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Idle cash on Wealthsimple Trade

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  • Oct 22nd, 2020 10:23 am
Deal Addict
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May 26, 2005
1471 posts
888 upvotes
Winnipeg

Idle cash on Wealthsimple Trade

I'm looking for suggestions on where to stash idle cash in a Wealthsimple Trade account in order to earn interest on it before I put it to use.

Thanks.
7 replies
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May 11, 2014
6582 posts
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Rankin Inlet, NU
PSA.TO 0.62%
CSAV.TO 0.61%

At least it is free to buy and sell. Just keep in mind the interest that accrues often causes the price per unit to go up a few pennies
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Deal Fanatic
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Feb 1, 2006
6494 posts
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Ontario
Do you lose 1-2 cents to bid/ask spread?
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto
minimalist wrote: Do you lose 1-2 cents to bid/ask spread?
Yes, usually 1 cent bid/ask spread. Some brokers, not Wealthsimple though, also charge an ECN fee as you can only get a fill at "market" and you “remove liquidity”. Basically 2-3 weeks of "interest" per round trip are lost due to slippage.
Jr. Member
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Apr 23, 2016
174 posts
63 upvotes
Montr
PSA.TO only on NYSE on wealthtrade so 2% FX commision
CSAV.TO can't find it
HSAV seems legit but i don't know what it is

Wondering now if I should sell everything and move it to HSAV waiting for the second wave
Deal Addict
Jul 1, 2006
1051 posts
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LMM552 wrote: PSA.TO only on NYSE on wealthtrade so 2% FX commision
The wrong PSA then, since this a Canadian ETF in $CAD:
https://www.purposeinvest.com/funds/pur ... avings-etf
PSA is Public Storage on the NYSE ... not what you are looking for.

CSAV: https://www.firstasset.com/solutions/ov ... avings+ETF

HSAV: https://www.horizonsetfs.com/ETF/HSAV#

I don't use WS Trade, but I do have a login. I can confirm the only one of those that shows up is HSAV.
Deal Addict
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Apr 2, 2010
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GTA
I have been digging into this since I have money idle for months in my TFSA, I cant just withdraw and re-contribute without looking room within the year so this is better than nothing.

With that said, PSA and CSAV do not show up, I believe when I contacted them long ago they mentioned something about having some rule around not allowing T-1 ETFs. I think its a clever way to allow us to leave cash in so that they can earn interest, fair since its a free tool.

However I have been able to place a HSAV bid now. I guess that works so I am giving it a try.

Sharing in case it helps.

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