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Brokerage investment savings accounts
November 11, 2022
9:22 am
ca-tech-fire
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Norman's chart is awesome ,but I want to point out that Scotia ITrade has a no load ISA with 3.8% interest, the DYN6004, that is better than the DYN6000, because the DYN6000 has a 0.15% trailer fee.

ScotiaISAs.png

November 11, 2022
10:01 am
AltaRed
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Yeah, but Norman's chart is all about Series A as he specifically states. Most, if not all, of the brokerage ISAs have an F version.

The only differences are under what conditions can an investor access F series. In many cases, it is only if an investor has a third party financial advisor type account OR maybe a commission based transaction OR certain brokerages that allow the DIY investor to access F series.

We know Scotia iTrade account holders can access the DYN F series as one example and I know BMO Investorline account holders cannot access the BMT F series. I don't know about others.

November 11, 2022
10:55 am
Bob
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AltaRed said
Yeah, but Norman's chart is all about Series A as he specifically states. Most, if not all, of the brokerage ISAs have an F version.

The only differences are under what conditions can an investor access F series. In many cases, it is only if an investor has a third party financial advisor type account OR maybe a commission based transaction OR certain brokerages that allow the DIY investor to access F series.

We know Scotia iTrade account holders can access the DYN F series as one example and I know BMO Investorline account holders cannot access the BMT F series. I don't know about others.  

CIBC Investors Edge cannot buy the Renaissance HISA F series

November 18, 2022
9:30 am
Dean
Valhalla Mountains, British Columbia
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.
Update . . .

    TDDI ISA-US$ (TDB8152) now @ 3.40%

Dean

sf-cool " Live Long And Prosper " sf-cool

November 18, 2022
6:39 pm
paul99
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AltaRed said
Yeah, but Norman's chart is all about Series A as he specifically states. Most, if not all, of the brokerage ISAs have an F version.

The only differences are under what conditions can an investor access F series. In many cases, it is only if an investor has a third party financial advisor type account OR maybe a commission based transaction OR certain brokerages that allow the DIY investor to access F series.

We know Scotia iTrade account holders can access the DYN F series as one example and I know BMO Investorline account holders cannot access the BMT F series. I don't know about others.  

hi guys. i'm new to this (great) forum, so if i respond to AltaRed incorrectly, i apologize.

i have had a Scotia iTrade account for many years. and have used their DNY6000 vehicle to hold cash off and on. i've never been able to find out from Scotia iTrade what rate DNY6000 was paying. so, digging on the internet, i came up with your link https://www.highinterestsavings.ca/forum/general-comparisons/brokerage-investment-savings-accounts/page-5/

this prompted me to call scotia iTrade and ask what the conditions were on the Series A vs Series F funds, because i was always told (as noted by AltaRed) that i could not access Series F funds (restricted to advisors). the iTrade advisor told me that in March 2022, the OSC made a decision that Series F funds should be available to all.

i assume that what the OSC was saying, is that if an individual has a self-directed account, and doesn't use an advisor (that is due a fee for service), then that individual should have access to the same rate, and not be penalized the fee that would go to an advisor. however, i have not been able to find the decision on the OSC website for clarification.

today i booked some funds to DYN6004, an F Series fund, and the transaction went through. with Scotia iTrade, that's about the only way you can find out if a fund is available or not, because the people at the end of the phone line will tell you nothing about the fund, or it's availabilty.

i hope this helps to clarify the Series A vs Series F fund confusion. if anyone has a simplified explanation of the OSC March 2022 decision, i would like to see it.

thanks for your patience, and i apologize in advance in case i am on the wrong forum, or suggesting the incorrect info. i'm new here, and only trying to help out.

a good theme song for this forum may be Kenny Rogers' "know when to hold 'em, know when to fold 'em, ....." i tried to attach it, but couldn't figure that out.

have a nice weekend. paul

November 19, 2022
7:26 am
AltaRed
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What you are referring to is the March 2022 OSC ban on trailer fee mutual funds being sold at DIY discount brokerage accounts commencing June 1 2022. There are numerous links on this matter such as https://www.advisor.ca/news/industry-news/osc-adopts-measures-to-facilitate-trailer-fee-ban/

That ban though is for mutual funds as an investment vehicle. The ISAs are deposit accounts, not mutual funds. They only use the mutual fund platform to facilitate transactions (buy/sell) of ISAs. They are thus not covered by the regulatory ban.

I think what Scotia iTrade decided to do was to simply include their ISAs under that umbrella to simplify their own processes and to avoid having to explain to customers why ISAs were not under that trailer fee ban. Whatever their reason, they clearly chose not to advertise (articulate) it and unless an investor made the effort to try and purchase the F class versions, they were happy to let the investor stay in the A series versions. I am glad I heard about it here and switched to F series a few months ago and effectively boost my yield by 10-15bp. It is not much but it all counts.

It appears Scotia iTrade may be the only one, or one of the few, of the discount brokerages who will allow their clients to buy their in-house F series ISAs.

November 19, 2022
9:23 am
Norman1
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The Scotia iTRADE situation may not be intentional.

All the series F mutual fund codes were enabled. But, it was not realized that one of them was for series F "units" of an in-house ISA. ISA's are not mutual funds.

As AltaRed mentioned, the trailer ban only applies to mutual funds. The order-execution-only dealers can still be paid trailers on other products, including deposits in the form of ISA's.

IIROC: OEO Trailer Ban and CSA: Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices… have the legal text of the changes.

November 19, 2022
10:44 am
Doug
British Columbia, Canada
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AltaRed said
What you are referring to is the March 2022 OSC ban on trailer fee mutual funds being sold at DIY discount brokerage accounts commencing June 1 2022. There are numerous links on this matter such as https://www.advisor.ca/news/industry-news/osc-adopts-measures-to-facilitate-trailer-fee-ban/

That ban though is for mutual funds as an investment vehicle. The ISAs are deposit accounts, not mutual funds. They only use the mutual fund platform to facilitate transactions (buy/sell) of ISAs. They are thus not covered by the regulatory ban.

I think what Scotia iTrade decided to do was to simply include their ISAs under that umbrella to simplify their own processes and to avoid having to explain to customers why ISAs were not under that trailer fee ban. Whatever their reason, they clearly chose not to advertise (articulate) it and unless an investor made the effort to try and purchase the F class versions, they were happy to let the investor stay in the A series versions. I am glad I heard about it here and switched to F series a few months ago and effectively boost my yield by 10-15bp. It is not much but it all counts.

It appears Scotia iTrade may be the only one, or one of the few, of the discount brokerages who will allow their clients to buy their in-house F series ISAs.  

It could also be a passive way for Scotia iTRADE to attract new deposit business for the bank in a low cost way, and, additionally, to maintain and even gain market share at the expense of competitors with commission free trading offerings.

Cheers,
Doug

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