Very informative video. Great quality 👏 😍🥰 Your video Quality is my motivation for how I want my video on my channel to be. Tapping into this motivation that my channel will soon become the go to source for valuable information on my own niche of personal and career development.
So glad I watched this video. I was considering opening an RBC HISA but when I saw that the 5.5% interest rate was just for 3 months I changed my mind. Just used your link to open a Neo Financial account
I've only seen your channel today but i wish i had known about it when i just arrived in Canada. Thank you for this really comprehensive review. Your video quality really improved! I agree, paying for e-transfers really is insane. I've been using EQ for a while and was thinking to switch to Neo but i feel like my money is fine at EQ, if i need a higher interest rate then i could use their short term GICs which gives a higher interest rate without all the frustration.
Thank you! I agree and I feel EQ offers a lot of the features of a big bank which is helpful unlike some of the smaller online only banks. I’m still keeping it as my main account.
@@xoReni it brings me peace of mind knowing that someone who gives such good financial insight uses EQ as their main bank account. I think they'll just keep improving. Yesterday I got an email saying that they raised everyday interest rate from 3% to 4% as long as I continue to have $500 or more in qualifying payroll deposits.🎉
Such an informative post, thanks for all the research and work you did! I’ve been stuck between choosing between Neo money and Wealthsimple spend accounts. I’m still not sure but I’ll probably go with Wealthsimple cause of the investing options 😅
Great video quality as always! Regarding RBC’s high interest savings account, they rolled over the 5.5% promotional rate they offered me. So that’s 180 days at 5.5%! 😄
Great video Reni. I am wondering why you did not cover Tangerine, which is one of my favorites bank. If you want me to cover that on my channel, please like this comment.
Do you recommend Wealth Simple Cash Account. Will there be any credit check for opening WS cash account. Do they offer CDIC coverage? I have TFSA with WS, thinking of opening a cash account.
@@xoReni - I did chat with the EQ team and they said you will get 3% when you have recurring deposits. I use EQ for my emergency funds and did a bulk deposit last year. Apart from my emergency funds I do not have any savings. I just invest everything what I save each month.
You could try having payroll send a small portion of your pay to EQ to meet the recurring deposit requirement. If you don't want to fully commit to having all of your pay deposited.
Hi Reno, I found you on TikTok. I’m from Nigeria and still living here, please how do I get started with investing and getting my finances into better shape?
Thanks so much for this video. I was already aware of EQ bank as a top competitor but I was surprised to see Neo’s offerings. I thought they were just trying to sign people up in local malls 😅 I used your code 🎉
A money account is where they have their high interest savings account. The mastercard would function like a credit card. You don't get cash back on the money account but you get high interest of 4%. Let me know if that is helpful!
Thank you for all this info im with 3 banks and have about 4 different financial cards I've been mostly focused on credit but now looking to get into investing & HISA, one question i do have is do people move money around to take advantage of some of these promotional rates, I know some accounts do penalize you if you don't keep them in for the time period, but i didn't hear that for most of them, thanks.
People do move from bank to bank but honestly I think my time is too valuable to be doing all that LOL! I don't think there are penalties but I suggest checking with the banks you'll be using to make sure. Thanks for watching!
@xoReni yea true, but I guess in theory once you have signed up with multiple banks to take advantage of these promotions the only thing I could see them asking is for you to have either a certain amount in there or some kind of direct deposit, and as long as they don't ask to lock it in for 1 year which is what I heard some might, it could be an interesting/slightly inconvenient way to take advantage of more deals in a shorter span. Thanks for the info I will do so more research and see what I find out
After watching this video I’m already with EQ Bank and I’m thinking of changing to Scotiabank and getting the momentum plus savings account I think it’s a great fit for someone like me who barley touch their savings. So thank you so much 🙏🏾 what are your thoughts on this? Keep up the good work
@@xoReni I use the momentum plus saving account for saving, it’s like out like holding multiple eggs in one basket and I thought I can use momentum premium period for saving for different things
Hi Reni, love your content. I was just wondering if the profit you make off these saving accounts are taxable. If they are is it possible to open a tfsa for a high interest savings account for the fintechs mentioned?
