Digital Banks and the highest rates: HISA, TFSA, GIC?
I am a novice without an income right now, but I do have 18,000USD in a TD US Account. I also have another everyday account with TD with $5000CDN.
With TD, the interest rates are low, and inflation is at 2% right now.
I am interested in countering inflation to protect my purchasing power for the future.
I mostly use cash (instead of a debit card) and online shopping using a credit card (from TD).
I am not against online banking that uses ATM's, especially considering I may be closing my TD accounts.
I am considering a Tangerine Credit Card to replace my TD Visa card (unless you have a better recommendation)?
I am mostly seeking your recommendations for a HISA, TFSA, GIC?
From my research I discovered:
-EQ Bank HISA @ 2.3%: https://www.eqbank.ca/personal-banking/features-rates
However, why bother with a HISA? Can't I just open a standard TFSA (since the interest earnings will be tax-free)?
-Motusbank TSFA @ 2.5%: https://www.motusbank.ca/Accounts/Savings
-Max Financial TFSA @ 2.45%: https://maxafinancial.com/rates/
-Motive Financial TFSA @ 2.4%: https://www.motivefinancial.com/Investments/TFSA
-Implicity TFSA @ 2.4%: https://www.implicity.ca/Products/TFSA/TFSASavings/
-Outlook Financial TFSA @ 2.4%: https://www.outlookfinancial.com/products/rates
-Ideal Savings TFSA @ 2.4%: https://idealsavings.ca/rates/
-Alterna Bank TFSA @ 2.35%: https://www.alternabank.ca/Personal/Eve ... unts/TFSA/
-Achieva Financial TFSA @ 2.3%: https://www.achieva.mb.ca/high-interest ... vings/tfsa
-Wealth One TFSA @ 2.3%: https://www.wealthonebankofcanada.com/P ... s/Savings/
-Hubert Financial TFSA @ 2.25%: https://www.happysavings.ca/rates/
-People Trust TFSA @ 2.25%: https://www.peoplestrust.com/en/peoples ... nts/rates/
-Accelerate Financial TFSA: https://www.acceleratefinancial.ca/products/tfsas
-Oaken Financial TFSA: https://www.oaken.com/gic-rates/
-Duca TFSA: https://www.duca.com/rates/term-deposits/
-SCU TFSA: https://www.scu.mb.ca/Rates
Note: Aside from the standard TFSA, some of these institutions offer TFSA Term Deposits (5 year) with higher rates (up to 3%). I am also interested in that.
And I am also interested in Long-term Tax-Free GIC's (with a comparable rate) but again not sure why I should bother with GIC's, if I can just go the TSFA route?
I'd also appreciate recommendations of what to do with my US funds? I don't want to just leave it in that TD account, as it's not doing anything for me there. And I don't want to exchange all of it (18,000USD) to CDN, because of the exchange rate. I will lose hundreds of dollars. So I am looking to transfer it out of TD into an online banking account, where it can perform better.
I'd like to do the same with with my $5000CDN.
My details: In my 30's, based in Vancouver.