Personal Finance

Best way to maximize return on large sum of money

  • Last Updated:
  • Nov 13th, 2020 5:48 pm
[OP]
Newbie
Jan 15, 2019
62 posts
40 upvotes

Best way to maximize return on large sum of money

Hello

I have a good amount of money (6 figures) in a savings account that I don’t need until September 2021.

Wondering if anybody knows of a short term investment strategy to maximize returns?

I’m thinking my best option is to find a high interest savings account and hold it in there, but thought I’d check here for some other options.

Cheers
15 replies
Deal Addict
Nov 13, 2013
2368 posts
1155 upvotes
Ottawa
username6 wrote: Hello

I have a good amount of money (6 figures) in a savings account that I don’t need until September 2021.

Wondering if anybody knows of a short term investment strategy to maximize returns?

I’m thinking my best option is to find a high interest savings account and hold it in there, but thought I’d check here for some other options.

Cheers
Yeah that's your best safe bet. Moving around to get promo rates can help even more. Sometimes GICs have decent rates also. Personally I wouldn't put more than $100k in one institution. Sure it's a low risk of a default but you will lose everything so for such low returns not worth it.
Newbie
Apr 18, 2014
93 posts
49 upvotes
Vancouver, BC
Bumping this thread in similar situation.
Deal Expert
User avatar
Aug 18, 2005
19932 posts
4517 upvotes
Burlington-Hamilton
username6 wrote: Wondering if anybody knows of a short term investment strategy to maximize returns?
Maximum short term returns will most likely come from roulette or craps. I recommend Casino Niagara.

Of course you haven't told us anything about your risk tolerance... 🤣
Last edited by Jucius Maximus on Nov 7th, 2020 10:26 pm, edited 1 time in total.
What if there were no hypothetical questions?
Deal Fanatic
User avatar
Jan 9, 2011
9664 posts
11395 upvotes
Vancouver
username6 wrote: Hello

I have a good amount of money (6 figures) in a savings account that I don’t need until September 2021.

Wondering if anybody knows of a short term investment strategy to maximize returns?

I’m thinking my best option is to find a high interest savings account and hold it in there, but thought I’d check here for some other options.

Cheers
Risk-free investments like GICs and HISAs have interest rates in the toilet right now. There are some 2% promos, I just got one from Simplii that only goes until March. Pathetic. If you want something that's going to 1) beat inflation guaranteed, and 2) last for 10 months, you're out of luck. Investing in something that carries some risk is your only chance to get a decent return.
Deal Addict
User avatar
Nov 14, 2003
4313 posts
2617 upvotes
Gotham
Jucius Maximus wrote: Maximum short term returns will most likely come from roulette or craps. I recommend Casino Niagara.

Of could you haven't told us anything about your risk tolerance... 🤣
Go all in on red!
Jr. Member
Feb 8, 2009
118 posts
39 upvotes
It’s not a good time time to be a saver right now with rates so rock bottom. The “high interest” savings account at TD is 0.05% right now ... Like others have said it comes down to risk tolerance. Anything else (Short term GIC, savings account) will be below inflation
Newbie
User avatar
Sep 30, 2020
83 posts
69 upvotes
Toronto
mw83krk wrote: It’s not a good time time to be a saver right now with rates so rock bottom. The “high interest” savings account at TD is 0.05% right now ...
Yeah, I had noted that RBC's is at that same 0.05% too (they cut it from 1.05%, although some of their promotional rates for the "first 3 months" in the last couple of years were 3% and 2.5% depending on the promotion), of course all in line with the Bank of Canada's rates so not surprising that the story from most institutions would be the same. A couple of recent articles on this, too:
https://www.fool.ca/2020/05/11/have-a-s ... e-down-95/
https://www.ratehub.ca/blog/savings-acc ... explained/

OP or thread bumper, if you're really set on a basic savings account for less than a year and end up doing that, you might do as Kiraly mentions above by searching carefully for promotional rates (that ratehub article above has some offers, but since the article is a few months back, some would have expired - check around diligently and read the fine print about how long the promotion lasts and what it drops to when it concludes).
Newbie
User avatar
Jun 4, 2017
78 posts
131 upvotes
username6 wrote: Hello

Wondering if anybody knows of a short term investment strategy to maximize returns?
Jucius Maximus wrote: Maximum short term returns will most likely come from roulette or craps. I recommend Casino Niagara.

Of could you haven't told us anything about your risk tolerance... 🤣
Maximum return would be a bet on the roulette wheel. Place it all on double zero. HUGE short term returns after a spin of the ball. ;)
Deal Addict
Jul 12, 2008
2845 posts
799 upvotes
GTA
I would do stocks waiting on a vaccine at this time.
Deal Addict
May 12, 2014
2785 posts
2514 upvotes
Montreal
sskrald wrote: Maximum return would be a bet on the roulette wheel. Place it all on double zero.
Never ever play roulette if it has a double zero. Just walk away.
Newbie
Mar 24, 2020
25 posts
22 upvotes
UrbanPoet wrote: Roll the dice and dump it all on enbridge for an 8% annual dividend.
Just gotta take the risk and hope the shares itself will break even by the time you need the cash.
However it is @ a historic low.
Go all-in oil & gas. What could go wrong.

*glances over at Alberta*
Deal Expert
User avatar
Jan 27, 2004
44137 posts
7239 upvotes
T.O. Lotto Captain
adam1799 wrote: Go all-in oil & gas. What could go wrong.

*glances over at Alberta*
Enbridge’s business is very diversified & stable.
Alberta’s oil problems are due to oil sands only people profitable when the commodity is priced very high.
However enbridge is a utility company.
A large majority of their revenue is from pipe line and utility contracts 15-20 years long.
Thats the only reason theyre able to have such good dividends. They know their revenue stream 10-20 years out. Waaaaaay more then enough time to wait out the covid-19 storm. If covid last longer then that... then wtf cares about my investments.
I’ll be caring more about my survival gear and making sure my 9mm glock and 12 gauge shotgun is in good order with plenty of ammo. Lol.
Deal Addict
Sep 14, 2012
1146 posts
746 upvotes
Montreal, QC
FrancisBacon wrote: Never ever play roulette if it has a double zero. Just walk away.
Las Vegas now have some roulette wheels with triple zeroes and people still play it even when there are double zeroes in the same casino.

It is like with 6-5 Blackjack. People still play 6-5 Blackjack when a few tables away, there are 3-2 Blackjack tables. At least with 6-5 Blackjack, I can somewhat understand it since the table minimums are generally lower than 3-2 Blackjack in the same casino so it allows people with lower gambling budgets to play.

Top