- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Moving Emergency Funds to Higher-Interest Accounts
After over 15 years of keeping my emergency funds in a TD account that offered minimal returns, I made the decision to transfer those funds to Tangerine 6 months ago. I have been enjoying the benefits of the 6% promotional interest rate during this time.
However, with the promotional interest rate soon coming to an end and reverting back to the standard 0.7%, I am now searching for the next promotion that I can capitalize on. Currently, I am considering Simplii and Scotia Bank as potential options for maximizing my returns.
Many individuals engage in bank hopping to take advantage of similar promotions. However, it is important to consider any potential downsides, such as credit impacts, that may arise from this strategy.
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****** just grabbed a
I’m happy with my 4.5% at wealthsimple. Too much of a PITA for me to chase interest rate promos.
I currently have 6% with Tangerine, expiring April 30th (today). A few days ago they sent me an email promising a 5.25% rate from May 1st to July 31st if I keep my deposits in place. I think it makes sense to do that. Anyone else get a similar email?
I leave my money in EQ. Overall too lazy to transfer $ back and forth.
Motive pays a non promo rate of 4.1%. They’re definitely not a fancy bank but if you just want to stick your money in an account and forget about it, it’s decent enough.
Downside – time investment and keeping track of things
Credit Impact – None, unless you apply for things like a credit card (or over-draft protection?)
Go the extra mile and read up on new account promos for chequing as well if you can. Also, use third-party rebate sites for additional bonuses when you open these accounts. I use Great Canadian Rebates for the same. So far so good. If you need a referral code (*You can sign up without a referral* – you get the same rewards. Using a referral just nets the referrer some money).
We do this with our down payment savings, we swap it between a joint account in Tangerine when my promo is ending to my spouse (who usually has a promo) then wait for the next promo on my account, and swap it all back. All told takes about 45 seconds.
Another option is WealthSimple has a decent everyday amount as well if you don’t want the “hassle”
Pick your battles though. If you’re doing this with a few thousand dollars it may not be worth it.
Used to be in a payroll position. People would start doing this for sign-up bonuses. It ended up being a huge issue with missed cheques and payments, etc etc.
Ended up having a policy created where you could only do it once per calendar year
Move it out (to another Tangerine account) on the last day or two of the promo.
Wait a week or two and see if they offer a new promo.
That is the easiest, at least.
Wealthsimple cash 4% -5% or if in TFSA Wealthsimple managed TFSA HISA 4.8% after fee, CASH.TO etf or CBIL etf both are 4.67% ( last time I checked could of changed)
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Money market funds will continuously provide those rates. Like cash.to or TDB2913
Tangerine gets sneaky each renewal and it’s whatever you had at the time of accepting the offer
Most banks/brokers have some kind of money market funds, completely liquid, paying slightly under BOC rate. TD’s is TDB8150, paying 4.55%, USD equivalent is TDB8152 – 4.90%. The only drawback is that buy/sell is not instant, up to 48 hrs.
For tax purposes interest is paid monthly and receipt issued yearly
https://www.highinterestsavings.ca/chart/
EQs 5.35% 1 year TSFA GIC is good for me.
My credit union (Vancity) offered 6% promo, moved fund their for the period, but I just moved my TSFA back to EQ.
I been happy with the Neo HISA at 4%. It’s good enough for me as it’s always a hassle to transfer
I’m in CASH.TO for now
If you have a cash or TFSA account in TD Direct Investing, parking those funds in TDB8150 is a good option.
I’ve been getting 4.55% with TD. ISA fund TDB8150, held in my TFSA so no T5 tax slip issued and CDIC insured.
That 6% at wealthsimple net of taxes is below 4.55% for me so I avoid holding cash in non registered.
If you have a spouse, get them to open a Tangerine account. One of us always has a promo rate offer just as the other’s is ending. Back and forth the money goes…
I’m curious how much money you’re doing this with. If you’re going it with 100k or more, it seems a worthy pursuit. Otherwise, it seems like a lot of work to earn taxable income that probably doesn’t add up to much.
TDB8510
You have to have literally a million dollars to get a decent rate at Simplii. The Scotiabank 6% is promotional, 3 months. If you want to bank surf or “churn” as they say, then take Scotia for 3 months and then park it at somewhere like WealthSimple or Neo which both offer 4%.
