Investing

What can you do with $300,000 for short period of time?

  • Last Updated:
  • May 31st, 2019 1:48 pm
[OP]
Newbie
Dec 9, 2009
32 posts
17 upvotes

What can you do with $300,000 for short period of time?

So we sold our home, got $300k back, looking for new one but don't know how long it will take, can be 1 month, can be a year till us find something.
Any suggestion on what to do with the money meanwhile?
Definitely something risk free and the funds can be accessed easily... saw Menulife is offering 3.25% high-interest account, is that a good option?
TIA!
5 replies
Jr. Member
Dec 15, 2005
132 posts
25 upvotes
Toronto
the lowest risk is GIC , but is locked-in as per contract duration. Could be 1 to 3 years for a certain percentage.
if they are offering you 3.25% high-interest account; depends on conditions.

in my opinion i would think TFSA since there is both of you and put it in income category. however you don't have a time frame so you could be charged with short-term trading if you keep it under I believe 30 days. you need access to that money right away and you don't have a time line. there is nothing that can be advised here in my opinion.
Newbie
May 25, 2019
29 posts
8 upvotes
3.25% is not bad for short term savings. Definitely use tfsa to shelter some of the income.
Neighbour Joe
FIRE Blogger
Slowly But Wealthy
Newbie
May 22, 2019
25 posts
11 upvotes
Yes just use tfsa for high interest savings. You need quick access to money and dont want to lock it
Deal Addict
User avatar
Dec 8, 2010
2459 posts
879 upvotes
Whatever you do, make sure you are CDIC covered for the full amount, just in case. Eg use 2-3 banks, I forget how it works for couples/joint accounts.
Member
May 2, 2019
429 posts
489 upvotes
Vancouver
Saving account it is. 3.25% is perhaps the highest. Multiple banks offer promotions around 3%. Check the terms, it is usually limited to 3-6 months, after which you may want to try another bank if you want to maximize the interest.

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