Invest CASH 💰 In Retirement - Maximum Returns
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- Опубликовано: 13 окт 2023
- Cash is King Make 6% on your high interest savings account, cash is king and high interest savings accounts are easily available in Canada a d the U.S. Stop using bricks and mortar banks that pay less than a quarter of a percent on your savings account.
Go to the online banks that are still federally regulated where your deposits are insured by the Federal Governments in the same way as the big regular banks are. Increase your savings rate from 0.01% to some promotional rates on offer at 6.25% for 5 months. Chasing these promotional rates has become a thing, online forums are reporting on the latest offers, as one ends another springs up.
This is a great way to keep emergency cash making money in this high inflation period. The online banks allow you to transfer funds online between different banks making it so easy to keep getting the latest high interest offer. Cash is king and so chasing better interest rates for your savings is well worth the effort to increase retirement income.
Join us as we outline some of the online banks we are using.
#retirement #retireearly #investing #investment #hisa #highinterestrate #cashisking
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Don't ignore your money once it's in a high yield savings account either. I opened an account and put a chunk of money in a new bank with a 4.5% offer. A few months later I noticed they were offering 5.25% so I called and asked how to get the higher rate. They automatically increased my rate and now I'm earning more without having to move money into a different bank.
Great info Linda we might try calling some of ours up when we see a higher rate have a nice weekend Cheers 🙂💰🍁🥂
Linda, did you use a Canadian or US bank? To my knowledge, no bank / cooperative in Canada offers a higher than 4% for any non-promotional saving accounts. Any promotion based accounts suppose opening an account with a different bank every 3-4 months, when promotion ends & you have to close one account in order to open a new one & transfer the funds. Being on stand-by & continuously hunting for best rates is truly mentally & time (spent with banks) exhaustive.
You don't have to close the account unless you want to go back as a new customer for another promotional period. Chasing promotion rates is only every 4 or 5 months and mostly can be done online.
Norm, you were almost in hot water over the laundry remark (excuse the pun). Always enjoy and learn from these videos. Thanks😀
Glad you enjoyed it have a wonderful weekend Cheers 🙂🍁💰
Absolutely love you both. Just two normal people trying to help others where they can. 🙌🙌🙌
Thank you so much Cheers 💰🙂🍁
They contribute a lot 🙌
Great information Norm & Tina. Thanks very much. Have a great weekend..!!!
Our pleasure! have a wonderful weekend too Terry Cheers 🙂🍁💰
Great advice guys, as usual. We always played the "financial institution game" as business owners. Now that we're "retired" - I look at the process of shopping around for the best rates as my new part time job - from coupons, to points programs - all the way up the ladder. It can be very satisfying to add up your earnings and savings and see how far ahead you are. Keeps the little grey cells active too.
Great stuff Susan thank for sharing have a wonderful weekend Cheers 🇨🇦🍁💰🙂
love this....great idea for an episode....maybe even invited guests to share success stories.
Wow, some great stuff. I was not aware of that. Very appreciate the heads up.
~ Ben, Vancouver ISLAND
Our pleasure! glad you enjoyed it Ben enjoy your weekend Cheers 🇨🇦💰🍁🙂🥂
Thanks for the great info
Our pleasure! have a wonderful weekend Gail Cheers 💰🍁🙂
Good info !!!! Cheers !!!!!
Glad it was helpful! enjoy your weekend Mark Cheers 💰🙂🍁
I follow a group of seniors who jump from promotional rate to promotional rate for their cash. Takes a wee bit o effort but worth it
Old school chat forums. Canada
Sounds great Vic enjoy your weekend Cheers 🙂💰🍁
I appreciate your advice.
Glad it was helpful! 🌺🙂
So true guys! We need to stay on tops of things!
Thanks for watching have a wonderful weekend guys Cheers 🇺🇸🙂🇨🇦💰🍁
Interesting- I will have to start reading the forum you mentioned. My “high interest” account rate is laughable. I don’t keep much in cash for that reason.
