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Brokerage investment savings accounts
December 26, 2022
5:01 pm
Norman1
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Can't pull funds into a BMO InvestorLine brokerage account from an external bank account. So, bill pay from or writing a cheque from the external bank account are the only options with BMO InvestorLine.

Scotia iTRADE can pull from a non-Scotiabank bank account. That facility was from the brokerage's earlier E*TRADE Canada days when it wasn't affiliated with a bank.

December 26, 2022
6:03 pm
canadian.100
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Bruford said

I deal with Scotia Itrade, not sure who you deal with. I also have a bank account with Scotiabank, so as soon as I transfer bank to bank to Scotiabank from Tangerine, I can transfer directly to Itrade for trading.  

Is there a hold on the funds in the Scotiabank bank account, before you can move the funds into the iTrade acct?
I believe my funds were on hold for a week in the Scotia Chequing before I could move it to iTrade. That is why I asked about pulling the funds from the external account eg Tangerine directly into iTrade. I gather the Bill Payment method say on Tangerine (to "payee" iTrade) would not be very fast.

December 26, 2022
8:28 pm
Norman1
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Bill pay to a Scotia iTRADE account is fairly quick. One done last year from a non-Scotiabank bank was around two business days.

Not sure why you had a one week hold on funds that were pushed to a Scotia chequing account. Pushing funds is a direct deposit. Usually, no holds for direct deposits.

I've never had a hold on the arriving money when the funds were pushed from my Tangerine account.

December 27, 2022
3:44 am
Bruford
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canadian.100 said

Is there a hold on the funds in the Scotiabank bank account, before you can move the funds into the iTrade acct?
I believe my funds were on hold for a week in the Scotia Chequing before I could move it to iTrade. That is why I asked about pulling the funds from the external account eg Tangerine directly into iTrade. I gather the Bill Payment method say on Tangerine (to "payee" iTrade) would not be very fast.  

For me, I had immediate access.

December 27, 2022
3:47 am
canadian.100
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Norman1 said
Not sure why you had a one week hold on funds that were pushed to a Scotia chequing account. Pushing funds is a direct deposit. Usually, no holds for direct deposits.

I've never had a hold on the arriving money when the funds were pushed from my Tangerine account.  

I will test with small amounts with a PUSH and also with a PULL and see what happens.
Thanks.

December 27, 2022
8:01 am
hwyc
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I think TDDI recently added Interac Request Money method. Perhaps the other big-6 brokerage as well?

December 27, 2022
9:43 am
Bruford
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Interac e transfer is limited to $3K, no? Not good to large transfers.

December 27, 2022
1:35 pm
Norman1
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Limit can be as high as $25,000 per Interac e-Transfer.

But, I suspect it is easier to do a bill payment to the brokerage account or do a push or a pull (direct deposit or pre-authorized debit) than to convince one's bank to up the common $3,000 Interac e-transfer limit to $25,000.

December 27, 2022
9:10 pm
WestCoastPiglet
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canadian.100 said
Can someone who is familiar with moving cash from an external bank account to a discount brokerage non-registered account - is using the "Bill Payment" function on the external bank account preferable to pulling in the cash using "Transfer" function tab in the non-registered brokerage account?
Basically, I would like to know which method actually gets the cash moved the fastest into the non-registered discount broker account.

Also, I realize there is likely to be a "Hold" issue to deal with once the funds get into the brokerage acct before they can be used to purchase some ISAs.  

Bill payments are settled in iTrade non-registered margin accounts the next business day. Typically iTrade website adjusts "cash" (for the value of incoming Bill payment) around 3pm Toronto time.
There is no hold on Bill payments.

December 27, 2022
9:40 pm
Norman1
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No holds is an advantage of bill payments to the Scotia iTRADE account.

Pulling funds into the Scotia iTRADE account can result in a hold on some of the arriving funds:

When will my transferred funds be available in my Scotia iTRADE® Account if transferred by cheque?

