Bank InvSavAccts [<= 4.50%] [REAL HISAs] [CDIC: Yes!] [CAD/USD]
https://forums.redflagdeals.com/high-in ... d-2574002/
WTF are these?
There are high-interest funds offered by the Big 6 banks for their brokerage clients. The yield isn't as high as the HISA ETFs, but it's way better than what you'd get at their banking division savings account. Though these may not exceed bank promotional rates you'd see in the Tangerine lottery, it'll definitely be better than bank base rates. These have nothing to do with "investments", and theoretically shouldn't be charging you with fees. Just think of these as depository accounts, created in the form of a mutual fund, that are offered to more knowledgeable clients while the plebs are shoved into 1% base-rate savings accounts. This is classic consumer price discrimination (based on client knowledge). The less you know, the more banks will screw you. The more you know, the more respect/yield you get, they know they can't rip you off and give you something more honest. These are all CDIC-insured, so you'll be backed for 100k per account.
@Tiger_paws mentioned the following bank documentation (I added Scotia's sorry link (don't use it, copy-paste it)
https://www.rbcroyalbank.com/products/isa/index.html - available to rbc direct investing clients
https://www.td.com/ca/en/asset-manageme ... solutions/ - available to td direct investing clients
[Intercepted/broken link- DO NOT CLICK] --> COPY-PASTE IN URL BAR: https://ads.scotiabank.com/ADS/Download/943/en
Personally, I use Scotia iTrade to access BNS: DYN6004 (F-series - advisor class) which is currently at a 4.50% yield, the highest I see out of this bunch as of Feb 01 2023. I pay no fees - BUT that might be because I have a > 10k stash with them. You can buy this in the Mutual Fund Section of Scotia iTrade (and TD Direct Investing which I tested). No commissions but there is an initial minimum of $1k and subsequent inputs of $100+ (tested @ both). You can choose to receive your interest in cash or DRIP (dividend re-investment plan)
Investment Savings Accounts: Maximize Interest in Your Brokerage Account [if you want to go beyond the Big 6]
Manulife and EQ Bank look good about now:
https://mrthrifty.ca/investment-savings ... e-account/
TD's guidance on CDIC:
To determine the eligibility of your deposit for CDIC coverage, you should contact the CDIC at [email protected] or 1-800-461-2342.
Scotiabank documentation as an example (and cuz they have the highest rate as of this post), found by X360 - do not click on these links, but copy paste these URLs in to the browser directly (fix the first link by removing the 2 spaces around the main domain address). Scotia's website doesn't jive well with RFD's traffic tracers:
Documentation straight from the horse's mouth as to what these are:
Additional Scotia Documentation
https:// ads.scotiabank. com/news/higher-cad-rates-personal-corporate-investment-savings-account-isa-rate-december-16-2022/en-CA
TD Documentation found by @Optimizer88 (you can click on the link):
https://www.td.com/ca/en/asset-manageme ... solutions/
Left thread summary below for crowd-sourced updates:
Ignore the signature recursion:
HISA ETFs, NO CDIC! < 5.02%: https://forums.redflagdeals.com/high-in ... s-2574002/