Please do Carol Norm finds all sorts of deals not just money 💰 have a wonderful weekend Cheers 💰🙂🍁
Maximizing your savings account interest is another form of retirement income, banks offer promotional rates that can help offset inflation.
I use Ally bank here in the States. Consistently very good, great online tools, never charged a dumb fee, and easy-to-use. The biggest drawback is no cash deposits. Thats the rub. 4.25 for a regular saving acct and there at 5 now for a 9 mo CD. Great video!
Glad you enjoyed our video have a wonderful weekend Cheers 🇺🇸💰🙂🇨🇦
Might want to look into Ally. They aren’t doing so well.
Hi Tina and Norm! 🇺🇸 here. Our big banks after little to no interest rates savings just like you had mentioned. So we’ll keep a thousand or so in it and move the rest to a high yield savings account. My husband retired with a TRAF pension in Canada and we’re able to maintain most of it in a Canadian credit union account that has a high interest savings rate as well.
That is awesome! thanks for sharing have a wonderful weekend Cheers 🇺🇸💰🙂🇨🇦🍁
Make sure to utilize your TFSA in Canada.
I get to Walmart at opening time when store is empty and do a monthly shop quickly.Big dark chocolate bars there for $5.00. Cheers from here!
Sounds a great idea Darryl have a wonderful weekend Cheers 🇨🇦💰🙂🍁
Great video Tina and Norm, high interest rates are a big headache for dividend stocks. Having said that, I wouldn’t seek safety by moving money out of dividend stocks into high interest saving as it comes with reinvestment risks but perfectly fine moving savings from one bank to another for higher interest. Have a great weekend.
Thanks for sharing! have a great weekend Cheers 💰🙂🍁
Agreed. When rates start to decline, you can be sure money will flow back into the good dividend paying companies. Good time to invest in those companies while their stock price is depressed.
Thanks!
Thank you Stephen! Enjoy your weekend bbq
@@ThisIsOurRetirement Going to do Tangerine guys They offer 6 percent for 5 months and are part of Scotiabank A few really good deals out there ! Thanks so much guys , I owe u a pint 🍺 😂
Sounds great Stephen cheers 🍻💰
I love you guys ❤
Thanks so much 💰🙂🍁
Tina was careful with the clothes. Appreciated 👍
Yes she does try to be have a wonderful weekend Cheers 💰🙂🍁
There are cash etfs available that pay around 5.4 percent, a little different from a savings account but saves moving around for promo rates, basically pays as a monthly distribution
Thanks for sharing have a wonderful weekend Cheers 💰🙂🍁
Great video. Wealthsimple also offers 4.5% and it’s not promotional. WS is also cdic insured. I only keep enough in my bank account to cover bills.
Thanks for sharing! have a great weekend Cheers 💰🙂🇨🇦🍁
Wealthsimple is also insured for up to $ 300 k compared to $ 100 k for the banks.
I have to admit, I was cringing through the video as you were discussing moving money out of "big banks" due to low interest....because....you know....that's how they make money. But you did acknowledge at the end that this is the profit they need to pay those 4.8% - 7.1% dividends we all enjoy! Let's hope not everyone moves to online banks.....would hate to see those dividends fall and the ensuing impact to the share price..... :)
The share prices are under pressure
often have to tie the cash up for a year or more to get best rates here
*big like👍Au👀full view always🦘have a great weekend🍺*
Thanks for the visit yes that happens a lot over here too Billy have a wonderful weekend Cheers 💰🍁🙂
same for Insurance , change it every year , save a heap of money !
Funny how that seems to be thanks for sharing Jimmy Cheers 🙂💰🍁
Investing is all balance, cash, stocks and fixed income. Most people cannot will cash to appear instantaneously. Something needs to get sold, sometimes at the wrong time. Better to build a stable house of all three. Cash is king when you have it. Not when you don’t. Cash reserves are built the decade after you become debt free. Before that you are building a stock portfolio because in the long run it beats cash. Even if cash earns nothing it’s still better then not having any.
