Personal Finance

What’s the best place to park cash without switching bank accounts every 3 months

  • Last Updated:
  • Sep 15th, 2018 1:19 pm
[OP]
Jr. Member
Jan 30, 2017
176 posts
20 upvotes

What’s the best place to park cash without switching bank accounts every 3 months

I see a lot of people moving from promotion to promotion trying to get as much as interest as possible.. good on them but simply a lot of people don’t have the time

What’s the best place to park cash and just let it sit and when it comes time to use it you can transfer it to one of your main stream banks

From my research it’s EQ Bank at 2.35 % but maybe meridian or some special offer out there?

If it makes a difference it’ll be less then 100k

Thanks
6 replies
Member
Mar 23, 2009
299 posts
94 upvotes
Toronto
EQ Bank is 2.3%; I believe Hubert leads at the moment for day-to-day rate at 2.35%
Member
User avatar
Dec 2, 2009
354 posts
20 upvotes
BC
It's hard because banks seem to change their rates so often, so if you truly want the best rate, you'll have to keep transferring money.

that being said, from my experience EQ bank seems to always have competitive rates, so they might be the best one to park cash with.
Deal Addict
Aug 5, 2006
2884 posts
813 upvotes
Global Village
You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
All day I dream about sports
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May 8, 2009
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scoper wrote:
Sep 14th, 2018 7:37 pm
You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
+1
  • Simplii & Tang
  • DUCA (ON only)
  • Meridian (churn for $100 WB). You'd have to park big money to justify the HISA intro promo rate, despite it being taxable
  • Achieva Financial ($1/month, $25*4 referral cap). They have same rate for HISA as TFSA, and can park minimum balance in TFSA
  • EQ as fallback
  • Some ppl like RBC (promo rates for big minimum balances at CIBC and TD CT as well), but I don't like big bank HISA's unless it's to pay CC's with same FI
  • Steinbach CU, the TFSA king, currently at 2.7% - but it's unconventional...no term, but interest paid annually and $3 withdrawal fee
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Member
Aug 10, 2015
301 posts
193 upvotes
Toronto
scoper wrote:
Sep 14th, 2018 7:37 pm
You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
If you do that between TFSA do you have to pay anything like a "transfer fee" and does it count towards "withdrawl" for the year?
Deal Addict
Aug 5, 2006
2884 posts
813 upvotes
Global Village
viiveyy wrote:
Sep 15th, 2018 2:22 am
If you do that between TFSA do you have to pay anything like a "transfer fee" and does it count towards "withdrawl" for the year?
With tfsa $ if you "transfer" $ to another tfsa bank account then there is a transfer fee. The smarter move is to withdraw all tfsa $ you have in savings accounts by Dec 31st every year, that way you can deposit it all back to any bank's tfsa Jan 1st onwards with no fees or penalties.
All day I dream about sports

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