Personal Finance

Big 6 High-Interest Cash Funds/Accts [4.25% - 3.25%] [CAD/USD] [CDIC: Yes!] [i.e. HISAs for the discerning saver/client]

  • Last Updated:
  • Jan 28th, 2023 4:31 pm
Tags:
Member
May 31, 2007
201 posts
10 upvotes
Thanks @ADenariusSaved for checking . I checked myself as well and couldn't find DYN600x at IKBR. I used to have HSBC ID but not anymore, so I was wondering if DYN600x is available there - especially the F series one. Either way, I will have to transfer funds out of my registered accounts at IBKR out to another brokerage - i just hope the fees are not too high.
[OP]
Deal Addict
User avatar
Jan 11, 2020
3967 posts
3268 upvotes
Torontois @ 宇宙中心
digitalsky wrote: Thanks @ADenariusSaved for checking . I checked myself as well and couldn't find DYN600x at IKBR. I used to have HSBC ID but not anymore, so I was wondering if DYN600x is available there - especially the F series one. Either way, I will have to transfer funds out of my registered accounts at IBKR out to another brokerage - i just hope the fees are not too high.
https://www.interactivebrokers.ca/en/index.php?f=14718

Bottom 5% of page or ctrl+f 'Deregistration' or 'total or partial withdrawal'
Account Maintenance and/or Reporting Fees
RSP Special Fee
The following fee applies to customers with an RSP (Retirement Savings Plan):

Withdrawal (Deregistration) 50 CAD Fee
50 CAD will be charged for a total or partial withdrawal.
Doesn't look too bad, but you can call to confirm.

Research Desjardin Disnat, or National Bank Direct Brokerage - no commissions on TSX/NYSE, Disnat has no journaling fee. Since they're banks, they're going to have access to mutual funds, even the mentioned National Bank one that looks decent. I'm going to switch to them soon, but when I 'switch' I really mean open a new account.
Member
May 31, 2007
201 posts
10 upvotes
Thanks again. $50 for a one-time transfer is fine. Though my intention for these ISA is to park my cash for a few months while I wait for the next opportunity to buy stocks. So I'd expect to transfer money back and forth between IBKR and the other brokerage I'll use for ISA - not feasible if it's $50 per transfer.

I'm just going through the other thread on the high interest ETFs, thinking maybe I'll go for those instead since they can be bought directly from IBKR.

I have other cash in non-registered accounts which I'm not going to be buying stocks in - just saving for a BIG home repair in the next few years. Those are probably more suitable for these bank brokerage ISAs. Again, just need to figure out where I can buy DYN6004 other than iTrade.
[OP]
Deal Addict
User avatar
Jan 11, 2020
3967 posts
3268 upvotes
Torontois @ 宇宙中心
digitalsky wrote: Thanks again. $50 for a one-time transfer is fine. Though my intention for these ISA is to park my cash for a few months while I wait for the next opportunity to buy stocks. So I'd expect to transfer money back and forth between IBKR and the other brokerage I'll use for ISA - not feasible if it's $50 per transfer.

I'm just going through the other thread on the high interest ETFs, thinking maybe I'll go for those instead since they can be bought directly from IBKR.

I have other cash in non-registered accounts which I'm not going to be buying stocks in - just saving for a BIG home repair in the next few years. Those are probably more suitable for these bank brokerage ISAs. Again, just need to figure out where I can buy DYN6004 other than iTrade.
There's no CDIC in the other thread, but they have higher yields and are pretty liquid. Not sure how much in commissions you'd pay to get them, even though I have an IBKR account =/, it's been years lol. 1 cent per share?

