Big banks should be used for lines of credits. They have the locations and ATMs for emergency cash. They get what they want (which is interest/fees) and we get what we want. Quick physical cash for emergencies
Thanx for sharing. You raise some great points. With EQ bank I can get cash from any ATM with no charge. When I comes to lines of credit I would say shopping around is important to get the best rate you can.
Heh Vic. As usual you provide excellent commentary. Indeed for many people switching to EQ bank or other alternatives would be good. As you point out more complex banking may be required from the big banks. Appreciate your viewership and comments. Hope you have a great Christmas. 🤶 🎄
EQ offers a lower interest rate unless you set up direct deposit for $2000 or more. Wealthsimple offers a higher interest rate if you don't make that, like if you're a student or something
Yes you need to have direct deposit for EQ bank Wealth Simple is similar. But I am not aware of any increase if you’re a student. If you are please share with the group.
That’s an interesting point. Never thought about it that way. With that said I don’t want to use up room in my TFSA that I won’t invest. Plus I want the money to be liquid. For the taxable portion I put that into my RRSP to deal with the tax.
Hey thanx for the comment. Appreciate it. EQ bank works for me, but there are other choices out there. If you do consider EQ bank I have a link in the video description that you can use.
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Big banks should be used for lines of credits. They have the locations and ATMs for emergency cash. They get what they want (which is interest/fees) and we get what we want. Quick physical cash for emergencies
Thanx for sharing. You raise some great points.
With EQ bank I can get cash from any ATM with no charge.
When I comes to lines of credit I would say shopping around is important to get the best rate you can.
I have both. Seems like we still need a big bricks and mortar bank. For basics…sure …online banks will do but for complex matters need the big six
Heh Vic. As usual you provide excellent commentary. Indeed for many people switching to EQ bank or other alternatives would be good. As you point out more complex banking may be required from the big banks.
Appreciate your viewership and comments.
Hope you have a great Christmas. 🤶 🎄
EQ offers a lower interest rate unless you set up direct deposit for $2000 or more. Wealthsimple offers a higher interest rate if you don't make that, like if you're a student or something
Yes you need to have direct deposit for EQ bank
Wealth Simple is similar. But I am not aware of any increase if you’re a student. If you are please share with the group.
@THECRAZYCANUCKINVESTOR-od4gv No, if you don't make $2000 per month then your rate is better if you go with WealthSimple than EQ. Both are low though
I was curious-why do you keep the cash account in a taxable account instead of moving it to the TFSA?
That’s an interesting point.
Never thought about it that way.
With that said I don’t want to use up room in my TFSA that I won’t invest. Plus I want the money to be liquid.
For the taxable portion I put that into my RRSP to deal with the tax.
I should consider EQB.
Nice video!
Hey thanx for the comment. Appreciate it.
EQ bank works for me, but there are other choices out there.
If you do consider EQ bank I have a link in the video description that you can use.