Unless you literally have a million dollars, but then I wouldn’t be asking questions in a Reddit finance group if I were in that boat.
Edit to add, since you mentioned Simplii: if you don’t have a million dollars and consider any rate above 1% to be good, then EQ still beats Simplii at 2.5%. So I personally wouldn’t be considering Simplii for savings. But that’s just me.
move ur tangerine savings to ur chequing and start moving it out to another bank
they will send u another promotion within a week
I’ve been doing this over the last year over a handful of FIs for 5-6% HISA rates – DUCA, Tangerine, Simplii, Scotiabank and BMO. Might do CIBC next, or BMO depending on what their next promotion is (current one is 5.5% til the end of May, was open to existing customers). I like that the funds are not locked in a GIC. Also more FIs offer push notification alerts to keep you aware of any withdrawals.
Some FIs might do a credit check as part of opening a profile as a new customer but I’ve never personally experienced it done. Simplii advised that before opening an account a credit check would be done, but I never saw any Inquiries on my credit report (checking on CreditView).
It’s a PITA. For one thing, it isn’t always easy to move large sums from one bank to another (Tangerine is great for transferring out, but with CIBC [for example] you’re limited to Interac, wire transfer or bank draft), and you might find yourself with no more promotions to chase.
Another issue is that different banks’ HISAs work differently. For example, you can’t deposit or withdraw from Scotiabank’s HISA without also having another regular Scotia deposit account. So now you’re opening two accounts, meeting conditions (if any) to avoid monthly fees, getting a debit card, etc.
Eventually I wound up putting the non-registered part of the downpayment money in a variable-rate redeemable GIC at CIBC. Was 5% at the time I opened it, currently 4.5. Very flexible product, you can cash it piecemeal in chunks as small as $1,000 (which I have not done so cannot say for sure that it’s a smooth process, though I’m pretty sure it’s not something you can do yourself online).
Now, for every $100K this returns $1000-1500 less than a 6% deposit. So if you have a lot of non-registered cash it’s suboptimal. But I got tired of the chase…
No credit impacts, but I’d suggest going to Scotia’s [Momentum plus Savings Account](https://moneygenius.ca/banking/savings/scotiabank-momentum-savings-account). It’s been pretty handy for me personally for the promotional offer. Otherwise [Neo](https://moneygenius.ca/banking/savings/neo-financial-high-interest-savings-account) has a great interest rate as well that’s pretty consistent.
I keep mine in a tsfa but just chilling there,
With motive financial @4.1% moving it is too much work for me
Keep in mind that scotiabank offers 2.65% interest on their momentum plus savings account, and you get a lower rate than that if you withdraw your savings before the premium period (you can choose from 30 days, 90 days, 180 days, and 360 days). Also, you have to keep minimum $5,000 if you want to waive your $30 a month chequing account fee, and a minimum of $6,000 a month if you want to waive the $30 a month fee plus get a free $120 voucher for your scotiabank credit card.
Also, they do offer GICs around 5% so there’s that. Otherwise if you want more liquidity, open a wealthsimple account for a guaranteed 4% interest, and 4.5% interest if you set up your paycheque deposit with them I believe.
If you open a Webbroker account at TD you can buy their TDB8150 fund. It has no in or out fees, and currently pays 4.55%. You may get a touch more with CASH etf but not much. I think ScotiaBank pays the most in their similar High Interest Investment Account. I can’t be bothered to chase around temporary promotions. Here is a table of what is available in this category.
[https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/](https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/)
I play Tangerine; pull all your money out a month before the promotion ends, wait a month for them to send you a new offer, put all your money back in, profit!
Or switch to wealthsimple and don’t play their games 😁
Pull the cash into your Tangerine chequing account before the day is done, whenever a new promotion starts they only look at savings accounts balances. So moving between chequing and savings accounts would give you the promo rate.
People should stop pandering to those predatory “promotional” interest rate. They want you do to the juggle because they expect more people to just transfer in and forget. Buy CASH.TO or just use WS full stop. Stop encouraging them to do shit like this.