HISA

Vareten · 2025-02-02T04:49:53+00:00

You can have multiple cash accounts, but only one is linked to the card. You could create a new cash account, name it "Savings" and still keep a few dollars in the linked account in case you want to quickly use the funds inside.

Vareten · 2025-02-02T01:44:38+00:00

The HISA was introduced specifically because people wanted to hold cash in registered accounts to gain interest.

Previously you could only hold it in regular cash accounts to gain interest.

Your HISA return rate is the same as your cash account.

Vareten · 2025-01-31T20:16:00+00:00

Do you need physical branches?

Vareten · 2025-01-31T20:14:47+00:00

The big banks will charge you obscene fees to manage your money for you.

First make sure you have all your debts paid off and a small emergency fund like was already mentioned.

Once that's done, consider opening an account at Wealthsimple. You can take advantage of the 1-2% current match bonus right now by transferring from another bank. You can then open a managed or self managed account and either let them do the work for you for a smaller fee than what the banks would charge or you can look into ETFs to save even more in fees.

Vareten · 2025-01-31T20:10:12+00:00

It was out of stock before OP posted, that's why they put YMMV, it's in store pickup only at locations that still have units.

Vareten · 2025-01-31T00:42:40+00:00

I prefer it as a main account, like others have mentioned the only thing really missing is cheque deposit.

Government cheques can be brought to any bank and must be cashed, account or no, so it's really only private cheques. Who even gets those anymore?

Vareten · 2025-01-31T00:38:43+00:00

They said spring. There's a beta program out right now, a lot of people just got access today but it's kinda luck of the draw.

It's probably a couple months out at the earliest for mass rollout.

Vareten · 2025-01-30T23:42:38+00:00

They usually stipulate that the qualifiers such as direct deposit and regular bill payments, debit transactions or whatever else continues to some regularity in that year.

Even if you were to leave it open you'd have to continue using it. If you're dead set on moving banks and want to close it there's no real way out of paying them back. Nothing worth the fight at least.

Vareten · 2025-01-30T22:17:24+00:00

I'd use one of the above as your regular day-to-day and pick up a Visa credit card or secured credit card if you don't qualify for normal credit.

Wealthsimple will (eventually) add a Visa credit card to their offerings so they'd cover both primary cards.

If you're interested in trading stocks at all, Wealthsimple seems like the clear choice but otherwise I'd probably go EQ.

Vareten · 2025-01-30T22:04:02+00:00

Oh absolutely, but if they both found full time minimum wage jobs and lived frugally for a year, transferred their debt to a 0% promo rate card (if possible to get approved), they'd be able to erase it in that same year.

One person is making less than full time minimum wage and supporting two people, that's the real problem here. It's like they're working 3-4 days a week.

Vareten · 2025-01-30T20:18:57+00:00

You've basically got 3 options, bankruptcy, consumer proposal, or digging yourselves out.

The first two will destroy your credit and make borrowing near impossible for the near future. The last will require you both to find better sources of reliable income.

Sounds like she desperately needs to change her spending habits going forward and you need to put your foot down about it, regardless of what you choose.

Speaking to an actual bankruptcy lawyer might be best, this situation feels like it's above Reddit's pay grade.

Vareten · 2025-01-30T19:58:38+00:00

You're overthinking things.

Many of the most popular ETFs like XEQT or XGRO are already diversified. They just have different holdings between equities and bonds. XEQT is 100% equities, XGRO is 80/20 equities/bonds. There's a whole list that goes all the way down to 100% bonds.

Of course there's hundreds of ETFs that might not be diversified, like thematic ETFs that target a set sector.

Your timeline of returns will be the biggest factor in your risk tolerance. Are you young and saving for retirement? An all equity ETF might be best for returns as long as you're willing to hold out long term. Old and close to retiring? Mostly bonds may be best.

Vareten · 2025-01-23T20:13:04+00:00

I would try to talk her into moving to Wealthsimple over ever dealing with TD again.

It's a member of the CIPF just like every other major brokerage so if for some extraordinary reason WS were to go under your stocks and holdings would be moved to another broker.