Hi! Thank you! Yes, the gains are taxable. You could open a TFSA but often they don’t offer the same rate. I believe EQ bank may offer a high interest TFSA but I’m not too sure about the other banks
@@xoReni thank you so much for your reply! would you recommend opening a tfsa with the interest account or you think it's not necessary since the gains (profit) are low
First of all thank you for such an informative content! My question is: if Wealthsimple and Neo Financial have exact same benefits, what made Neo Financial your preferred choice over Wealthsimple?
I like that Neo allows you to open 10 different savings buckets within the account! Dont think Wealthsimple has that option currently. So you can name your Neo accounts “emergency fund, car fund, travel fund” etc
@@xoReni i think you might need to reconfirm your eq bank referral link. I signed up with it but was just informed by their customer rep that the link is not valid.
This video is focused on savings which is insured by CDIC. The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation
@@PabloWintterCIPF and CIDC are two different things. CIPF applies to your non registered account at wealth simple and CIDC applies to your cash account.
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Can we just take a moment to talk about the video quality? Love it!
I was literally going to say thatttt
Thank you Marina 🥰
@@MaryAsekomethanks Mary!!
Thank you so much for this video Reni, you just made my 2024 financial planning so much easier!
I’m so happy to hear this! Thank you for watching ☺️
Very informative video. Great quality 👏 😍🥰
Your video Quality is my motivation for how I want my video on my channel to be. Tapping into this motivation that my channel will soon become the go to source for valuable information on my own niche of personal and career development.
Thank you so much! Excited for your content 😊
@@xoReni 😊
So glad I watched this video. I was considering opening an RBC HISA but when I saw that the 5.5% interest rate was just for 3 months I changed my mind. Just used your link to open a Neo Financial account
Yay I’m glad it was helpful 🤗
I've only seen your channel today but i wish i had known about it when i just arrived in Canada. Thank you for this really comprehensive review. Your video quality really improved!
I agree, paying for e-transfers really is insane. I've been using EQ for a while and was thinking to switch to Neo but i feel like my money is fine at EQ, if i need a higher interest rate then i could use their short term GICs which gives a higher interest rate without all the frustration.
Thank you! I agree and I feel EQ offers a lot of the features of a big bank which is helpful unlike some of the smaller online only banks. I’m still keeping it as my main account.
@@xoReni it brings me peace of mind knowing that someone who gives such good financial insight uses EQ as their main bank account. I think they'll just keep improving. Yesterday I got an email saying that they raised everyday interest rate from 3% to 4% as long as I continue to have $500 or more in qualifying payroll deposits.🎉
@@couchpotato7215 yesss I was so happy to get that 🥳
Thank you for sharing. Happy New Year...
Happy new year! Thanks for watching 🙌🏾
Great video ! Very informative ! Thanks for sharing :)
Glad it was helpful!
Very informative video for financial 'illeterates' like me :)..thanks Reni
Thank you Rolake! 😊
Such an informative post, thanks for all the research and work you did! I’ve been stuck between choosing between Neo money and Wealthsimple spend accounts. I’m still not sure but I’ll probably go with Wealthsimple cause of the investing options 😅
Thank you so much! Both are great options 😊
Great video quality as always! Regarding RBC’s high interest savings account, they rolled over the 5.5% promotional rate they offered me. So that’s 180 days at 5.5%! 😄
Ouuu I love that they offered the rate for the long term! Hopefully they offer it to you even past the 5.5%!
May I ask if you had to call in to ask?
Thankful for your knowledge. I look forward to seeing your take on 2025.
Thank you! I will post an update soon!
Great video Reni. I am wondering why you did not cover Tangerine, which is one of my favorites bank. If you want me to cover that on my channel, please like this comment.
Thanks! Just forgot about it
Do you recommend Wealth Simple Cash Account. Will there be any credit check for opening WS cash account. Do they offer CDIC coverage? I have TFSA with WS, thinking of opening a cash account.