Thanks for watching and sharing have a wonderful week Cheers ☕️🙂💰🍁
I love you two!
Thanks so much Ann Cheers 💰🙂🍁
Very helpful info. Going to investigate those options. Thanks so much for the advice.🙌
You're so welcome! have a wonderful day Deborah Cheers 💰🍁🙂
We moved about half of our cash into US treasury bills and will move more next year when a couple of CDs mature. Right now we are getting ~5.5% with very little risk. Plus here in the USA the interest on treasury bills/notes/bonds is exempt from state income taxes (5.8%-7.15% where e live).. We do keep a little cash in those low interest accounts offered by local banks so that the money will be handy if we need to buy something on short notice.
Sounds great Todd have a wonderful weekend Cheers 🇺🇸💰🙂🍁🇨🇦
I have some savings in 17, 26 weeks T-Bills and roll them as they mature and I will not pay State taxes, but for several months with some risk decided to put some cash to HIGH etf. So far , so good with their ~9.6% yield... It's not a recommendation, just my approach.
@@Alex-he1vedid the same thing at 9.44% paid monthly as i re-invest the dividends. So far so good!!!
Sounds like you two really are smart with investments ❤️small town USA 🇺🇸
We try to be Cinde have a wonderful weekend Cheers 🇺🇸💰🙂🇨🇦🍁
You have given me so much homework. I will be scouring redflagdeals looking for a place to park cash , while making mashed potatoes this afternoon. BTW, had to look this up, the FDIC insures deposits to $250k US and, if you are a couple and have a joint account, then it's doubled to $500k US. Very comforting . Recently bought BNS which presently pays a 7 percent dividend but understand that there is a risk. The US banks had a good recent reporting week ,and hopefully the Canadian banks won't be too impaired by credit provisions .The other thing is have left or deferred taking money out of the RRSP until RRIF conversion , but not left myself short for some good holidays. Such useful information guys !
Glad you enjoyed it Stephen hope the mashed potatoes and Prime rib taste delicious 😋 Cheers 🙂🍁💰🥂
@@ThisIsOurRetirement 😂👍💕thanks guys!! Have a great week !
It's always helpful that people ( in this case you both) share their research findings on important money matters. Great tips as usual. You are an asset to the pensioner's guild. 👌🇳🇱🙋♀🇳🇿
Our pleasure! glad you enjoyed it Anita hope you are having a wonderful weekend Cheers 🇳🇱🥂🇨🇦💰🙂🍁
Hello Tina and Norm! Thanks again for the great tips! Take Care 😉
Our pleasure! have a great weekend Brenda Cheers 🍁🙂💰
Great advice guys looking at uK accounts for higher interest paying accounts from 0.5 just moved to 5.3. Thanks
Great to hear! enjoy your weekend Martin Cheers 🇬🇧💰🙂🇨🇦
I have been with Presidents Choice, now Simplii for 22 years. But I also have with CIBC. I was happy all along.
Wonderful Cheers 💰🍁🙂
If you are in the US consider US treasuries. They are exempt from state taxes.
Thanks for the tip Philip
Never used simplii before. I’ll check them out. Thanks
Thanks for watching Eva have a great weekend Cheers 💰🙂🍁🥂
We got a few CDs at TD Bank at 3.9-5% interest. I prefer a brick and mortar real bank.
We all have to feel comfortable, we were talking about emergency fund cash that can be accessed immediately. Sounds like you have great rates!
We’re in Portugal watching this video. Thanks for sharing
Thanks for watching! hope you are having a great time it’s raining ☔️ here in Canada Cheers 🇵🇹☔️🍁🇨🇦
The high interest rates are brilliant at the moment but bad news when the tax man wants his share.😮
That’s why we love the TFSA!