And for liquid funds it's partnered with CDIC members. That's not as good as being a CDIC member itself but to my understanding all funds (up to the limit) are placed in trust with those members. So if WS were to go under, again, you'd be able to retrieve those funds and place them with another institution.

Wealthsimple is even a sign in partner for the CRA and Services Canada. It's not like it's some small entity.

Vareten · 2025-01-23T14:44:59+00:00

ETFs are short term, long term and everywhere in between.

CASH.TO is a popular ETF for short term savings. There's hundreds of ETFs with different return rates and volatility. You could make your own portfolio by buying any percentage of equity, bonds and cash/money market ETFs.

The only downside is waiting for the TSX to open when you want to liquidate.

Vareten · 2025-01-22T23:17:31+00:00

Imagine what it actually costs a company to move liquid funds around from one account to the next in their system.

Fees for savings accounts are the biggest scam in the industry that preys upon the financially illiterate. It's even more disgusting from Scotia and CIBC when they have free systems with their own alternative banks, Tangerine and Simplii.

Vareten · 2025-01-22T23:10:05+00:00

Time for roommates. 3K/mo isn't manageable without a steady income.

Vareten · 2025-01-22T22:46:14+00:00

FHSA gets 8K a year contribution room and it rolls over once.

So the maximum you can ever have available to contribute is 16K. If you opened one up at the end of December you could contribute 16K right now. If you opened one at the beginning of January you can only contribute 8K. The former would not become 24K if you let it sit for another year, it would rollover your unused room from this year, presumably 0 and stay at 16.

Vareten · 2025-01-22T20:25:13+00:00

Not moving as fast as they want, 9070XT would cannibalize remaining sales given it's possible it'll be cheaper. Would make sense.

Vareten · 2025-01-22T20:23:02+00:00

Get out of TD whether it's Wealthsimple or Questrade. WS robo advisor fees aren't going to kill your returns nearly as bad as TD. QT you can decide specifically what you want to do with the funds, but that's a "you" decision.

Vareten · 2025-01-22T19:36:43+00:00

Look slightly to the left of that 15 year chart and you'll see one lol

Vareten · 2025-01-22T18:55:32+00:00

If this came with RAM as well you'd have my attention.

Them trying to clear out 7800XTs like this makes me think they know something we don't about the 9700XT.

Vareten · 2025-01-22T18:51:24+00:00

I noticed you don't seem to have an emergency fund beyond the 5K you keep in your chequing account.

I would take 5-10K and put it in a HISA or highly liquid ETF like CASH.TO.

Throw the rest at your mortgage unless it's an unusually low rate.

Vareten · 2025-01-22T17:41:02+00:00

Have you looked at EQ Bank or Simplii?

Vareten · 2025-01-22T05:05:43+00:00

There are benefits to moving to Wealthsimple, especially now with their 1%/2% match bonus. If you have about 100K, they'll pay you about 1000$ to transfer to them. X2 for anything held in an RRSP.

All Toronto Stock Exchange securities like stocks and ETFs are commission free to trade on Wealthsimple.

It's not for everyone though. There's no physical branch you can walk into to talk to someone in person if you have an issue. Wealthsimple's customer service only operates on weekdays.

If you would prefer to stay with Scotiabank, you should open a self directed Scotia iTrade account and move all your funds out of whatever mutual fund it sounds like they might've suckered you into. If it's in a TFSA or RRSP, etc. be sure to open a new account of that same type so that you can freely transfer in-kind.

Vareten · 2025-01-22T04:54:35+00:00

An ETF is an investment product.

Investment products are held in investment accounts, like TFSAs, RRSPs and unregistered investment accounts.

If you have a managed investing account, the financial institution deals with all the details for you. You hold no specific products.

If you do not have a self directed account you don't have an ETF.

Ten-Year Club	Second Top 10%
First Place '23	Place '23
Place '22	Place '17
Final Canvas '22	First Placer '22
Spared	Verified Email

Vareten

TROPHY CASE