I saw IBKR USA has access to mutual funds, but they do not in Canada (no mention of it on their site either). Probably a Big 6 bank protection regulation going on.
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
digitalsky wrote: Can you please confirm that I can buy DYN6000 from Investdirect and that it's commission-free buy and sell? Is DYN6004 also available or is it iTrade only? I want to buy these in my RRSP/TFSA accounts but they are with IBKR. I'll need to either create account with HSBC or iTrade to get DYN600x, just trying to figure out how much fee it takes to transfer cash from TFSA/RRSP from IBKR to another brokerage.
Yes, HSBC let's you buy and sell the series A. It does not offer the series F. My understanding is that itrade and qtrade are the only discount brokers that offer the series F.
Deal Addict
May 3, 2008
2700 posts
1758 upvotes
Markham
Series F is most of the time restricted to full service brokers or the brokerage house that is owned by the issuing bank.
Deal Addict
Jan 29, 2006
1738 posts
174 upvotes
bought some dyn6004 via itrade, status says 'contracted'. anyone knows what does that mean?
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
Sonbuster wrote: bought some dyn6004 via itrade, status says 'contracted'. anyone knows what does that mean?
It means one of three things:

1) They've hired a hitman to put a contract hit on you.
2) They believe you need to be tested at a clinic because you contracted something.
3) They've booked your purchase and it will clear in T+1.

My bet is #3. Winking Face
Deal Addict
Jan 29, 2006
1738 posts
174 upvotes
Optimizer88 wrote: It means one of three things:

1) They've hired a hitman to put a contract hit on you.
2) They believe you need to be tested at a clinic because you contracted something.
3) They've booked your purchase and it will clear in T+1.

My bet is #3. Winking Face
lol thanks Grinning Face With Smiling Eyes
Member
May 31, 2007
201 posts
10 upvotes
Optimizer88 wrote: Yes, HSBC let's you buy and sell the series A. It does not offer the series F. My understanding is that itrade and qtrade are the only discount brokers that offer the series F.
Thanks for the confirmation. I'd have to open an account either way but wanted to consider HSBC as I used to have an account with investdirect about 10 years ago so I'm just more familiar with it (plus a lot of my banking is with them). Their system seem very dated and at the time, making USD trades in registered account means I have to call in every trade to make sure they don't automatically convert my USD to CAD. I wonder if they have gotten any better.

OTOH iTrade has a deal for new accounts which seems to make more sense: https://www.scotiaitrade.com/en/home/ca ... offer.html Interesting that their free ETF has VFV but not VGRO/VEQT etc.
[OP]
Deal Addict
User avatar
Jan 11, 2020
3967 posts
3268 upvotes
Torontois @ 宇宙中心
digitalsky wrote: Thanks for the confirmation. I'd have to open an account either way but wanted to consider HSBC as I used to have an account with investdirect about 10 years ago so I'm just more familiar with it (plus a lot of my banking is with them). Their system seem very dated and at the time, making USD trades in registered account means I have to call in every trade to make sure they don't automatically convert my USD to CAD. I wonder if they have gotten any better.

OTOH iTrade has a deal for new accounts which seems to make more sense: https://www.scotiaitrade.com/en/home/ca ... offer.html Interesting that their free ETF has VFV but not VGRO/VEQT etc.
Mais...ici c'est Canada! We're still using SMS 2FA, and it was recently implemented for some financial institutions. The barrier between a hacker and my Tangerine account was a 6 digit pin before they implemented SMS 2FA recently.

No complaints about Scotia iTrade unless you have to call in. I prefer the XGRO/XEQT/XBAL series anyway, less Canada. I'm sensing a trend here...

Isn't HSBC leaving Canada anyway...again, trend lol...RBC will be taking over. I nickname them Real Bad ****s (though I own their stock ironically, because they're ****s to their clients (like AAPL to theirs)). Of course, I don't use iTrade to buy individual stocks, they suck for that too. Only the the free ETF menu and ISAs. I'll be opening National Bank DB and Desjardin Disnat in a few months when I can collect promo bonuses for selling away my private data for $50/account, and $300 at TDDI.
Deal Addict
Jan 29, 2006
1738 posts
174 upvotes
Optimizer88 wrote: It means one of three things:

1) They've hired a hitman to put a contract hit on you.
2) They believe you need to be tested at a clinic because you contracted something.
3) They've booked your purchase and it will clear in T+1.