Oh I see, I had to look this up. What a great benefit for you guys. We don't have this over here. We have a tax-free threshold of $18,200 per annum. This is the only benefit on offer to us.
😅thank you for this great advice. I just checked and my credit union is only giving me .05%. Whaaat? Appreciate you pointing this out to me!!
Your welcome 💰🍁🙂
I see the dryer is a universal shirt-shrinker!
Yes it seems to be LOL 😂😂 Cheers 🇺🇸🙂🇨🇦
I rate shopped and got 5% on a CD and use a digital savings account on robinhood that pays 4.9% and it’s liquid. Rates are expected to go up in November in the US.
Sounds great thanks for sharing 🇺🇸💰🇨🇦🙂
Hi Tina and Norm :) Your fan Mary here from Toronto,ON. You guys are so cute :) Ok back to the video. I wanted to quickly say HELLO and to wish you and all a great week. I know the video will be epic! Mary :)
Thanks Mary! Great to hear from you today, have an awesome week in TO 🇨🇦
Thank you for your helful advice. I lost i GIC's Going to get a Rental more return on money
I get a good rate on cash within my RIF - 5% on USD and 4.5% on CAD.
Great tip Susan, thank you!
I have a Schwab account and I love it!
That’s great thanks for sharing Paul Cheers 🇺🇸💰🙂🇨🇦
I've told a few of my friends about your video site. Watch them weekly.
I love the candid honesty of the videos.
But as a Canadian who has lived in various continents, I think you should mention one of Canada's oldest companies
The Bay for your shopping needs in regards to many items.
The quality is way better than those American brands and their sale prices now are amazing. (Target blew it in Canada)
AS for Walmart this is a crap employer and not a nice corporation.
You could do better by supporting Canadian firms. Like they did in Germany via Walmart
Simplii was originally PC financial
Thanks for watching and sharing our videos Gordon with your friends , we support lots of Canadian companies have a great week Cheers 💰🍁🙂
Neo and EQ both offer 2.5% in their cash accounts, GIC's are up to 5.5% for 6 months.
Yes they do Mike have a wonderful weekend Cheers 🙂💰🍁
that 2.5% at EQ is starting to sound a little low in this rising interest rate environment.......hopefully they budge soon or I'll have to start looking.....
I just set up EQ and transferred my zero making ctrust, emergency money, to them, paying 2.5%
Then locked it into a short term gic for double that.
It’s so simple and all done on the computer, no phone call necessary just a click of a button.
That’s awesome Teresa we have done that too have a wonderful weekend Cheers 💰🙂🍁🥂
Thank you Tina and Norm for this great financial info. Just signed up for a promotional interest account at DUCA credit union. I love watching your helpful videos. Thank you.
Our pleasure! that’s great Lynn glad you enjoy our videos have a great weekend Cheers 🙂🍁💰
I see the advantage of seeking out the best rate, but I’m one of those lazy folk who takes the path of least resistance and can’t be bothered to keep moving my money around. I don’t get the best rate, but have little outside registered accounts. But I pay no banking fees and everything is at one bank so it simplifies my finances.
Nothing at all wrong with that Murray , everyone has different comfort levels Cheers 🙂🍁💰
In the US you can easily get in the mid 5% area without working up a sweat.
A choice of money markets, CDs, treasury bills, annuities etc. It is easy money, and it is foolish not to take advantage. It just takes a bit of work to find what is best for you. And the stock market has been nobody's friend for several years now, anyway.
BTW, I am older than you guys, and I am not old!
