hopping around bank promos
I'm a young professional looking to get into investing,
I want to start with something low profile and low risk and then get into something higher risk/reward when I am more comfortable/knowledgeable.
I have seen some people mention here that they hop around different bank promos and i'm just wondering what the actual process is like,
I imagine you would have to set up accounts with all the different banks and you just move your money over to the one with the highest promotional rate..
but, is this only for GICs? How does this work with banks who are offering promotional rates for their savings account?
I would think once you set up new savings account and run the course with the promotional rates, future promos on these savings account would not apply to you as you are not a new customer.
If someone can clarify the strategy and offer some insight, that would be great!