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Brokerage investment savings accounts
June 12, 2024
10:12 am
fsabbagh
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canuckles said

Thanks for the heads up! I've sold and will move back to DYN6000 🙂  

Hi, not sure what you mean by ATL Bonus? Where is this? Investorline?

June 12, 2024
10:39 am
NorthernRaven
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https://www.renaissanceinvestments.ca/products/hisa

They had a 4.55% (now 4.3%) A-series rate posted, but were giving 0.45% in bonus interest from Feb 12-June12 for new money only.

June 13, 2024
1:20 pm
kesa
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June 13, 2024
6:12 pm
Norman1
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Since last update, Scotiabank reduced their rate:

ISA (Canadian Dollars) Rate
BMO High Interest Savings Account (BMT104) 4.75%
Scotiabank Investment Savings Account, Series A (DYN6000) 4.50%
B2B Bank HIIA, Series A (BTB100) 4.40%
Equitable High Interest Savings Account, Series A (EQB1000)
Home Trust High Interest Savings Account, Class A (HOM100)
NBI Altamira CashPerformer Account, Series A (NBC100) 4.30%
RBC Investment Savings Account, Series A (RBF2010)
Renaissance High Interest Savings Account, Series A (ATL5070)
TD Investment Savings Account, Series A (TDB8150)
Manulife Bank Investment Savings Account (MIP510) 4.25%
June 14, 2024
5:39 am
savemoresaveoften
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Looks like CIBC IE blocks BMT104 but not DYN6000 ? IE shows BMT104 symbol not found under the mutual fund section.

June 14, 2024
6:55 am
AltaRed
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savemoresaveoften said
Looks like CIBC IE blocks BMT104 but not DYN6000 ? IE shows BMT104 symbol not found under the mutual fund section.  

The BMT series may only be available to BMO Investorine/Nesbit Burns clients. You really shouldn't care about that anyway. BMT104 will drop to 4.5% within hours or days anyway....it is already overdue by circa 9 days since the BoC drop.

Added: I just checked at BMOIL. It has dropped to 4.5% as of this morning.

June 14, 2024
8:16 am
savemoresaveoften
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AltaRed said

The BMT series may only be available to BMO Investorine/Nesbit Burns clients. You really shouldn't care about that anyway. BMT104 will drop to 4.5% within hours or days anyway....it is already overdue by circa 9 days since the BoC drop.

Added: I just checked at BMOIL. It has dropped to 4.5% as of this morning.  

yeah u r right. Looks like money in brokerage acct highest rate is 4.5% only now.

June 14, 2024
8:21 am
Lodown
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Given the rate declines in Canada, what is a Canadian alternative, with some extra risk, that would payout 5% or more as rates continue to decline?

June 14, 2024
9:05 am
AltaRed
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Lodown said
Given the rate declines in Canada, what is a Canadian alternative, with some extra risk, that would payout 5% or more as rates continue to decline?  

Possibly some BBB/BBB- rated corporate bonds of 5 years duration or more on a total return basis, not just income yield. As the yield curve comes down, existing bonds will rise in price (capital gain from today) to match the yield curve. There should be no investment grade interest based vehicle that will stay above 5%.

Added: I just checked Scotia iTrade's bond inventory for maturities in 2029. A few are just above 5% with a few outliers as high as 6% (mispricing? or inventory clearout?)

June 14, 2024
9:58 am
NorthernRaven
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Scotia lets you buy their F-series ISA, so that's 4.75% now. If you have $500K at Wealthsimple, or $100K and give them your payroll deposit, the Cash account top end is at 5% for now. You can get effectively the same thing from Koho for your payroll deposit as well.

For 5%, liquidity, and some sort of rate guarantee, Hubert's quarterly 1-year GIC is still at 4.9% (over the 1 year), is fully liquid quarterly, and anytime if you sacrifice the current quarter's interest. I used to stash stuff in those until I started getting the WS 5%.

June 14, 2024
11:24 am
Lodown
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I don't think the WS 5% will last. AltaRed's idea of 5 year bonds makes sense. For liquidity, would need to find good ETFs or bond funds that invest mostly in 5 yr bonds.

