fund, and is invested in a mix of bonds and equities. UTC is the only one with the guarantee after 3 years.
An equity fund is another of these funds and invests only in equities and the NAV or price moves in line with the stock markets in which it is invested.

You can check on each financial institution's website to see their returns for the year on these funds as it changes daily.

[tarzan]

My understanding is the IPI is an annuity product but is not registered with IRD like normal annuities, so you can't claim your contributions as an allowance when doing your TD1 or tax returns. I would stay far from these unless you want to make a 5 year investment.

A mutual fund earns higher yields than deposit accounts but you need to understand your own risk profile to choose the right one. NAV means the fund's net asset value or daily price.

Fixed NAV funds are the ones with names like Income Fund or money market fund where the value of your principal remains fixed and interest is paid monthly or quarterly. It's invested in bonds and treasury bills etc so it has a lower return than equities. These were the rates in the market when I was checking around a couple months ago :

Bourse 1.75%
ANSA 1.75%
GAM 1.6%
FCB 1.2%
UTC 1.17%
RBL 0.9%


If you prepared to accept more risk for a higher return, then you are looking for floating NAV funds, where the price changes daily and the value of your principal can go up or down. An income and growth fund is one such fund, and is invested in a mix of bonds and equities. UTC is the only one with the guarantee after 3 years.
An equity fund is another of these funds and invests only in equities and the NAV or price moves in line with the stock markets in which it is invested.

You can check on each financial institution's website to see their returns for the year on these funds as it changes daily.

could not have said it any better !!!