Hmmm I (Tina ) keep telling Norm we are not old LOL have a great weekend Cheers 🇺🇸💰🙂🇨🇦
What’s you view of in the UK, simply buy an annuity. Which you can add any % increase per year from the start. This way I don’t worry about investing, shares, interest rates or even just spending too much of my capital all for the assurance of a regular income for life
Sounds great Stevan but we can’t give advice we are just sharing Cheers 🇬🇧💰🙂🍁🇨🇦
In the US I am brick and mortar credit union all the way. Sorry, I don’t trust purely on line banks. I’ve been in the position of atm networks going down. I get 4.9% on 12 months right now. My ladder is between 4.5-5.5% depending on when I opened the CDs. If you don’t care if it is fdic insured- the brokerage institutions have money markets at 5%.
Thanks for watching and sharing Cheers 🇺🇸💰🇨🇦🙂
There are more than 4,000 banks in the U.S., many of which are community banks that offer very competitive rates, too. Not so many bank options in Canada.
Thanks for sharing Michael have a wonderful weekend Cheers 🇺🇸💰🙂🇨🇦🍁
Our choice is in the 10s ( tens ) here in UK !
BMO Bank of Montreal (big bank, not an online bank) has had a great deal since September on their savings amplifier account. For any new money you put into a Savings Account , you get 5.25 percent interest- no minimum length. You can even keep it there for one day, if you like. This special is only until November 30 at which they go back to the very low rates .So I have been putting all my cash there until November 30, at which time I will transfer the money to someplace that pays much higher interest.
Thanks for sharing Rosemary have a great day Cheers 💰🍁🇨🇦🙂
Just in time! Lunch with Norm and Tina
Great enjoy your lunch Valda and have a wonderful weekend Cheers 🍁🥂
I stopped drying my clothes minus towels and sheets years ago. No shrinkage
Great tip!
Guess that’s the answer 👍😂
Tangerine Bank is a safe option as well.
It is and recently they’ve had a promotional rate on new deposits that is quite good actually. Worth taking a look at for anyone who doesn’t know tangerine.👍
Yes we were with them as ING Cheers 💰🙂🍁
AMEX offers a no minimum savings account with 4.3% now. Sure beats my local .01%
That’s great Cheers 💰🙂🍁
Incidentally, the federal insurance here in the USA (Federal Deposit Insurance Corporation - FDIC) is $250,000 per depositor. So a couple with a joint account gets $500,000 of FDIC insurance coverage on that account.
That’s great thanks for sharing Todd 👍
I am positive it's $250k per account, regardless joint or individual. But you can have as many accounts as you want.
@@Alex-he1ve It is $250K per account class per holder. An individual gets $250K, but joint account gets $250K per person - Go to this link and educate yourself - www.fdic.gov/deposit/diguidebankers/documents/joint-accounts.pdf
Agree. Still for my family is enough to have an emergency savings for about 2 years, which is much less than $250K @@todddunn945
@@Alex-he1veI believe that is correct Alex.
I'm currently getting 5.5% with my financial company.
American Express is paying around 4.3%.
Goldman Sachs is matching American Express.
These money markets in the US are fdic insured up to $250k. I can access my money in about 2 days.
I keep $2k in my bank savings account in case I need it today. They're paying about .01%.
As long as interest rates remain high we will see some decent CD and Money Market rates. I preach to people that they need 4 years of necessary living expenses in cash, so if the market tanks they don't have to sell stocks at a loss. Markets have always rebounded within 3 years.
Thanks so much for sharing we hope you have a great weekend Cheers 🇺🇸💰🙂🇨🇦🍁
This is the boomers version of hip hop. Six months one bank then hip or hop.
😂😂
Hey Norm & Tina!
I wanted to share with you aside from savings rates and investing- well, it sort of is savings on an investment of a well-worn navy blue shirt, Izod brand I think, that somehow got a big greasy stain right on the front center area. It was washed and dried(oh no!!) and embedded the stain. I was going to throw it out, when a kind lady here at Marshall’s(a retail store in the USA) said to try grease cutting Dawn dishwashing detergent, and let it sit for a couple of days. I was skeptical, but tried, and like magic the grease stain is gone! So Norm, just remember that when you and Tina are out partying all night. Stains happen, and Dawn will protect your clothing investment and save you money!
