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  • Jan 9th, 2006 11:12 am
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[OP]
Sr. Member
Jan 18, 2005
545 posts
2 upvotes

RRSPs: PCF or ING?

Anybody have any opinions on which RRSP I should buy into? P.C. Financial or ING? Anyone have any experiences with either, or can provide an alternative for a RRSP newbie?

Keep in mind I will be dumping in the money then pulling it all out in a few months (after the requisite 90 days) for a home purchase.

Thanks.
5 replies
Sr. Member
Sep 5, 2005
973 posts
For such a short time period, perhaps an ING RRSP High Interest Savings Account would be the best option.

I'll likely be doing the same thing also when I get around to buying a home.
Deal Expert
User avatar
Jun 14, 2003
23140 posts
188 upvotes
If it is only a few months, interest should not be the major factor.

When you use RRSP as part of the mortgage, is there any trustee fee or something like that? Would it make more sense to 'park' it to where your mortgage will be and ask the bank to absorb the trustee fee. Assuming that is needed, I am not sure about that.
[OP]
Sr. Member
Jan 18, 2005
545 posts
2 upvotes
It appears as though PCF's current rate is 2.55% and ING's is the same. I already have money with both companies so that's why I've started my list with these two.
Sr. Member
Oct 31, 2002
627 posts
29 upvotes
Toronto
I assume you're going to contribute $20k and then take out $20k in three months. Like someone else said, the interest rate isn't that important for this situation since you wouldn't be taking any of it out. Either bank should be fine, I wouldn't bother dealing with a new bank just for a marginally higher interest rate.

I withdrew $20k for the HBP from my ING RRSP and the process was very easy and painless. I can't speak for PCF though.

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