Personal Finance

Where to park cash - Short term

  • Last Updated:
  • Mar 21st, 2021 2:19 pm
Newbie
Mar 16, 2021
5 posts
1 upvote

Where to park cash - Short term

Hello all,

Recently sold my house and the new one won't be getting ready ( pre con ) until December

Any suggestions where can park thr money for the 6-8 months?

Thanks
11 replies
Deal Expert
User avatar
Mar 9, 2007
15618 posts
13276 upvotes
Think of the Childre…
GME TO THE MOON or BTC TO THE MOON!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
Some banks offer GICs for less than a year. If that offers a higher interest rate than a HISA it might be worth it.
Sr. Member
Dec 27, 2005
609 posts
122 upvotes
Toronto, ON
Cheapo-Findo wrote: GME TO THE MOON or BTC TO THE MOON!
May bring them to the roads !
Deal Addict
Jul 11, 2007
1860 posts
890 upvotes
You can get anywhere from 6-12% APY if you're willing to go the Crypto route.

Open Crypto.com account on their App, exchange 1 to 1 with no fee or slippage on your CAD for TCAD. 6% APY for flexible no lock-up and higher if you are willing to lock up for up to 3 months and/or Stake CRO (Native Crypto Token)

Sell your TCAD back to CAD also 1 to 1 with no fees or slippage whenever your term or you need your money. There is however a $3000 Daily Limit and $70000 monthly limit to withdraw through e-transfer back to your bank account.

There is some risk to doing this, but the yield will be way better than what you can get elsewhere. Up to you whether it's worth it, do your own research.
Member
Jun 22, 2009
309 posts
187 upvotes
Toronto
stillmatic11 wrote: You can get anywhere from 6-12% APY if you're willing to go the Crypto route.

Open Crypto.com account on their App, exchange 1 to 1 with no fee or slippage on your CAD for TCAD. 6% APY for flexible no lock-up and higher if you are willing to lock up for up to 3 months and/or Stake CRO (Native Crypto Token)

Sell your TCAD back to CAD also 1 to 1 with no fees or slippage whenever your term or you need your money. There is however a $3000 Daily Limit and $70000 monthly limit to withdraw through e-transfer back to your bank account.

There is some risk to doing this, but the yield will be way better than what you can get elsewhere. Up to you whether it's worth it, do your own research.
Crypto route would definitely get the best returns but trying to show a paper trail of where the downpayment funds came from during mortgage approval would be a nightmare. I've heard stories of lenders trying to trace all transfers between accounts - simply showing the ledger from your sale won't be enough
Deal Fanatic
User avatar
Oct 8, 2006
5666 posts
656 upvotes
Toronto
If you have TFSA room I would put it in there (if interest is good), or HISA. which ever is the better return. you are going until December anyways so withdraw by then. Unless you are using that room for actual investments this year.
Deal Addict
Oct 26, 2003
1436 posts
379 upvotes
Ottawa
EQ 1.5% saving account probably more than any 1 year GIC...
unless there is a high HISA promo soon.

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