So funny Eric, we switched to Dawn last year, we squeeze a good bit down our toilet in the trailer, smells great! It is probably the best degreaser. Another friend suggested for difficult stains peroxide and that works wonders, especially on red wine stains (don’t ask).
On a side note Walmart in Canada now sells men’s Izod clothing as well as Ben Hogan. Great to hear from you again this Saturday. Enjoy your weekend! 🇨🇦🇺🇸
@@ThisIsOurRetirement sounds like youz guys got it all covered! butt hey, Dawn in the toilet is awaking☀️🚽👍
see ya! 👋 😝
It really works well 🇺🇸🍁🚽🇨🇦🙂
All the big banks and their on-line counter parts seem to have promotional rates at the moment. Right now I am getting 5% interest at the Royal Bank (RBC) which is the biggest of the big banks in Canada. It is an account I already had and it's only a promotional rate that expires December 15th for "new money" deposited. Still, until then I have a bunch of money from the sale of our house sitting there while I figure out where I'll be putting it long term. Currently my account has more than the CDIC insured amount but I am not worried about the Royal Bank of Canada failing any time soon.
We had the same thing when we sold our house , the money just sat at BMO making no interest that’s when we went to EQ. Maybe meeting with an RBC financial advisor might be a good idea to hear what they have to say might help Good Luck 💰🙂🍁🥂
@@ThisIsOurRetirement Thanks. Already on it with my long time independent financial adviser and there are plans in the works.
Still learning about putting my money in good places...have some in a 12 mo CD earning 5%. Some in high yield savings. Curious about the difference between interest compounded monthly or quarterly vs compounded annually. Can anyone explain in dummy terms?
We normally get interest on savings accounts paid monthly, then this compounds each month adding to the total. CD wait until maturity date to post interest.
There is quite a bit of difference. Google on line calculators for interest. Daily, then monthly are best. Quarterly is next and Annually is by far worst.
Will have to investigate this, I’m already with Simplii, on occasion get offered 2.5% promotional interest, never 5 or 6%...what the heck....
Ask for it, they are giving it to existing customers.
Bask Bank in the US is offering 5.10% for a HYS acct.
Sounds great 💰thanks for sharing 🇺🇸💰🇨🇦🍁🙂
I'm all over Costco clothes, top to bottom. Shoes, socks, pants, tops, jackets, and hats. I still get my other stuff from Walmart. There's also Mountain Warehouse for MEC-style active wear for cheap... I'm also planning to go to cash equivalents once I officially retire. Right now I'm early semi-retired and can still make more than especially during high volatility... Lastly, you need to watch out opening too many new bank accounts too often (hopping around), as they each count as hard-checks on your credit file. Every 6 months should be ok though.
Thanks for sharing have a wonderful weekend Cheers 🙂🍁💰🍻
I go to thrift shops and find a better quality of merchandise for less money!
In the U S it’s $250,000 insurance
Cheers 👍
Another great video!! Can a person return in the future after promotional rate is over and account is closed? What has been your experience. I would expect to be locked out if past promotions were used. Thanks
No people do return, possibly a 3 to 6 month period!
I have an online money market account paying me 4.75%. My main bank I have liquid 1 year CDs that are paying me 4.5 and 4.75%. I have started purchasing short term Treasury Bills in my Roth IRA at 5.40%. I may start purchasing Short term Treasuries with my funds in my main bank. 5.4% beats 4.50 and 4.75%
You have a great strategy thanks for sharing this.
Thank you for the online banking tip!!! Guilty as charged; I have $5000 in my rbc chequing account doing nothing. I would love to hear your thoughts on exchanging Canadian dollars to USD. Thank you very much.
