@@allxiee No, I think you have to be at least 18 yrs. old, because Canada laws says you can't open a TFSA account until you're 18 yrs.old and EQ offers TFSA. It's best to call them, they might allow you to open up at least a high interest savings account.
I have the TD chequing account that waives the all banking fees AND the annual fee of the TD First Class Visa Infinite card if you keep $5000 in your account. I've done the math and between the cc annual fee saved ($139) and the cashback/Rewards I get (last year I got $477.55 in free merch using Rewards), keeping that $5k in my checking saved me $616. That's a 12% "return" on my money, which beats the market average, so it works for me to have that money sitting there. 😊
I find using a premium chequing account useful! Generally, you have to leave a specified balance to waive all the fees including an annual credit card fee!
been here in Canada for 5 years and had no idea I had to keep a minimum amount with my bank. Didn't even realize I was paying monthly fees for my checking account until you mentioned it. Thank you for this video!
You convinced me to get Mint! Biggest issue is I don't enjoy having my phone flooded with apps and my phone is pretty antiquated so anytime I'm working, I don't use it as much. But it seems like a helpful way to monitor any spending I do. Thanks!
Question! I'm looking to open an EQ account because they seem great & no fees. HOWEVER they don't offer a debit card and sometimes we do need to be able to access physical cash. I don't want to bank with the big 5 anymore and pay monthly fees for nothing, but I guess I'd need another bank to have a chequing account with to be able to access cash on top of a savings account with EQ. What other banks do you recommend to avoid monthly fees, but still access cash/all benefits of a regular chequing account? Thanks :) PS really loving your content - I've been binging it all morning!
Hey Chantal! Great question - Dennis has been using Simplii Financial for their chequing account (which gives you the debit card!) for a few years now and it's been great - the account is no fee, and they have a bonus of $350 right now for signing up www.simplii.com/en/special-offers/no-fee-chequing-account.html?utrc=A204:1&&click_id=13987806&finteltag=a-27929b-25607c- Hope that helps (and thank you!) 😊
Hi Steph, thanks for the video. Could you keep your emergency fund/potential investments in your TFSA? What would be the pros and cons to that if you can?
@@stephandden looking forward to it. Thank you for all the great information you both share. I’m new to all this and you guys have been such a pillar for me. Wishing you all the best!
Love your videos, would like to see you talk more about ecoconscious banking, ESG investing and making sure your money isn’t used to fund fossil fuels and instead invested in actually sustainable businesses :) really not many videos on that subject out here on youtube !
I wish this type of content was available before, like many I had to learn the hard way and now I feel more confident managing, investing and budgeting my money 👍🏻 thank you Steph ! Great video !
Thank you for sharing Steph. Just wondering how the taxes would work on the interest income received at the end of the year? does that hinder one from saving as much?
Okayyy but can we just sit down and you tell me which buttons I should click and what to put where. I’m saving, but my money just isn’t working for me. Ya kno?
Hey Natasha! We feel you - our 'Every Money Account Explained' video is more high level and may help - also the platform walk through videos, like EQ Bank and Wealthsimple may be more hands on for you too 😊
Great video as always! Considering you may want to get into Real Estate in the future I'm wondering why you wouldn't consider opening an RRSP with Wealth Simple? I'm looking to take benefit of the Home Buyers Plan in the next couple years so my investing is more in my RRSP vs TFSA. Thoughts on this? Thanks :)
Hey! Thank you 😊 We talked about that in our past RRSP video (called 'RRSP Explained: What You Need To Know Before The 2021 Deadline, The Home Buyers Plan & RRSP vs TFSA!')
Banks like it when you have everything linked because they can try to to convince you to relocate allocated fu ds that are growing in one account for other purposed!
Hey Leah! We couldn't agree more - one of our recent videos titled 'Stop Using Big Banks (You're Losing Money)' - really dives deep into the world of big banks and where you should re-consider using them 😊
Wow... Had no idea TD required a minimum $4000 in a chequing account to avoid a fee! Certainly doesn't benefit customers, when they could be earning a return on that money if it were invested.
Yeah they have that policy. I recently switched to TD and the requirement was that I need 4k $ in my CHQ account to avoid a monthly fee. One advantage is that if you're on a work permit, you have 6 months time to accumulate 4k in your CHQ account and you won't be charged a fee during those 6 months.
I didn't know about the 4k in chequing to avoid any fees. They never shared that info with me, or at least if they did - I forgot. However, I think it's an outstanding feature! BMO has the same, but they also have it where if you have 4k in savings, you avoid the monthly fee too.
