Personal Finance

Where to park my money

  • Last Updated:
  • Jul 16th, 2018 9:10 pm
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[OP]
Newbie
Sep 4, 2014
7 posts
2 upvotes
Richmond Hill, ON

Where to park my money

I am reaching out to the RFD experts.
I sold my condo and have about $150,000 to invest somewhere for about 6 months.
Where should I place these funds?
30 replies
Deal Expert
User avatar
Mar 22, 2007
24068 posts
1801 upvotes
Hamilton
Buy low sell high
Jr. Member
Nov 22, 2017
106 posts
53 upvotes
yao416 wrote:
Jul 12th, 2018 9:43 am
Buy low sell high
I thought it was always buy high sell low! Guess i have been doing it all wrong
Deal Expert
User avatar
Mar 22, 2007
24068 posts
1801 upvotes
Hamilton
And this guy thinks $150k is a lot.

Pssssshhhh. Us RFDer take in at least 200k a year
Deal Addict
User avatar
Jun 19, 2009
4745 posts
789 upvotes
Scarborough
yao416 wrote:
Jul 12th, 2018 9:43 am
Buy low sell high
Good advice
Newbie
Oct 31, 2006
28 posts
6 upvotes
Toronto
This is an extremely short term. I'd recommend a high interest savings account.

A market correction is overdue so it's not a smart idea to jump in with such a large cash influx for such a short period.
Deal Expert
User avatar
Mar 22, 2007
24068 posts
1801 upvotes
Hamilton
nafteni wrote:
Jul 12th, 2018 9:47 am
This is an extremely short term. I'd recommend a high interest savings account.

A market correction is overdue so it's not a smart idea to jump in with such a large cash influx for such a short period.

True. Maybe toss into tangerine account with 2.5% return. Let me know if you have any other questions ;)
Sr. Member
Oct 14, 2017
522 posts
297 upvotes
GTA
There's no universally best answer because, to cite just a couple of possible considerations, the degree of safety you require matters, as does how accessible you want the money to be during the six months.
Deal Addict
Dec 14, 2008
1341 posts
402 upvotes
In 6 months? I'd leave it in an interest savings account if you want to at least maintain your principle.
Deal Addict
User avatar
May 16, 2011
2108 posts
1256 upvotes
Clarington
Buy bitcoin like all those people that remortgaged their house in December. They're proud owners of cardboard boxes now.
Deal Guru
User avatar
Mar 1, 2008
11701 posts
1707 upvotes
Toronto, Ontario
Buy some weed stocks and watch it grow to $500k.
Deal Fanatic
Jan 18, 2004
6030 posts
949 upvotes
geokilla wrote:
Jul 12th, 2018 10:01 am
Buy some weed stocks and watch it grow to $500k.
Did you mean weed stalks?
:P
Deal Addict
User avatar
Jul 5, 2005
1049 posts
239 upvotes
If its a temporary holding your looking for the best bet is either tangerine with a promo rate of 2.75% or EQ Bank 2.3%


Tangerine:
For 6 Months
Here’s How It Works:
Right now, when you become a new Tangerine Client by October 31, 2018 and open your first Tangerine Savings Account, Tax-Free Savings Account or RSP Savings Account, you could earn 2.75% interest for six months**.

You’ll also earn this special interest rate on any deposits made into any subsequent Tangerine Savings Accounts, RSP Savings Accounts or Tax-Free Savings Accounts. For these Accounts, the rate will only apply for 6 months from the day you opened your first Savings Account with us.




Since you have over 100k what I would do is split the amount and put $75k in Tangerine and $75k in EQ and this way your protected as well up to 100,000 in either account.

This is your best bet with higher interest and no obligation to lock it in anywhere since you may need it within the next 6 months.

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