A special 4.75% Savings rate* is coming soon

PhanTheMan wrote: ↑
I've never heard of this until now, very interesting!

My guess is, at least from my perspective, is that money that I'm putting in my HISA accounts is usually money that I need access to quickly (i.e. emergency/rainy day funds, or if I'm looking to make a large purchase in the near future and need immediately accessible cash). CASH.TO and any stock/ETF wouldn't be able to liquidate as quickly not to mention you'd have to pay any trading fees with your bank/brokerage for buying/selling. Then, if you're looking to go to no fee brokerages it makes it even slower to liquidate. Also, 4.78% appears to be the gross yield, with the ETF having a 0.13% MER, equating to 4.65% net yield and not yet accounting for trading fees.

jarfgames wrote: ↑
One thing I am wondering about CASH.TO is how the distributions are taxed… does your tax slip come through as interest income? Return of capital? Obviously can’t be eligible dividends (wouldn’t that be nice).

superskid wrote: ↑How does interest work if you use CASH.TO as a bank account, in and our multiple times a month? Do they compute all daily closing balances?

ZeroCoolZ wrote: ↑ The idea is to buy with a commission-free broker


https://forums.redflagdeals.com/high-in ... o-2574002/

jadoogar wrote: ↑ I received a promotional offer of 5% on all my accounts from Jan. 10, 2023 till May 31, 2023. This includes TFSA Savings, RSP Savings, US$ Savings and HISA accounts this morning in my insights. This is on new deposits as I had emptied out all my accounts. Please check your insights today!

DaVibe wrote: ↑ I want to move a large sum from Scotiabank to BMO for a promotion. How can I accomplish this with no / minimal fees?

EQ account is not in the correct name (my wife) so don't want to use it.

Gommes wrote: ↑ Tangerine has an option to identify external account. You can pull money directly from your external account with a high limit and no fees. I did this when I moved my savings from rbc to tangerine. I don’t know every bank has this option though.

Folks correct me if I’m wrong.

PhanTheMan wrote: ↑ I've never heard of this until now, very interesting!

My guess is, at least from my perspective, is that money that I'm putting in my HISA accounts is usually money that I need access to quickly (i.e. emergency/rainy day funds, or if I'm looking to make a large purchase in the near future and need immediately accessible cash). CASH.TO and any stock/ETF wouldn't be able to liquidate as quickly not to mention you'd have to pay any trading fees with your bank/brokerage for buying/selling. Then, if you're looking to go to no fee brokerages it makes it even slower to liquidate. Also, 4.78% appears to be the gross yield, with the ETF having a 0.13% MER, equating to 4.65% net yield and not yet accounting for trading fees.

superskid wrote: ↑ How does interest work if you use CASH.TO as a bank account, in and our multiple times a month? Do they compute all daily closing balances?

jarfgames wrote: ↑ One thing I am wondering about CASH.TO is how the distributions are taxed… does your tax slip come through as interest income? Return of capital? Obviously can’t be eligible dividends (wouldn’t that be nice).

ZeroCoolZ wrote: ↑ Pretty sure it will be treated as interest income.

There is a tax-optimized savings ETF (HSAV) but it's now closed and therefore sells at a premium.

cruelfork wrote: ↑ Moved all the money to Scotiabank to get 4.65% until April - sadly I didn’t get this from Tangerine - they probably will send an email soon to push me to get my money back into Tangerine lol - I keep playing this game - I have seen they email me when they notice I moved my money to a different bank - been doing this for over 1 year now to get promotional interest rate

ssiu wrote: ↑ I accepted the 4.75% "all balance" offer. 5% is better than 4.75%, but my guess is that even if I had not accepted it, it will sit there as an open offer until Jan 31, making it impossible to also receive this 5% "new money" offer.

DaVibe wrote: ↑ How would you determine interest earned, when you are talking only months in the account like this?

xFRUGALITYx wrote: ↑ Completly done with tangerine, I dont get offers, not through email, not through the app, not through the website, nothing, tired of chasing for savings lotto with them.

asbraich wrote: ↑ Amount invested x (0.0475/Days) = Interest

Roughly anyways. You'd get interest on the interest every additional month but that's not gonna move the needle much.