June 14, 2024
11:31 am
AltaRed
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None of those 5% accounts will last. They simply cannot do so when underlying 30-90 day T-bills https://www.bankofcanada.ca/rates/interest-rates/t-bill-yields/ and BAs https://www.iiroc.ca/markets/canadian-bankers-acceptance-rates and commercial paper, etc that backstop these rates are no longer 5% themselves.

Outliers have no choice but to capitulate sooner rather than later if they wish to remain in business, or use it as a loss leader, or to fund other parts of their business such as credit card float and consumer demand loans.

June 14, 2024
5:54 pm
Norman1
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Since last update, Bank of Montreal reduced their rate:

ISA (Canadian Dollars) Rate
BMO High Interest Savings Account (BMT104) 4.50%
Scotiabank Investment Savings Account, Series A (DYN6000)
B2B Bank HIIA, Series A (BTB100) 4.40%
Equitable High Interest Savings Account, Series A (EQB1000)
Home Trust High Interest Savings Account, Class A (HOM100)
NBI Altamira CashPerformer Account, Series A (NBC100) 4.30%
RBC Investment Savings Account, Series A (RBF2010)
Renaissance High Interest Savings Account, Series A (ATL5070)
TD Investment Savings Account, Series A (TDB8150)
Manulife Bank Investment Savings Account (MIP510) 4.25%
June 28, 2024
6:19 pm
Norman1
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Rates stable since last update:

ISA (Canadian Dollars) Rate
BMO High Interest Savings Account (BMT104) 4.50%
Scotiabank Investment Savings Account, Series A (DYN6000)
B2B Bank HIIA, Series A (BTB100) 4.40%
Equitable High Interest Savings Account, Series A (EQB1000)
Home Trust High Interest Savings Account, Class A (HOM100)
NBI Altamira CashPerformer Account, Series A (NBC100) 4.30%
RBC Investment Savings Account, Series A (RBF2010)
Renaissance High Interest Savings Account, Series A (ATL5070)
TD Investment Savings Account, Series A (TDB8150)
Manulife Bank Investment Savings Account (MIP510) 4.25%
June 28, 2024
10:26 pm
Frieda
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I heard the Bank of Canada is stuck with some Gold contracts.

July 6, 2024
9:54 pm
BK
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With a TD Webbroker account, can you buy BMO BMT104 or ScotiaBank DYN6000, or should you just stick with a TD TDB8150 ISA?

July 7, 2024
4:07 am
NorthernRaven
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TDDI always looks out for its customers' best interests. So you'll see most or all of the other ISA funds listed in their order system, but the non-TD ones are only eligible for sell orders. TD would hate for you to get higher interest on these funds and go spend it on something dubious that would rot your moral character. By having them in the system and letting you sell lets their customers bring over existing positions in these in-kind when you transfer in an account to TDDI. I'm not sure if you do this whether you can set the interest to re-invest in the same fund, or if it can only come out as cash.

TDDI also used to block access to cash ETFs like PSA and CASH.TO, which paid much better than TD's ISA, arguing disinterestedly in a spirit of public-mindedness that large financial institutions are known for that the high rates offered by some of their competitor banks to the ETF sponsors would bring the Canadian banking system down in flames. To be fair, when OSFI tightened the liquidity rules on those and caused the rates to drop some, TDDI has now unblocked those ETFs.

July 7, 2024
6:02 am
mordko
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…but you can buy non-TD MMFs like CIB238.

July 7, 2024
7:09 am
AltaRed
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I think it was more the media shaming, such as https://www.theglobeandmail.com/business/article-banks-block-etfs/ and the government that caused the few big bank culprits to relent than the OSFI change in the rules but regardless, TD, RY and BMO backed off, and that was a good thing.

As Mordko also said though, there is no need to fret about availability of a wide range of ISAs when equivalent or better yielding MMFs are readily available from a number of providers. Perceived need for CDIC insurance (with an ISA) is a red herring, at least for the mainstream MMFs from the big providers such as the big banks.

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