Need some advice... switching to TD & investment options...
Hi there,
Been shadowing this forum for a while now as it is a great resource and finally decided to create an account and ask some questions
I guess I'll start off with a mini-introduction... I'm 29, self-employed, and I've done quite well for myself over the past 5 years -- well enough anyway that I'd really like to get my finances in better order. It's not that they're in a bad way right now per say, but I do know that my money could probably be organized a bit better.
I'm currently with CIBC (have been my whole life, grandfathered in by my parents) and am currently with their Imperial Service program (Chequing, Savings, 2 Credit Cards) along with 20k in a TFSA mutual fund and 15k in a non-registered mutual fund, both of which are (as you probably guessed) nothing special in terms of returns. I also have ~25k in a RRSP but it's a group plan with Great West Life but I'll leave that there for now. It's not that I'm particularly displeased with CIBC or their service (I never deal with them anyway), but after looking at TD's offerings I think I can probably get a better deal in terms of less fees.
I guess my questions are as follows:
1) Having never switched banks before, I'm not really sure how complicated the procedure is? Would it be as easy as walking into my local TD branch, opening up a chequing & savings account, and then moving the funds over and closing the CIBC accts?
2) I was looking at the TD e-Series funds, and after reading about them on this forum as well as elsewhere they seem like the way to go. Would I benefit from just opening a TD Waterhouse account given the size of my investments? I'd like to have a TFSA investment account as well as a non-registered account, I'm sure that's not an issue. I'm not a hardcore trader by any stretch of the imagination, but I was reading about the "Couch Potato" approach that's been championed here with regards to the TD e-Series funds and I think I could probably handle that.
3) Anyone else make the switch from CIBC (or any of the other majors) to TD and are pleased with the results?
Thanks for your time, I do appreciate it!
Been shadowing this forum for a while now as it is a great resource and finally decided to create an account and ask some questions
I guess I'll start off with a mini-introduction... I'm 29, self-employed, and I've done quite well for myself over the past 5 years -- well enough anyway that I'd really like to get my finances in better order. It's not that they're in a bad way right now per say, but I do know that my money could probably be organized a bit better.
I'm currently with CIBC (have been my whole life, grandfathered in by my parents) and am currently with their Imperial Service program (Chequing, Savings, 2 Credit Cards) along with 20k in a TFSA mutual fund and 15k in a non-registered mutual fund, both of which are (as you probably guessed) nothing special in terms of returns. I also have ~25k in a RRSP but it's a group plan with Great West Life but I'll leave that there for now. It's not that I'm particularly displeased with CIBC or their service (I never deal with them anyway), but after looking at TD's offerings I think I can probably get a better deal in terms of less fees.
I guess my questions are as follows:
1) Having never switched banks before, I'm not really sure how complicated the procedure is? Would it be as easy as walking into my local TD branch, opening up a chequing & savings account, and then moving the funds over and closing the CIBC accts?
2) I was looking at the TD e-Series funds, and after reading about them on this forum as well as elsewhere they seem like the way to go. Would I benefit from just opening a TD Waterhouse account given the size of my investments? I'd like to have a TFSA investment account as well as a non-registered account, I'm sure that's not an issue. I'm not a hardcore trader by any stretch of the imagination, but I was reading about the "Couch Potato" approach that's been championed here with regards to the TD e-Series funds and I think I could probably handle that.
3) Anyone else make the switch from CIBC (or any of the other majors) to TD and are pleased with the results?
Thanks for your time, I do appreciate it!