They have CDIC coverage.
I just recently went to them for their cash account. They also have a referral program as well.
I don't believe there is a credit check!
The PC money account actually does not have a debit card, only a prepaid credit card (can only be used where Mastercard is accepted)
It works the same way as a debit card as you can withdraw from ATMs without a cash advance fee!
Thank you very much for this video Reni, it was very informative, and I will make sure to share it👍🏿
Thank you so much!! I appreciate you 🙌🏾
@@xoReni My pleasure😁
I have EQ bank savings account at 2.5%. I believe now they are offering 3% which I will not get right?
Yes you should get it! Mine is currently at 3%
@@xoReni - I did chat with the EQ team and they said you will get 3% when you have recurring deposits. I use EQ for my emergency funds and did a bulk deposit last year.
Apart from my emergency funds I do not have any savings. I just invest everything what I save each month.
@@mustafahussain2416 ahh I see, that makes sense
You could try having payroll send a small portion of your pay to EQ to meet the recurring deposit requirement. If you don't want to fully commit to having all of your pay deposited.
@@couchpotato7215 I was thinking the same. Depositing it and then use that funds for my investments like I normally do.
Thanks for the suggestion
Listen to your podcast! It’s nice to put a face to it ❤
Awww thank you for listening to the pod 💕
The video we need to start the year! 🙌🏿 Thanks Reni
My pleasure, Dey! So glad I can help :)
Thanks for sharing !!
My pleasure!
Talk about Tangarine they are really good too
They are 🙏🏾
Hi Reno, I found you on TikTok. I’m from Nigeria and still living here, please how do I get started with investing and getting my finances into better shape?
Hi! Welcome 🤗 check out this video: th-cam.com/video/cs6TfaJ1v0k/w-d-xo.htmlsi=hqtkha4Ljbm0ikrI
Thanks so much for this video. I was already aware of EQ bank as a top competitor but I was surprised to see Neo’s offerings. I thought they were just trying to sign people up in local malls 😅 I used your code 🎉
Hahah I didn't even know they were promoting themselves in malls! Glad this video was helpful :)
Thank you Reni!
My pleasure! Thank you for watching 🙌🏾
Wait, is EQ bank 2.5 or 3%? My app still shows 2.5%. if the rates go up will existing clients get the new rate?
They've changed it so it's only 4% if you have a recurring pay cheque going in
I am confused about neo. They have a prepaid Mastercard and a money account. What's the difference? Can you get cashback on both?
A money account is where they have their high interest savings account. The mastercard would function like a credit card. You don't get cash back on the money account but you get high interest of 4%. Let me know if that is helpful!
Thank you, Reni!!
You’re welcome ☺️ thank you for watching!
Thank you Reni
My pleasure! Glad I can help 😊
Is there any hard credit checks for any of these bank accounts?
Not that I know of but please check with the specific institution you aim to open with
Any thoughts on Wealthsimple changing their interest rate?
@@shellmac76 it’s expected as the bank of Canada changed their interest rate. All other banks will follow shortly.
Love your video. Superb.
Thank you 🙏🏾
Nice info. What do you think about Manulife Bank. I dont see this in your list.
Thank you! Seems like manulife currently has a 5.75% promotional rate for 4 months!
Hi Reni can you do a video on Tangerine
Completely forgot to include it this year! They have a promotional rate of 6%!
Yes, I switch between tangerine and eq bank . Even the Gics are still pretty good if you are hesitant to invest.
@@tierneydias3428 both are good options!
@@xoRenibut is it only for new member at Tangerine? And how long this rate last?
@@1212aoa yes it's for new members. Rate lasts 3 months I think. You can check out their website for more details
Sister, you're shining!
Thank you! I'm so glad you enjoyed it! 😃
Am just fed up of td they charge 16.6 per month
So many options available for you
Thank you for all this info im with 3 banks and have about 4 different financial cards I've been mostly focused on credit but now looking to get into investing & HISA, one question i do have is do people move money around to take advantage of some of these promotional rates, I know some accounts do penalize you if you don't keep them in for the time period, but i didn't hear that for most of them, thanks.
