Fixed term deposit question....

wolfcreek · Post by **wolfcreek** » Wed Oct 03, 2018 10:33 am

My wife is considering putting some cash into fixed term deposits. Is there any way to find out who owns the various banks and/or institutions offering these accounts?

fax · Post by **fax** » Wed Oct 03, 2018 10:36 am

You can search the Ministry of Commerce business registration website but you may need to create an account (free).

Anyway, what are you planning to do when you find out who they are? They are bigger fish than you!

Post by **Clutch Cargo** » Wed Oct 03, 2018 10:46 am

ABA is 90% owned by a Canadian bank and 10% russian financier https://www.ababank.com/about-aba/about-us/

Kammekor · Post by **Kammekor** » Wed Oct 03, 2018 11:00 am

wolfcreek wrote: ↑Wed Oct 03, 2018 10:33 am My wife is considering putting some cash into fixed term deposits. Is there any way to find out who owns the various banks and/or institutions offering these accounts?

If for instance ABA collapses the National Bank of Canadia (major shareholder) is just a shareholder meaning you can go not knock on their door to get your deposited money back because you have a you have a claim on ABA, not on them.

So I think who's the owner doesn't really matter, the banks' policies and management do.

armchairlawyer · Post by **armchairlawyer** » Wed Oct 03, 2018 11:34 am

The MDIs offer the best rates on 1 year USD fixes (7 to 8%). Since they are less involved in the frothy real estate lending market, have a wide spread of assets and a low rate of NPLs, I would suggest they are also the least risky. Most of them now have backers from overseas.