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50000$ cash settlement .. which bank accounts to open for maximum bonus?

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  • Feb 12th, 2019 10:12 am
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[OP]
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Sep 17, 2016
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50000$ cash settlement .. which bank accounts to open for maximum bonus?

Assume you received $50000 CAD as a cash settlement ... which bank accounts youd open for maximum new bank account bonus redemption?
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Jan 6, 2002
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Why would you put it in a bank account?
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hoob wrote:
Jan 20th, 2019 10:14 am
Why would you put it in a bank account?
+1. If you had that much cash sitting around and don't need it to pay down debts or keep for emergencies, you'd be better off putting it in a self-directed investment account and buy some ETFs or index funds.

But if this is just a what-if exercise, then most of the major banks have signup bonuses at the moment.

Tangerine - get up to $200, but no minimum balance
CIBC - get free Amazon Prime for a year ($89 worth)
Scotiabank - get $300
TD - get $500 if you're from Vancouver; otherwise nothing I think
Simplii - get $200 I think
RBC - there's a promo but you also have to pay a monthly fee
Etc. etc.

Even meeting all the minimum balances for all these offers you'll probably still have about $25k left to play with.
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[OP]
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quanta wrote:
Jan 20th, 2019 10:41 am
+1. If you had that much cash sitting around and don't need it to pay down debts or keep for emergencies, you'd be better off putting it in a self-directed investment account and buy some ETFs or index funds.

But if this is just a what-if exercise, then most of the major banks have signup bonuses at the moment.

Tangerine - get up to $200, but no minimum balance
CIBC - get free Amazon Prime for a year ($89 worth)
Scotiabank - get $300
TD - get $500 if you're from Vancouver; otherwise nothing I think
Simplii - get $200 I think
RBC - there's a promo but you also have to pay a monthly fee
Etc. etc.

Even meeting all the minimum balances for all these offers you'll probably still have about $25k left to play with.
My friend got the settlement check finally ... We went shopping around

The only options ATM seem to be pretty bleak

BMOs premier account which gives a $300 bonus with a 6000$ minimum balance for a year plus no fee for a world elite mastercard ($120 off) which in turn comes with a 5% cashback up to 4000$ spent in first 3 months
HSBC which has a newcomer account with a $500 bonus plus another $100 for a setting up a direct deposit plus another $50 for referring someone else
GIC from CIBC with a 3.5% rate for 18 months ( a few other options as well that offer 3% for a year)

Investing in an index fund seems like a non-option atm with the economy still in limbo or even tanking.
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There are welcome bonus deals out there that bring bigger returns than standard ETFs. I got a $950 bonus for opening an account at HSBC, depositing $5k, moving my payroll there, and referring three others. I have to keep the account open for 15 months total to avoid clawbacks. That's a 15.2% AIR. Show me an ETF or index fund that can do that.
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Kiraly wrote:
Feb 7th, 2019 11:01 am
There are welcome bonus deals out there that bring bigger returns than standard ETFs. I got a $950 bonus for opening an account at HSBC, depositing $5k, moving my payroll there, and referring three others. I have to keep the account open for 15 months total to avoid clawbacks. That's a 15.2% AIR. Show me an ETF or index fund that can do that.
+1

Made $1100 in bank bonuses last year just by shuffling 5K around/making 10 $1 Amazon GC purchases on a debit card every month. What a steal lol.
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quanta wrote:
Jan 20th, 2019 10:41 am
+1. If you had that much cash sitting around and don't need it to pay down debts or keep for emergencies, you'd be better off putting it in a self-directed investment account and buy some ETFs or index funds.

But if this is just a what-if exercise, then most of the major banks have signup bonuses at the moment.

Tangerine - get up to $200, but no minimum balance
CIBC - get free Amazon Prime for a year ($89 worth)
Scotiabank - get $300
TD - get $500 if you're from Vancouver; otherwise nothing I think
Simplii - get $200 I think
RBC - there's a promo but you also have to pay a monthly fee
Etc. etc.

Even meeting all the minimum balances for all these offers you'll probably still have about $25k left to play with.
Which deal was this? (scotiabank $300)?
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1st timer wrote:
Feb 8th, 2019 12:03 am
Which deal was this? (scotiabank $300)?
Get $300 and $100 worth of Scotia Rewards opening Scotia One account. I think the offer is over now.
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quanta wrote:
Feb 8th, 2019 12:12 am
Get $300 and $100 worth of Scotia Rewards opening Scotia One account. I think the offer is over now.
Thanks. Yeah I remember that promotion from last year. Thought there might have been a new (and valid one) that just started up.
Last edited by 1st timer on Feb 8th, 2019 7:58 pm, edited 1 time in total.
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I'm looking to open a new Bank Account too.

Right now I think BMO Premier Chequeing is the simplest with least amount of demands compared to HSBC..
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Sedul wrote:
Feb 8th, 2019 1:41 pm
I'm looking to open a new Bank Account too.

Right now I think BMO Premier Chequeing is the simplest with least amount of demands compared to HSBC..
HSBC may be a little more work (and branch locations may be a factor), but TD is the easiest to churn IMHO when they offer a $300+ WB. BMO should be easy enough, but AFAIK requires taking the CC (like HSBC).
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Exactly. Not all promos are created equal. RBC used to give out a free iPad worth $600 but now only give you a measly $300.

There's a few promos worth getting, but certainly not remotely enough to absorb $50k.

Again, the best strategy is to put most of the money into an ETF and hold long-term. You're not supposed to market time an ETF. You hold for a long term and it all evens out to a win. Or a fixed-term GIC. Leave a little bit of money to "play around" with if you want.
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Maybe not the exact answer you are looking for, but depending on available contribution room, depositing it in any RRSP or SDRSP account will yield you the biggest cash back possible ... that is what I would do myself!

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