Scotia Bank Investments

[Solachica]

I've been hearing abt an investment with high intrest returns.
Its a US $$$ account tht you open with $5000US minimum and you get intrest at end of month.
Anyone have any idea which account it is and how much intrest it is? I've looked at their website but can't figure it out and haven't gotten the time to go to tht bank yet.

Also how exactly is compound intrest calculated? I was told tht right now intrest rate at RBTT is at 6percent and increasing. So say I had $10000 at 6percent daily compound intrest how much does that work out to be at mthend?

[sapodila]

Where is Ross? Ross come in! Yuh no he is de POB teacher here.
Yuh heading de rite direction.....proud ah yuh!
Go to the bank sit down with the rep, ask many many questions and you will make your decesions based on those answers............don't forget to write down your questions you plan to ask on a piece of paper, before heading down to the bank, because by the time it take to reach there , you will forget what you wanted to ask in the first place.

[Solachica]

Yea I know abt the forgetting part.
I went to Royal to discuss 3 matters and I did only remember 2 and when leaving then I remember.

But I wud really like to know abt how much the compound intrest works out to be. I asked the woman and like she didn't know. All she told me is tht the intrest is calculated daily and credited monthly.

[Solachica]

I think tht wud be abt $47 /mth :?

[sapodila]

I am going to PM you....with some info

[Solachica]

Thanks for tht sap :)

[Solachica]

Scotia say tht investment not to stable.
Royal have Roytrin with 5+% intrest.

[lexbarker]

I've been hearing abt an investment with high intrest returns.
Its a US $$$ account tht you open with $5000US minimum and you get intrest at end of month.
Anyone have any idea which account it is and how much intrest it is? I've looked at their website but can't figure it out and haven't gotten the time to go to tht bank yet.

Also how exactly is compound intrest calculated? I was told tht right now intrest rate at RBTT is at 6percent and increasing. So say I had $10000 at 6percent daily compound intrest how much does that work out to be at mthend?
On 10,000 at 6%, the yearly Simple Interest is 600 dollars.
The compound Interest for the year is around 617 dollars.

[Solachica]

Thanks lex :)
No big difference between SI ans CI I see.

[oecarb]

Thanks lex :)
No big difference between SI ans CI I see.

No big difference for one year. But let it ride for ten years or more and there will be a very big difference.

Mind you, with the dolar sinking so fast, you might make more money by changing your money into Euros and opening a euro account. If you had done that four years ago, you would have made about $4000 on your $10000 by now. And that is before inerest.

[Solachica]

I wonder if any bank have euro accounts.
I saw can and us accounts.

[bunta]

only an idiot would invest in US currency now. Folks, don't you know what the heck is happenning to the US economy?
Invest in the european market if you have any sense

[Solachica]

Maybe you wud care to educate people a bit instead of saying they are idiots.
It's all abt sharing ideas.

[bunta]

Maybe you wud care to educate people a bit instead of saying they are idiots.
It's all abt sharing ideas.

are you aware that the canadian dollar is now worth more than the U$? and that the value of the U$ dollar is dropping rapidly??

google it.

[vaio]

only an idiot would invest in US currency now. Folks, don't you know what the heck is happenning to the US economy?
Invest in the european market if you have any sense

i think that ppl do know what is happening in the US....they are not as dumb as you think :evil: .....

investin in the Euro mkt is sensible as you said..

[lexbarker]

Maybe you wud care to educate people a bit instead of saying they are idiots.
It's all abt sharing ideas.

are you aware that the canadian dollar is now worth more than the U$? and that the value of the U$ dollar is dropping rapidly??

google it.
I think the US dollar is a bit oversold. Time for a bounce before the next downleg.

[Solachica]

Yes I am aware of it.
Was just gathering info on options available.

[gleneemar]

Banks in the US usually give 4 -5.25% Annual Percent Rate (APR) intrest on CD's min 6mths compounded daily, $15,000 at the end of the month you receive approx $72.12 . hope this helps

[Solachica]

Thanks glen. :)

[bunta]

Banks in the US usually give 4 -5.25% Annual Percent Rate (APR) intrest on CD's min 6mths compounded daily, $15,000 at the end of the month you receive approx $72.12 . hope this helps
errmmm
banks in TnT offer more than that in US$ money market funds.
but who in their right mind would invest in the US's worthless currency

[aichiban]

Compounded daily is a biggie

[miktay]

once ppl understand that whey they refer to the US $ as "worthless"...

theyre defacto saying the same thing about the TT $...

[greall]

They keep forgetting the 'invisible peg'... :lol:

There are Euro-nominated investments at most of the banks but I know of the ones at RBL because they advertise a lot.The Eurozone looks good these days especially with the US dollar taking a beating.

Sola:
Compound interest works better for you over a long term (read LONG) term so don't expect to make your deposit now and make a killing at the end of the year.

Disclaimer:I have shares in most of the local banks and am not advertising for any of them.

Greg