Mutual Funds/GIC/Savings Account?

[blazinpista]

Hey..

I know little about invesments. I have being reading about few different options in terms of banking.. But I do know how to go about it. I currently have my main saving accounts with ING. I have once TAX free account with 5000 in it. I also have 10000 in a normal saving account. I being looking to mutual funds and GIC. I don't know which one is to go with in order make better interests. ING rates have fallen. I'm looking to putting my money into high interest rate. If anyone know any bank offering better rate than ING let me know. Thank you.

[hagbard]

Highest savings I've seen were Canadian Tire. They'll even give you CT $. :D

[ray420]

Hey..

I know little about invesments. I have being reading about few different options in terms of banking.. But I do know how to go about it. I currently have my main saving accounts with ING. I have once TAX free account with 5000 in it. I also have 10000 in a normal saving account. I being looking to mutual funds and GIC. I don't know which one is to go with in order make better interests. ING rates have fallen. I'm looking to putting my money into high interest rate. If anyone know any bank offering better rate than ING let me know. Thank you.

how often do we get this question on RFD!
Alright so are you looking for highest interest with 100% security....than you do not have many options as the previous post said Canadian Tire offers a pretty good rate.

Seems to me like you have at least $15K in savings account........now is this your emergency fund? do you need this money in short term? because mutual funds can go down and there is no protection for it, but returns are higher.....so do not go to mutual funds if you are looking for high safe interest cause you wont get it.

If the money is for long term things than keeping it in savings account is big mistake you after inflation and taxes you will be getting a negative rate of return.

here are couple posts you might find helpful:
Investing vs. Saving (http://financialhighway.com/why-invest-investing-vs-saving/)

Mutual Fund Basics (http://financialhighway.com/mutual-fund-basics-understanding-mutual-funds/)

[blazinpista]

well. I would need aleast 5000 from now to next year because I go to college and i would need it to pay the fees. The other 10000 I won't be using for quite long time. That's what i'm looking into other options.

[angel_wing0]

If anyone know any bank offering better rate than ING let me know. Thank you.

http://www.redflagdeals.com/forums/showthread.php?t=698055

(for value hunter since i missed the last one) :lol:

[asdfvcx]

Investing is something you should take seriously. You shouldn't be investing in something you don't understand and, nothing personal, but I think you are a long way from understanding.

You need to read a book on basic personal finance. Two that are quite good for beginners are The Wealthy Barber and Personal Finance for Canadians for Dummies. The both cover all of the basics very well, and do so in a non-intimidating fashion.

[ray420]

Investing is something you should take seriously. You shouldn't be investing in something you don't understand and, nothing personal, but I think you are a long way from understanding.

You need to read a book on basic personal finance. Two that are quite good for beginners are The Wealthy Barber and Personal Finance for Canadians for Dummies. The both cover all of the basics very well, and do so in a non-intimidating fashion.

This actually is a good tip EDUCATE yourself.....you can do this by reading books on the topic...taking a course here and there if u can.....reading blogs and asking questions etc......

The two above suggestions are good start......Dave Chilton (wealthy barber) has stopped printing of the book but they are still available..........

"My Findependance Day" is a newer personal finance novel by Johnathan Chevreau.......its pretty good talks about TFSA as well in it. I am posting a review of it next week with an interview with John we will also be giving away a couple copies so you might want to check that out, subscribe so u wont miss.

There are many good books available but I suggest starting with those two....

[ilusa]

Best bet would be to get all 3

[blazinpista]

I guess I have to look into some dummies guide book. lol. anyways thanks for help everyone.