Personal Finance

advice on rrsp with royal bank

  • Last Updated:
  • Feb 8th, 2019 12:57 pm
[OP]
Newbie
Feb 24, 2015
69 posts
6 upvotes
nova scotia

advice on rrsp with royal bank

have rrsp in mutual funds with royal bank for little over $40,000, tied of paying the fees with them for little im getting back on my money , im 60 yrs old , ,not looking to get rich but where is best place to put that money with no fees and hope i little intrest back on it ,already have some in tfsa,
7 replies
Deal Addict
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Nov 18, 2007
3442 posts
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Valleywood
Tangerine might be a choice.

Self-serve investment portfolios. 1% fee.

For absolute zero fees. Tangerine RSP GICs ranging from 3% to 3.25% (1 year and 5 year respectively).
Sr. Member
Nov 6, 2015
686 posts
283 upvotes
Guelph, ON
The fact that you have "mutual funds" but want to get "interest back" indicates you have the wrong type of investment in the first place. Mutual funds don't pay any "interest", they go up and down according to the value of their underlying assets. It's surprising you are even making "a little bit" on your funds these days, I'm guessing you must have some type of extremely conservative "money market" fund.

I think what you want is something with the highest possible returns with practically no risks, which would mean no mutual fund but a HISA (High Interest Savings Account) or GICs. For the former you can only really go to one of the online banks (EQ, for example), while for GICs you can get them at big banks, but you almost always get a better rate at an online bank (Tangerine, Simplii, EQ). The online banks I've mentioned (and pretty much all others) don't have fees for savings accounts and GICs.
[OP]
Newbie
Feb 24, 2015
69 posts
6 upvotes
nova scotia
ur right , have them in conservative funds and did lose on them this yr , ,not wanting to change because of that , my statement says my rate of return since 2016 is 3.17 and im paying royal bank around $450 per yr to manage them , so am i better off to just put money in high interest account
Deal Addict
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Mar 16, 2010
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Burlington
Rob Carrick strikes again lol.
Newbie
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Jan 7, 2019
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allieabby wrote:
Feb 8th, 2019 7:16 am
ur right , have them in conservative funds and did lose on them this yr , ,not wanting to change because of that , my statement says my rate of return since 2016 is 3.17 and im paying royal bank around $450 per yr to manage them , so am i better off to just put money in high interest account
This is your RRSP. I dont believe high interest accounts are offered for RRSP. You can put your funds into a GIC within your RRSP if you like.

The markets are volatile right now and people who invest should be aware of that. If you feel like you can fo better, open up a self directed investment RRSP and take advantage of lower MER fees.
Deal Fanatic
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Dec 27, 2009
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Ottawa, ON
BrokeMillennial wrote:
Feb 8th, 2019 10:36 am
This is your RRSP. I dont believe high interest accounts are offered for RRSP.
You are wrong.

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