@@JadenHercules It's definitely nice that there's a way to avoid fees - but there are also other banks that have no minimums for people who aren't able to keep that amount of money there (or would rather invest the difference) - overall the important thing is the knowledge to make the best choice for you! 😊
i want to save for emergency fund, should I open a regular high saving account (eq @2.5%) or a high saving tfsa (eq @3%)? I’m thinking tfsa since it’s higher in interest and it’s tax free? am I understanding the accs wrong pls help 🥲
What does your bank account set up look like? Let us know! ⬇️
It's like this channel can read my mind - I was just thinking of branching out of my current accounts. Great video!
Woo, we're glad to hear that! 😊
This is so helpful! Thank you! As a 16 yr old almost done highschool and will have to move out! This is incredibly helpful, thank you!
So glad this was helpful! 😊
@@stephandden do you think that a 16 yr old in Canada could open an account with eq bank? If so, I'd love to use ur link
@@allxiee No, I think you have to be at least 18 yrs. old, because Canada laws says you can't open a TFSA account until you're 18 yrs.old and EQ offers TFSA. It's best to call them, they might allow you to open up at least a high interest savings account.
I have the TD chequing account that waives the all banking fees AND the annual fee of the TD First Class Visa Infinite card if you keep $5000 in your account. I've done the math and between the cc annual fee saved ($139) and the cashback/Rewards I get (last year I got $477.55 in free merch using Rewards), keeping that $5k in my checking saved me $616. That's a 12% "return" on my money, which beats the market average, so it works for me to have that money sitting there. 😊
I find using a premium chequing account useful! Generally, you have to leave a specified balance to waive all the fees including an annual credit card fee!
That's good to know! Thanks, Emmanuel 😊
Love the transparency, you guys inspired my Wealthsimple Journey
☺️
Woo, we love to hear it! 😊
been here in Canada for 5 years and had no idea I had to keep a minimum amount with my bank. Didn't even realize I was paying monthly fees for my checking account until you mentioned it. Thank you for this video!
We're happy that you saw this video! Thank you for watching + for your comment 😊
You convinced me to get Mint! Biggest issue is I don't enjoy having my phone flooded with apps and my phone is pretty antiquated so anytime I'm working, I don't use it as much. But it seems like a helpful way to monitor any spending I do. Thanks!
Amazing!! We hope you like it - it definitely helps us monitor and stay organized 😊
@@stephandden For sure! Appreciate all of the insight you both have given me and others!
Hi do you have to pay tax on intrest earned in Eq bank saving account, can you house it in TFSA to take advantage of savings on taxes
'm new to Canada, and your videos are very helpful for me.. thank you guys
We’re so happy to hear that 😊 thanks for watching!
I saw your other video about TD e-series, and I did the same. Really helps to know more from you. Thank you so much for your content 😄
Amazing - thanks so much for watching, Arjun! 😊
Question! I'm looking to open an EQ account because they seem great & no fees. HOWEVER they don't offer a debit card and sometimes we do need to be able to access physical cash. I don't want to bank with the big 5 anymore and pay monthly fees for nothing, but I guess I'd need another bank to have a chequing account with to be able to access cash on top of a savings account with EQ. What other banks do you recommend to avoid monthly fees, but still access cash/all benefits of a regular chequing account?
Thanks :) PS really loving your content - I've been binging it all morning!
Hey Chantal! Great question - Dennis has been using Simplii Financial for their chequing account (which gives you the debit card!) for a few years now and it's been great - the account is no fee, and they have a bonus of $350 right now for signing up www.simplii.com/en/special-offers/no-fee-chequing-account.html?utrc=A204:1&&click_id=13987806&finteltag=a-27929b-25607c- Hope that helps (and thank you!) 😊
What’s the age requirement for an EQ personal account? Thanks
Hi Steph, thanks for the video. Could you keep your emergency fund/potential investments in your TFSA? What would be the pros and cons to that if you can?
To clarify, you transferred your TD TFSA to Wealthsimple?
I'm looking to build my wealth and would love to follow your steps. Is there an update for this video?
Great timing - we’ll actually be posting an updated version of this video next week! 😊
@@stephandden I love this, thank you!
Hi there. Did that updated video ever come out re: Simplii and other no fee chequings accounts? Can't seem to find it.
Hi Rahel! Not yet, no! We might end up releasing that in the new year 😊
@@stephandden looking forward to it. Thank you for all the great information you both share. I’m new to all this and you guys have been such a pillar for me. Wishing you all the best!
Thanks Steph! This is superr! Look forward to hearing about what credit cards you use as well.
😊 credit card content coming soon!
Did I make a mistake? I used one of your links that said $150 for signing up, I signed up but did not get the $150. Did I misunderstand you?
Love your videos, would like to see you talk more about ecoconscious banking, ESG investing and making sure your money isn’t used to fund fossil fuels and instead invested in actually sustainable businesses :) really not many videos on that subject out here on youtube !