Hello Neil, we don’t really exchange Canadian $ because we have a U.S. dollar income stream and have an RBC U.S. account that we draw from in U.S$ so no exchange fees. In the past we have used for larger amounts a money exchange store in Ottawa when we lived there for a better rate.
Tangerine bank offers now one year GIC at 5.70%
Thanks for sharing Claudia 💰🍁🙂
Hi guys, lots of good information 😊
What is the best interest rate on GIC’s for less than 365 days that you have found. Also have you found good interest rates for US accounts in Canada?
Thanks
Tangerine has a US GIC that pays 5.5%
Not sure about the rest.
EQ has a not bad interest on US accounts so we use that as well Gary Cheers 💰🙂🇨🇦🍁
u can easily get US treasury rates in Canada . just need to open eyes and look
Thanks for sharing 🙂💰🍁🇺🇸🇨🇦
I'd be curious how much cash you keep on hand, how many months or years of living expenses? I know some keep at least 3-4 years, some a lot less...
Kinda depends on age and what your living expenses are Barb everyone is different Cheers 💰🙂🍁
I leave my money in dividend paying stocks. I don’t try to time the market. I reinvest 70% of my dividends.
Sounds great if that works best for you Billy Cheers 🙂💰🍁
I went to buy a designer shirt at Macys took to the counter and it was like 105$ I told the forget it not worth it. Designer label made in China. Clerk told me well it is the brand, I forget what it was. I said not worth it. Prefer to spend my money on other things. People buy for status.
Agreed lots do that’s why it’s a great find to get them at Walmart and Costco at a fraction of the cost have a wonderful weekend Cheers 🇺🇸💰🙂🇨🇦
Banks are a rip off. Keep most my money at Vanguard.
Have a great weekend Cheers 💰🙂🍁
Thank you for the video. I have my cash in the big bank down the street. I'm getting itty bitty interest on my savings there. But... I looked into online banks and I guess I'm just afraid. I'd like to earn more interest but I like that my bank, literally down the street, is physically there ..... has an ATM whenever I need some cash. How can I get over that? And how do you get your money from an online bank if you want some that day? Do you have to do a transfer and wait a few days for it to appear in your checking so you can go get it at your local bank? That's what I don't understand.
A lot of online banks have free electronic transfers to your big bank chequing account and many offer ATM cards, EQ Bank does and it's free withdrawls.
@@ThisIsOurRetirementMy wife thought I was crazy when I began shifting $ to an online bank. Took her 2-3 years to become a convert. I would say “Sweetie, this is simple arithmetic “.
Great topic....my Emergency Fund of cash is at a regular bank to keep it liquid/accessible. Would you consider locking it in with another online bank?
We have some of our emergency fund in an online bank, we always like to diversify with 2 or 3 banks. There is no lock in for online banks, money transfers between bricks and mortar banks are generally 24 hours.
@@ThisIsOurRetirement I also looked into opening a TFSA account then buying a 1 yr locked in GIC to avoid paying interest income tax...but sounds complicated
Vanguard Federal Money Market: 5.3% no intro or time frames. hope this helps y'all
Thanks for sharing!
I'm in the UK, so I don't know about Canada or the USA, but I have just transferred a big piece of my pension fund from one place to another and got a much better interest rate. I have got a lot of my pension in cash as I don't believe there is any such thing as a 'quality stock' at the moment. If there is a market correction, it will likely bring down even 'good' stocks. It is a tricky and complex business, but by simply keeping your eye on the ball, you can give yourself an edge.
