saving for a new home..which account?

[sonic]

we will be saving for a new home...we want to move in 2 yrs (thats the plan)
where is the best place to put our $$...a reg saving account.or an e-account.? Im not too sure how that works, but its "suppose" to be higher interest..& not sure if theres a penalty when you want to wothdraw?


we also have $7,000- in rsps...anyway we can use this ? maybe transfer to the e=account?

[coolspot]

we also have $7,000- in rsps...anyway we can use this ? maybe transfer to the e=account?

You can withdraw upto 20K for your home buyers plan.

As for a savings account; open a high interest savings account. For example Canadian Tire Financial Services (good rate), ING, ICICI.

[joe1487]

I've found ING Direct really fast and convenient, though PC Financial is always a good option. As coolspot said, you should really investigate the possibility (not now, but when you are ready to buy) of pulling all of your RRSP money out under the Home Buyer's Plan.

[sonic]

hmm...the home buyers plan sounds good..but this will be our second home. does it still apply?

[sienna owner]

hmm...the home buyers plan sounds good..but this will be our second home. does it still apply?

i think there are some recent updates to that plan, and you may qualify. i'm sure it's somewhere on the web, but a vaguely remember if it's been 7 years since either one owed a property, you may qualify....talk to a FSR.