I’m sometimes tempted to switch to savings accounts paying the highest rates or the online brokers charging the lowest commissions. But I find 30-day GICs in my TD Waterhouse online account give me top interest rates without having to go through the hassle of opening up an account at a new institution and transferring money back and forth.
I’m not a frequent trader so I don’t mind paying the higher commissions at TD Waterhouse and other places to gain access to their broader package of offerings such as online research reports and stock screeners (besides, TD Waterhouse recently began now offering disounts for larger accounts).
Now there may be another reason for staying put: service levels. Canadian Capitalist wrote a recent blog post, 'Giving up on Questrade,' detailing a frustrating experience with service staff at Questrade.com. Also, the RedFlag.com forum has a thread, 'Warning about ICICI,' complaining about poor service at ICICI Bank.
No doubt many customers at these places aren’t having any service problems but one wonders, as suggested by bloggers and discussion board posters, if the likelihood of encountering such could be higher. It may be that the back offices at these places are a little more of a jumble because of the surge in customer sign-ups that comes from having the best rates.