My bet is #3. Winking Face
you are correct. it has been settled. thank you Person With Folded Hands
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
Sonbuster wrote: you are correct. it has been settled. thank you Person With Folded Hands
Phew! Glad there was no hit on you, and your don't need to visit the clinic! Winking Face
Deal Fanatic
Feb 17, 2007
6102 posts
2349 upvotes
Mort Réal
Quick follow-up with my DYN6004/5 purchase at iTrade.

I funded the account on the settlement date, which means at no point was my account overdrawn (or, on margin), and yet, 3 weeks later, I see an interest charge posted Today, at an alarming 9% rate. I guess they expect you to leave money there earning nothing while the purchase settles.

Another lesson learned for dealing with Scotia. I'll have to call'em up, again.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
Deal Addict
Jan 29, 2006
1738 posts
174 upvotes
WHO wrote: Quick follow-up with my DYN6004/5 purchase at iTrade.

I funded the account on the settlement date, which means at no point was my account overdrawn (or, on margin), and yet, 3 weeks later, I see an interest charge posted Today, at an alarming 9% rate. I guess they expect you to leave money there earning nothing while the purchase settles.

Another lesson learned for dealing with Scotia. I'll have to call'em up, again.
you didn't fund the account on the day it was purchased?
Sr. Member
Sep 22, 2005
822 posts
220 upvotes
BC
It's T+1 for mutual fund settlement. T+2 for equities.
[OP]
Deal Addict
User avatar
Jan 11, 2020
3967 posts
3268 upvotes
Torontois @ 宇宙中心
WHO wrote: Quick follow-up with my DYN6004/5 purchase at iTrade.

I funded the account on the settlement date, which means at no point was my account overdrawn (or, on margin), and yet, 3 weeks later, I see an interest charge posted Today, at an alarming 9% rate. I guess they expect you to leave money there earning nothing while the purchase settles.

Another lesson learned for dealing with Scotia. I'll have to call'em up, again.
Ouch, I cringe everytime I gotta call them...I once had a 5-hour wait.
I just remind myself that they're incompetent, not malicious. They just gave this unemployed bum (yours truly) another 10k in credit lines =/...Great to be a customer, horrible to be a shareholder I'd imagine. Edit: OMG that's an ugly chart!
Deal Fanatic
Feb 17, 2007
6102 posts
2349 upvotes
Mort Réal
Sonbuster wrote: you didn't fund the account on the day it was purchased?
Why would I? It's 1-day settlement, so I funded it next business day. Same day $ in and $ out.

I routinely fund the account on the day of settlement for equity trades. No reason for it to be different in this case. I try to make my money work for me and not let it sit in an account where it's needlessly earning nothing.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
Deal Addict
May 13, 2005
4014 posts
4038 upvotes
Montreal
WHO wrote: Quick follow-up with my DYN6004/5 purchase at iTrade.

I funded the account on the settlement date, which means at no point was my account overdrawn (or, on margin), and yet, 3 weeks later, I see an interest charge posted Today, at an alarming 9% rate. I guess they expect you to leave money there earning nothing while the purchase settles.

Another lesson learned for dealing with Scotia. I'll have to call'em up, again.
Basically, you want Scotia pay you the interest on the day you buy DYN6004/5 but doesn't want them to charge you the interest if they lend you the money to buy the DYN6004/5 until you cover it.
Deal Fanatic
Feb 17, 2007
6102 posts
2349 upvotes
Mort Réal
X360 wrote: Basically, you want Scotia pay you the interest on the day you buy DYN6004/5 but doesn't want them to charge you the interest if they lend you the money to buy the DYN6004/5 until you cover it.
Incorrect.

I want them not to charge me interest on money I don't owe them, as my available funds were never in the red. They can be my guest if they want to be innovative and introduce same-day settlement, I'd gladly fund the account right then and there.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)