The BEST High Interest Savings Accounts in Canada
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- Here is a complete and full breakdown of the beast High Interest Savings accounts in Canada. I have compared all of the best accounts from major banks and institutions and broken them down in an excel sheet that we are going to review in this video.
I am also going to cover the option of High Interest Savings ETFs and how they work.
SkillShare Courses: www.skillshare...
EQ Bank www.eqbank.ca/...
CI Direct Investing www.cifinancia...
Wealthsimple www.wealthsimp...
KOHO web.koho.ca/re...
BMO www.bmo.com/ma...
Scotia Bank www.scotiabank...
RBC www.rbcroyalba...
CIBC www.cibc.com/e...
Tangerine www.tangerine....
Simplii Financial www.simplii.co...
DUCA www.duca.com/
Checkout all of my links here: stan.store/zha...
#highinterestsavings #investingforbeginners #savings
DISCLAIMER: I am not a financial advisor nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am only sharing my opinion with no guarantee of gains or losses on investments. Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing this channel.
“You are either investing or letting inflation eat away at your purchasing power” saw this somewhere and it really resonates with me. I have about $300,000 sitting in a HYSA and I want to invest it. Where would you invest this as of now?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of…. Seeing my portfolio go from $80k to $600k in 5 years is surreal all thanks to insights from my financial advisor.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
Melissa Elise Robinson is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I just checked and I'm getting 6cents a month on around 8.3k , gonna buy a stick of gum in about 5 years if this keeps up!
On the other side, they probably lend that money for 8-18%+ XD
With inflation rates keep dreaming
Exactly.
Don't forget, that is taxed.
Non of these options are good? Max out your tfsa.....Anything over 50$ intrest in a savings account you get a T5...which is conciderd income...
I didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
CDIC insures $100k per account.
the only problem is I can't trust Financial institutions without any actual physical locations, even though some of them have better rates. I like to deal with banks because they have locations and if anything goes sideways, I will deal with a real person.
as if dealing with that person guarantees you get your money back if sh*t hits the fan, fyi they are employees, not the owner of the bank. the ability to touch the establishment doesnt mean sh*t.
Thoughts on NEO Financial high interest Savings account?
Insurance: up to a million dollars?? Insurance is more commonly limited to $100,000 dollars per separate account (i.e. CDIC coverage, which is most--not all--financial institutions like banks)
I don't think he mentions the CDIC once in this video! He should seriously consider reposting this, along with pertinent insurance info (i.e. CDIC vs other insurance types, such as some credit unions that promise to insure the entire amount of your investment with no limits)
I understood that the insurance limit was $100,000 total for all accounts per financial institution. Why not just invest in a GIC in a TFSA?
Nice to have these options
Can get some decent returns just holding cash. Makes sense for some during these volatile times. Upset RBC DI won’t allow purchase of hisa etfs!!!
Agreed
@@ZacHartley also congrats on new arena
Hi Zac im new to Canada, is there a drawback or penalties jumping from bank to bank becaues i do wanna take advantage of the promos of each bank. cheers
I dont think so because I have just already opened accounts in two different banks hahah
Thankyou so much. I really appreciate your sharing your wisdom and research.
I do like my Scotia Momentum Plus Savings account. Very flexible, but the tax an keeps whistling in my direction, wiping-out all of those savings. Pointless.
Don’t pick your long term savings account based on introductory offers that will drop below standard rates of institutions like NEO & WS. Unless you’re going to move banks all over every 6 months this is a stupid move, so much work for what will end up being like $100-$500/year overall and if you have that much cash in a savings account go buy an S&P500 etf and get real returns.
And anyone who’s says they like to keep their money in cash likely isn’t someone to learn investing from 😂 so many issues with this whole video rip
I dont think this video is aim for people who wants to invest long term (retirement etc.). This is for storing your 6-month rainy day fund (emergency fund) due to it being untied to any investments and is liquid. If you were to store your emergency fund, its not a bad idea to earn interest at the same time. 😂😂
Why are bank profits up substantially as of 0c/2024, I didn't think banks would be profiting from interest rate increases. This makes me very cynical. My savings account is paying so little. My line of credit is 7% (secured) I have found EQ GICs to be one of the best bet around for savings and entirely on-line, no issues with them, easy to use.
What is Simplii Financial normal interest rate?
Good one. I personally like EQ bank.
Thanks for watching!
I moved to EQ earlier this year and happy with the 3%. opened a WS account last month though for the 4% and will be buying TFSA and RRSP ETFs there from now on as it is faster to transfer funds than IBKR. Debating moving my paycheck to WS too for the 5%.
good one @@cityhunter2501
Hey Zac, wondering if you have any videos about the high-interest ETFs or any resources I can look into? Thank you!
Td Bank cashable isa ....lol
Meridian Credit Union pays 2.5% per month interest in their HISA. What do you think about that?
2.5% is below inflation. Not worth it.
@@lalitsharma1453 I talked to a Meridian Credit Union representative over the phone, he said that it's 2.5% per year divided into 12, so $1,000 would be $25 interest, it's just that they advertise it as per month.
Thanks for the research.
Thanks for watching!
So what is the point if the rate drops after a few months?
Ya. He should atleast say what they will drop too. Kinda pointless video
Hey Guys, im new to the country. My new company pays me on my new rbc account, which pays near zero interest rate. I want to switch to koho for a better IR. Will it cost me money to transfer my money to koho. I guess i will need to keep my rbc account for my monthly income, becuase where i live, there is only one bank and its rbc
why didn't you talk about TD bank?
you forgot neo saving account that 3.25 % with best app available in market
HSAV ETF suspended subscriptions, and Horizons states "Horizons ETFs is strongly discouraging purchases of shares of HSAV during this suspension".
I dont know why my tfsa account in Tangerine showing only 0.70 % interest rate??
If A PR receiving student loan in canada, is there any problem for the student to operate such account. Thnaks
Enjoyed the video! But can you still buy HSAV I thought they closed out new subs once they hit the 2billion AUM mark (which they did in 2022) to help manage potential tax implications and ensure the fund can continue to reinvest its distributions in line with its current investment objectives.
Your insurance is up to one milliion?
That is not "Depoist insurance" ? What insurance is it ?
new Neo saving account at 3.75, no promo time
Its now available in Quebec 🙂
Never heard of DUCA, but they definitely have my attention. I'm calling them right now as I type this to try and take advantage of that 6.25% while it's still good.
is this a monthly interest or thats the total interest of that contract?
Hey Bro, how do we buy CASH ETF ?
same as any other stock
@@ZacHartleyTD Direct investing doesn't unfortunately allow one to buy CASH ETF (I tried and also called them to check today)
I have a Questrade account. Its available there@@ZacHartley
Can we do option trading in wealthsimple?
Any of these work for USD?