Hey Myriam! It's definitely not something that's talked about frequently - we'll keep that in mind for a future vid 😊
Look into the TD Every Day Chequing Account too - no monthly fees if you keep an over $3K balance at the end of every day.
Thanks for the suggestion!
Mmm I would still be wary abput keeping 3k in a chequing account thats not growing...
Mint will be gone soon! What are you going to use after January 2024?
What're your thoughts on the Neo Financial's savings account offering 1.3%?
We love Neo Financial! We still have the EQ Bank HISA, but use the Neo cash back credit card 😊
I wish this type of content was available before, like many I had to learn the hard way and now I feel more confident managing, investing and budgeting my money 👍🏻 thank you Steph ! Great video !
Thanks, Camilo! 😊
Hi! Can we get an update?
Thank you for sharing Steph. Just wondering how the taxes would work on the interest income received at the end of the year? does that hinder one from saving as much?
Okayyy but can we just sit down and you tell me which buttons I should click and what to put where. I’m saving, but my money just isn’t working for me. Ya kno?
Hey Natasha! We feel you - our 'Every Money Account Explained' video is more high level and may help - also the platform walk through videos, like EQ Bank and Wealthsimple may be more hands on for you too 😊
This is dope, thanks!
🙌🏾🙌🏻 Thanks, Diego!
Great video as always! Considering you may want to get into Real Estate in the future I'm wondering why you wouldn't consider opening an RRSP with Wealth Simple? I'm looking to take benefit of the Home Buyers Plan in the next couple years so my investing is more in my RRSP vs TFSA. Thoughts on this?
Thanks :)
Hey! Thank you 😊 We talked about that in our past RRSP video (called 'RRSP Explained: What You Need To Know Before The 2021 Deadline, The Home Buyers Plan & RRSP vs TFSA!')
@@stephandden thanks! I'll check it out 🙂
Do you contribute to an employer sponsored retirement plan? If so, do you get a match?
I became eligible for an employer match program not long ago, but I have a bit in there! Den has been contributing for a longer time frame 😊
We have the same TFSA investing goals
🥳🥳 the best type of goals!
Banks like it when you have everything linked because they can try to to convince you to relocate allocated fu ds that are growing in one account for other purposed!
Hey Leah! We couldn't agree more - one of our recent videos titled 'Stop Using Big Banks (You're Losing Money)' - really dives deep into the world of big banks and where you should re-consider using them 😊
Wow... Had no idea TD required a minimum $4000 in a chequing account to avoid a fee! Certainly doesn't benefit customers, when they could be earning a return on that money if it were invested.
Yeah they have that policy. I recently switched to TD and the requirement was that I need 4k $ in my CHQ account to avoid a monthly fee. One advantage is that if you're on a work permit, you have 6 months time to accumulate 4k in your CHQ account and you won't be charged a fee during those 6 months.
I didn't know about the 4k in chequing to avoid any fees. They never shared that info with me, or at least if they did - I forgot. However, I think it's an outstanding feature! BMO has the same, but they also have it where if you have 4k in savings, you avoid the monthly fee too.
@@iamarjunumashankar That's great there's a buffer period!
Exactly how we feel!
@@JadenHercules It's definitely nice that there's a way to avoid fees - but there are also other banks that have no minimums for people who aren't able to keep that amount of money there (or would rather invest the difference) - overall the important thing is the knowledge to make the best choice for you! 😊
Why did you spell chequing like that?!
It's the American way - just gotten in the habit of spelling it that way. 😊
Mint might sell your data, id double check
Second view.
Lol relax
🥳🥳🥳 so quick!!
@@stephandden Very much have enjoyed both of your videos. Keep 'em coming!
Speak Slowerrrrrrrrr!!! Lol I love your content but this one especially sounds like your rushing through it 🥸
Ha, I’m a fast speaker!
$50000 isn’t that much
It’s all about perspective! Isn’t that much for who? At what stage of life? Either way, the amount isn’t the point of this video 😊
It's more then most people and it all depends on your spending habits and it's actually great that she has this amount at a young age
Wow this presentation was pretty annoying.
I couldn’t use wealthsimple bc they asked first hand about the USA security number and I’m in Canada ..may you help me
Hey Iman! That's weird - Wealthsimple is a Canadian platform. Have you tried again? 😊
Borrowell is a window into Equifax, Creditkarma is a window into TransUnion
i want to save for emergency fund, should I open a regular high saving account (eq @2.5%) or a high saving tfsa (eq @3%)? I’m thinking tfsa since it’s higher in interest and it’s tax free? am I understanding the accs wrong pls help 🥲