What would you do with $20,000 USD

What is your timeline?

If your plan is to pay down mortgage why are you waiting? Why not do it now once converted to CDN?

speedyforme wrote: ↑ What is your timeline?

If your plan is to pay down mortgage why are you waiting? Why not do it now once converted to CDN?

Specifically because it’s a big chunk of my emergency funds. I’m waiting for the bank to call and ask for me to put a lump sum on my mortgage vs paying it proactively.

If there’s a way for me to earn $500+ from that money in the short term I’d rather do that.

BigSea16 wrote: ↑ Specifically because it’s a big chunk of my emergency funds. I’m waiting for the bank to call and ask for me to put a lump sum on my mortgage vs paying it proactively.

If there’s a way for me to earn $500+ from that money in the short term I’d rather do that.

The only way is to place it in one of those promotional high interest accounts. Like targeted ones or a new bank account ones where they offer 4-5% interest for several months.

Otherwise there is no where else to put it

speedyforme wrote: ↑ The only way is to place it in one of those promotional high interest accounts. Like targeted ones or a new bank account ones where they offer 4-5% interest for several months.

Otherwise there is no where else to put it

That’s just not true

Convert it to CAD using Interactive Brokers if you have an account (probably not, but you should lol), or through Norbert's Gambit at your other discount investment brokers. That way you pay no exchange fee, but around 10 bucks, you will lose maybe 0,02$ cents for every 13,84$. Interactive Brokers is pretty damn close to spot supposedly. I never did this on my own, but I have an account.

Then take that money, take advantage of the TDDI promo, you'll get $350 from this using $3300 - you can claim 4.05% interest while you wait for the promotion period to expire (you have 7 days for this). Also, EasyTrade has a $150 account opening promo, you will need around $800 to execute this. These payout by end of the summer. So decent return. Questrade also has a PAD ... which I should inquire about now actually... That's another $150.

HSBC also has a promo to open a chequing account for $400, and you can open the chequing account with a $80 GCR rebate and a savings account for an $80 GCR rebate. You will need to tie up $5000 for a year, but you can just put it in a 5% GIC while you wait.

Other than that tapping the promos, I would pay the mortgage as it is a guaranteed return of what looks like relatively exorbitant interest rates (vs. past decade).

I'm very crooked and like to tap free money where I can, mostly because I don't work lol but I still have money from when I last did lol...

Just stick it in PSU.U on tsx

currently paying 4.7%, will get you around $80/month on 20,000.

https://www.purposeinvest.com/funds/pur ... -cash-fund

I have good friend in Nigeria.

I can send you his email.

You won't find better opportunity.

If it's an emergency fund, then keep it in cash.
Put it in a GIC (multiple ones you can cash out early) or promotional interest savings account (tangerine 4.5-5%).

Putting it anywhere else means it's no longer your "emergency fund".


The best way (lowest fee way) to convert it from USD to CAD is to use Norbert's Gambit.

Haitao wrote: ↑ I have good friend in Nigeria.

I can send you his email.

You won't find better opportunity.

LOL

Hookers and blow before you email him for this great opportunity.

Invest it in SP500 for next five to 7 years.
Hopefully it doubles by then.

Just buy TDB8152, current rate is 4.08%

I would go with Tangerine USD High Interest Savings Account!