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Limit on number of accounts
December 11, 2019
1:07 pm
RicksBank
Alberta
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Does anybody know if there is a limit to the number of HISA one can open? I like to have at least four. I asked in an email 2 weeks ago but didn't get a reply.

December 11, 2019
1:30 pm
RicksBank
Alberta
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RicksBank said
Does anybody know if there is a limit to the number of HISA one can open? I like to have at least four. I asked in an email 2 weeks ago but didn't get a reply.  

It let me open 3 more HISA so at least 4 are allowed.

Too bad it doesn't seem to support giving account nicknames...

December 11, 2019
4:55 pm
Bill
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Just curious...…..what can you do with 4 accounts that you can't do with one?

December 18, 2019
12:24 pm
COIN
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Bill said
Just curious...…..what can you do with 4 accounts that you can't do with one?  

Maybe trying to quadruple CDIC coverage? Would be really nice if it works.

December 18, 2019
1:05 pm
Saver-Mom
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It does not work like that for CDIC
The total for all nonregistered money is 100k which includes HISAs, GICs etc. Does not matter if they are spread into different accounts.
Check out their website

December 19, 2019
6:42 am
Norman1
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That could work one day if the B2B Bank site were to offer accounts issued by other CDIC members of the Laurentian Bank financial group:

  1. Laurentian Bank of Canada
  2. Laurentian Trust of Canada Inc.
  3. LBC Trust
  4. B2B Trustco

Right now, the B2B Bank site only offers accounts issued by CDIC member B2B Bank.

March 22, 2020
7:01 pm
RicksBank
Alberta
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Bill said
Just curious...…..what can you do with 4 accounts that you can't do with one?  

Sorry Bill, I only saw your question today.

One is emergency money I'm holding for my 96-year-old mother, one is other estate money I'm holding, one is joint (in our minds, not officially with the bank) with my wife, and one is my money which of course might as well be in the joint account (except that I'm free to use it to buy guitars LOL).

Many banks allow for several accounts, usually supporting nicknames for various budget items, savings goals, etc.

March 22, 2020
8:50 pm
Bud
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RicksBank said
Many banks allow for several accounts, usually supporting nicknames for various budget items, savings goals, etc.  

What do u mean nicknames? still only one 100k cdic coverage per multiple nicks?

March 22, 2020
9:27 pm
RicksBank
Alberta
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Bud said
What do u mean nicknames? still only one 100k cdic coverage per multiple nicks?  

My having 4 accounts has nothing to do with CDIC coverage. That was other people's guess. I assume my $100k coverage is for the total of all 4 accounts (but I never even looked into that).

My 4 accounts have nicknames like "Rick", "Mom", "Joint", etc. Nicknames are a lot easier to recognize than trying to remember which account number is which account. Some banks support nicknames; some don't. Tangerine does; B2B does not.

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