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Online Savings Accounts
| Name | Interest Rate |
|---|---|
HSBC   |
5.00% |
| Introductory interest rate of 5% for new accounts until October 10, 2007. Regular interest rate is 3.5%. | |
| ICICI Bank Canada |
4.50% |
Achieva Financial  |
4.35% |
| Outlook Financial |
4.25% |
| Manulife Financial |
4.00% |
| President's Choice Financial |
4.00% ($1000+) |
| ING Direct |
3.75% |
| Citizens Bank of Canada |
3.55% |
| Scotiabank |
3.25% |
Legend: 
deposits/withdrawals available at ATMs; 
online bill payment available; 
cheques available. Some interest rates only apply for a minimum daily balance, listed as ($1000+).
The online banks above are a great place to start your investing. They give you much higher interest rates than regular checking and savings accounts with the same guarantees that your money will be there when you need it.
The price for this is that most of them can only be accessed through their websites, call centers, and ATMs; if you already use online access with your regular bank or credit union you won't feel out of place. Transfers in and out may take several days, and funds transferred in may be held for some time before they can be withdrawn. While this makes them less accessible than a checking account, they can give you 10 times as much interest or more.