petee_c

There are people here with extra cash. Do any of you put it in high interest savings accounts at non-branch banks?

Doing research as I have about $150,000 from a real estate sale that I would like to park for a while. Might be up to a year. I need to figure out how to top up my rrsp's etc.

TD Canadatrust is only offering 0.50% according to their website. (I thought it was 0.75% when I logged in online a couple weeks ago.)


Researching online reveals that EQ bank (equitable bank) offers 2.3%. Even Cdn Tire has a bank division that posts a 1.3% rate...

Anyone bank with a non traditional bank (ie not TD, RBC, CIBC etc) for this kinda stuff?

Peter

bobblehead

http://go.oaken.com/returnstarted?gc...FUS5wAodTOsKzQ

https://www.meridiancu.ca/personal-b...rs/gic275.aspx

gsxr_fvr

OR invest in an Air-Cooled

theiceman

well your rrsp room is printed right on your notice of assessment so that's easy ..

then you would max out your TFSA I would think .. as you want any savings to be none taxable.
then you are only playing with whats left over.

terene

I believe BNS just announced a one year locked in GIC rate of 1.5%

Imo000

+1!

Matt Lane

Oaken is the savings arm of Home Capital. Very scary close call for them, as you read in the news. Fine now.

CDIC deposit insurance is your friend.

I hold with Alterna Savings - 1.9% online savings account, no fees, but always within 100k limits per account.

Cheers

Matt

ggrace

I checked a month or two ago and EQ Bank had the best HISA rates. If you keep your balance under $100k (spread excess to another bank's HISA) you'll be fine.

ggrace

docdrs

Find a mortgage broker, you can get 6-8% on a first mortgage all day long , but yourlocked in for a year.

ggrace

I have a great guy, if the OP wants to go this route. PM me.

Johnny DB

How does this work?

ronnie993tt

+1. I think the non bank financial institutions in Manitoba are covered up to a million so check our Hubert and Accelerate. Anything associated with Home Capital has the highest rates so go with them up to $100k. Also EQ Bank. You can get around 2.75% if you lock in for 18 months with zero risk.

ronnie993tt

It works because most people don't understand risk.

911 Rod

A friend of mine had his Bradford lawyer set up a 2nd mortgage with another of the lawyer's clients.
He lost 100 g's.