People do move from bank to bank but honestly I think my time is too valuable to be doing all that LOL! I don't think there are penalties but I suggest checking with the banks you'll be using to make sure.
Thanks for watching!
@xoReni yea true, but I guess in theory once you have signed up with multiple banks to take advantage of these promotions the only thing I could see them asking is for you to have either a certain amount in there or some kind of direct deposit, and as long as they don't ask to lock it in for 1 year which is what I heard some might, it could be an interesting/slightly inconvenient way to take advantage of more deals in a shorter span. Thanks for the info I will do so more research and see what I find out
EQ bank provides high interest for 12 months only.
They recently made this change
After watching this video I’m already with EQ Bank and I’m thinking of changing to Scotiabank and getting the momentum plus savings account I think it’s a great fit for someone like me who barley touch their savings. So thank you so much 🙏🏾 what are your thoughts on this?
Keep up the good work
@@JUSTGIO I think it’s best to stay with EQ as they have a higher interest rate long term. Scotia’s is a temporary promo rate!
@@xoReni thank you, and I mean switch to Scotiabank as my regular bank
@@JUSTGIO what’s the rationale behind that?
@@xoReni I use the momentum plus saving account for saving, it’s like out like holding multiple eggs in one basket and I thought I can use momentum premium period for saving for different things
Hi Reni, love your content. I was just wondering if the profit you make off these saving accounts are taxable. If they are is it possible to open a tfsa for a high interest savings account for the fintechs mentioned?
Hi! Thank you! Yes, the gains are taxable. You could open a TFSA but often they don’t offer the same rate. I believe EQ bank may offer a high interest TFSA but I’m not too sure about the other banks
@@xoReni thank you so much for your reply! would you recommend opening a tfsa with the interest account or you think it's not necessary since the gains (profit) are low
For the BMO account; do you need to just add $200/month or do the account total balance has to increase $200/month?
Add $200/month to the account
@@xoReni Ok thanks! Not too bad then.
First of all thank you for such an informative content! My question is: if Wealthsimple and Neo Financial have exact same benefits, what made Neo Financial your preferred choice over Wealthsimple?
I like that Neo allows you to open 10 different savings buckets within the account! Dont think Wealthsimple has that option currently. So you can name your Neo accounts “emergency fund, car fund, travel fund” etc
@@xoReniok but in terms of security/Safety of the funds they both have same nature ? or one is more secured than another?
@@jaskiratsingh9941 equally secure
If you make 400$ with interest, it's considered capital gain, so half of it is taxed at your marginal rate. Right?
No, interest made in a savings account is not considered capital gains
@@xoReni So it's like added income, it's worse than I thought.
@@MrEnky007 lol! $400 to your income won’t impact your marginal tax rate significantly
@@xoReni ofc not, but it's sad to see almost half of it go poof 😕.
did you say neo financial does not have CDIC insurance?
I did not say that
@@xoReni okay. I didn't hear that part clearly, that's why I asked.
Secondly, the EQ bank link is your referral link right?
@@alabaadewale876 lol that’s why I answered your question 🤷🏾♀️🤷🏾♀️
Yeah it’s my referral link!
@@xoReni i think you might need to reconfirm your eq bank referral link. I signed up with it but was just informed by their customer rep that the link is not valid.
Wealthsimple is not in Canadian Investor Protection Fund (CIPF)
This video is focused on savings which is insured by CDIC.
The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation
What are you talking about? Go check CIPF website and you will see ws in their list
@@PabloWintterCIPF and CIDC are two different things. CIPF applies to your non registered account at wealth simple and CIDC applies to your cash account.
Wealthsimple Cash account with my cheque direct deposited
4.5%
Wealthsimple getting better
EQ bank at 2.5% as a back up
zero $ e-transfers
Awesome! Love it 👏🏾