Personal Finance

What’s the best place to park cash without switching bank accounts every 3 months

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  • Sep 15th, 2018 1:19 pm
Sr. Member
Jan 30, 2017
747 posts
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What’s the best place to park cash without switching bank accounts every 3 months

I see a lot of people moving from promotion to promotion trying to get as much as interest as possible.. good on them but simply a lot of people don’t have the time

What’s the best place to park cash and just let it sit and when it comes time to use it you can transfer it to one of your main stream banks

From my research it’s EQ Bank at 2.35 % but maybe meridian or some special offer out there?

If it makes a difference it’ll be less then 100k

Thanks
6 replies
Deal Addict
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Mar 23, 2009
1110 posts
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Toronto
EQ Bank is 2.3%; I believe Hubert leads at the moment for day-to-day rate at 2.35%
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Dec 2, 2009
430 posts
62 upvotes
BC
It's hard because banks seem to change their rates so often, so if you truly want the best rate, you'll have to keep transferring money.

that being said, from my experience EQ bank seems to always have competitive rates, so they might be the best one to park cash with.
Deal Guru
Aug 5, 2006
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Global Village
You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
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Tangerine, Meridian, EQ Bank, Simplii, CIBC Investor's Edge
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May 8, 2009
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Going to the Moon
scoper wrote: You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
+1
  • Simplii & Tang
  • DUCA (ON only)
  • Meridian (churn for $100 WB). You'd have to park big money to justify the HISA intro promo rate, despite it being taxable
  • Achieva Financial ($1/month, $25*4 referral cap). They have same rate for HISA as TFSA, and can park minimum balance in TFSA
  • EQ as fallback
  • Some ppl like RBC (promo rates for big minimum balances at CIBC and TD CT as well), but I don't like big bank HISA's unless it's to pay CC's with same FI
  • Steinbach CU, the TFSA king, currently at 2.7% - but it's unconventional...no term, but interest paid annually and $3 withdrawal fee
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Aug 10, 2015
345 posts
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Toronto
scoper wrote: You should keep in mind inflation is now at 3% and you want your investments to keep up with the higher cost of living. That's why it makes sense to look at 2-3 digital banks, link them and transfer savings to the highest bidder. Tangerine, EQ, Meridian are good starting points, maybe Simplii come Nov.
If you do that between TFSA do you have to pay anything like a "transfer fee" and does it count towards "withdrawl" for the year?
Deal Guru
Aug 5, 2006
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Global Village
viiveyy wrote: If you do that between TFSA do you have to pay anything like a "transfer fee" and does it count towards "withdrawl" for the year?
With tfsa $ if you "transfer" $ to another tfsa bank account then there is a transfer fee. The smarter move is to withdraw all tfsa $ you have in savings accounts by Dec 31st every year, that way you can deposit it all back to any bank's tfsa Jan 1st onwards with no fees or penalties.
All day I dream about sports

Tangerine, Meridian, EQ Bank, Simplii, CIBC Investor's Edge

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