Very true, being aware of what is going on is important
Great episode guys! Back in the early 90s I moved all of my banking to ING direct. (Now tangerine) but they were the first ‘online’ bank that I’d ever heard of in Canada. No fees was their big thing back then. You make such a great point when you say that online banks are the tool these days to getting a good interest rate on cash. Perhaps the best thing is,it’s SO easy to move money to a new account these days to get the good rate,then move money again if another online bank is offering a better rate. Huge money ‘hack’ …as the kids say…😂
Funny you mention that we were with ING for a few years then closed the account . A few years later we were going to open a Tangerine HSA account for new members they wouldn’t let us as we been known with ING 🤔🤔have a wonderful weekend Cheers 🙂💰🍁
I detest change, but it happens all the time. My money is in TFSAs at 5 percent ... for now! 😮 I do have cash as well. I love ❤️ having it. It is good for emergencies. What protections are in place for online banks? 100k as well? 😮
Yes!
Motive Financial have a 4.1% everyday savings… called savvy saver and are offering 5.75% on a 120 day GIC for new money
4.5% in a cash account in wealthsimple protected by the cidc for 300k.
I’d be retiring/working much less in 5 years, only curious to know best how people split their pay, how much of it goes into saving, spending, or investing? I earn up to $150K per year, but nothing to show for it yet.
A principle that has worked for us is pay yourself first, set up a bank transfer to a savings or investment account after each pay period.
I have been using Simplii for 15 yrs now. There are NO fees whatsoever, free checks etc. Why should we pay $15/mth for no interest savings ???
That’s great info David Cheers 🇨🇦🍁🙂
How safe are on line banks? Are they cdic insured?
One has to be careful these days. 😟
Yes they are up to $100K Cheers 💰🙂🍁
Wealthsimple is 300k cdic insured at 4.5% for cash accounts
Lots of deals to be had with on line banks for your day to day expenses and liquid savings, but please don't lose sight of investments. It should always depend on how long into retirement you are. Investments should be looking at a minimum of 5 years to allow for corrections and for someone with hopefully a number of years to go in retirement, investments are still probably the way to go. Love your channel and mean no disrespect, but you should always seek professional advise with any actions you will take with your retirement savings to maximise your returns
Thanks for sharing have a wonderful weekend Cheers 💰🙂🍁
..and you 2 guys too. All the best
I think it’s insured up to $250k by the FDIC
Thanks Joyce!
Substantial cash is earmarked for tax advantage dividend paying investments. All things equal, I far more prefer dividends. Keep enough for a spontaneous vacation even though it would take a month to save for one. Plenty of funds for dire emergencies.
Thanks for watching have a great weekend Cheers 💰🙂🍁
Norm, if you hadn't taken your frozen UK Government pension so soon you would have got an extra 20% more. I would suggest diversifie and think of inflation. Having cash + gold/silver at home - you will be targeted by burglars!! Minimise risk.
We have health issues that’s why we took the pension early. We do not hoard hundreds or thousands at home.
Actually the bank pays 5% lately as all the rates have gone up. That is term deposits.
Sorry to disagree, the main large banks do not pay 5% on a savings account, they are around 1%. If you see a bank with 5% interest in a savings account it is a promotional rate rate for 3 to 4 months.
@@ThisIsOurRetirementnot even GICs?
Yes GIC’s do but we were talking about cash that might be an emergency fund.
What percentage of cash do you recommend?
It really depends on your personal circumstances and what age you are Beverly have a great weekend Cheers 🙂💰🍁
Durring these very uncertain times, would you move investments money to cash? My husband is going to be 65 in March and plan on retiring, we are afraid of the markets lately.
What are your long term , nursing home plans? How are you planning to finance this?
We have no plans to go in one, we have no family history of this. Our Provincial government pays for some level of long term care.
You would pay tax on earned interest as income.. correct? (ie; you will get a T5 from them)
Yes or dividend income is taxed more advantageous or if you held cash in a TFSA it would be tax free on earned interest.
@@ThisIsOurRetirement Thanks .. so, in the end depending on the income tax bracket one falls in, it may end up being just a hassle as the interests income being chased may dwindle down to nothing or even worse. I think these kind of moves require very careful analysis and planning.
Do you guys invest in gold and silver? 🤔
No but….we do have a gold mining stock Kinross.