td mutual funds account

[raxdax10]

Hi there i went to td and they opened up a chequing account and tfsa mutual funds account for me. I have 5k in my chequing account and i was wondering if i can put my 5k straight into the tfsa mutual account as a savings for now till i purchase a mutual fund or is buying mutual funds the only way of putting funds into that account?

[cjottawa]

Hi there i went to td and they opened up a chequing account and tfsa mutual funds account for me. I have 5k in my chequing account and i was wondering if i can put my 5k straight into the tfsa mutual account as a savings for now till i purchase a mutual fund or is buying mutual funds the only way of putting funds into that account?

I see no reason why you couldn't just park it as cash. All of my TD Waterhouse accounts have a "cash" side. Log in to EasyWeb/WebBroker. There should be a "cash" line in addition to one for securities.

[boipinoi604]

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[FunSave22]

I see no reason why you couldn't just park it as cash. All of my TD Waterhouse accounts have a "cash" side. Log in to EasyWeb/WebBroker. There should be a "cash" line in addition to one for securities.

Mutual fund accounts are not like brokerage accounts. They normally don't allow you to hold cash.

He could place it in a money market account. This is similar to a savings account (that pays extremely little interest).

[cjottawa]

Mutual fund accounts are not like brokerage accounts. They normally don't allow you to hold cash.

He could place it in a money market account. This is similar to a savings account (that pays extremely little interest).

Good to know.

In that case, Raxdax, if the account won't do what you want it to, you could just walk into a TD branch and ask them to open a Waterhouse TFSA for you.