  • All cheque/draft or Electronic Funds Transfers (EFT) of up to $5000 can be used for trading immediately.
  • For deposits of any cheque/draft or Electronic Funds Transfer (EFT) of more than $5000 from an account at a financial institution other than Scotiabank, the portion exceeding $5000 must be covered by the equity in the account receiving the deposit in order to trade immediately (some exceptions may apply). Otherwise, any amount above $5000 that exceeds your account equity will become available for trading after 5 business days.
  • Deposits of a cheque/draft or Electronic Funds Transfer (EFT) made to your Scotia iTRADE account that were drawn from another Canadian financial institution may not be transferred out until after 10 business days from the date of deposit. An extended hold of 20 days applies to USD cheques drawn from a US financial institution or US cheques drawn from a CAD financial institution that clear through the US.
December 30, 2022
8:45 am
ca-tech-fire
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Does CIBC Investor's Edge have a HISA mutual fund? I looked here (https://www.cibc.com/en/personal-banking/investments/mutual-funds/savings-funds.html) and found a "Money Market Fund" Class A and F that have 4.74% and 4.79% respectively but I'm not sure if that's the same as the other banks listed in this thread, or what the codes are, and if they have any fees associated with them, or how to buy them.

December 30, 2022
10:19 am
Bill
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It might be ATL5000, try that one.

December 30, 2022
10:49 am
AltaRed
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December 30, 2022
11:39 am
savemoresaveoften
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ca-tech-fire said
Does CIBC Investor's Edge have a HISA mutual fund? I looked here (https://www.cibc.com/en/personal-banking/investments/mutual-funds/savings-funds.html) and found a "Money Market Fund" Class A and F that have 4.74% and 4.79% respectively but I'm not sure if that's the same as the other banks listed in this thread, or what the codes are, and if they have any fees associated with them, or how to buy them.  

That pic my interest. Looks like 1y yield is 1.38% but current yield is 4.7% ?
The 1y yield takes into account yields that were close to zero at the beginner of the yield, while the 4.7% is avg of last 7 days which is also what it will be going forward (barring no change in rates) ? If that is true, this trumps any of the ISA if one is accepting the fact that its not CDIC protected. But CIBC ISA is only 3.7% vs this at 4.7% ?!

I am referencing the US yield btw.

December 30, 2022
12:54 pm
AltaRed
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ISA yields are deposit accounts so they pay whatever the issuer, e.g. CIBC, is willing to pay. What they are willing to pay is based on: 1) the return of the underlying investments CIBC has made to generate income, 2) what the competition is paying, and 3) what Net Interest Margin CIBC wants to keep for themselves.

A MMF is slightly different. It pays out whatever income the underlying investments of the fund generate less the MER of the fund. It is a monthly flow through of 'net cash' the fund generates.

Thus yield to the unitholder will be different between the two types of investment. It could well be that ISAs could pay out more than MMFs from time to time, or that the MMF pays out more than ISAs from time to time. Some folk will prefer the MMF over the ISA since it is supposedly fully transparent, albeit without CDIC insurance.

December 30, 2022
2:40 pm
Bob
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ca-tech-fire said
Does CIBC Investor's Edge have a HISA mutual fund? I looked here (https://www.cibc.com/en/personal-banking/investments/mutual-funds/savings-funds.html) and found a "Money Market Fund" Class A and F that have 4.74% and 4.79% respectively but I'm not sure if that's the same as the other banks listed in this thread, or what the codes are, and if they have any fees associated with them, or how to buy them.  

CIBC's HISA is under the renaissance name.

https://www.renaissanceinvestments.ca/products/hisa

December 30, 2022
3:33 pm
Doug
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Bob said

CIBC's HISA is under the renaissance name.

https://www.renaissanceinvestments.ca/products/hisa  

What AltaRed said, and this. It's good to post this direct link, though, as it provides all Renaissance ISA and GIC products in one place, and it's the source. CIBC uses the Renaissance Investments branding for its book order entry (BOE) ISAs and GICs. 🙂

Cheers,
Doug

January 3, 2023
6:14 am
savemoresaveoften
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Doug said

To add to what AltaRed said, with holding ISAs across multiple currencies, each currency could have a separate fund code, but each may be the same issuer. In this case, if you held DYN6004 (BNS in CAD) and DYN6005 (BNS in USD), you would want to watch your positions, if concerned with going over your CDIC limit, as your CDIC limit of $100,000 applies to both of those together. Remember, CDIC insures USD deposits in CAD funds, and uses the Bank of Canada's noon foreign exchange rate, as a basis of calculating the combined CAD and USD deposit insurance limit. It would only do this, of course, on the valuation date in the event of a financial institution's failure, but if it concerns you, you should still be aware of it. 🙂

Cheers,
Doug  

To expand this further, it appears BNS issues under 5 separate legal entities ?

BNS: DYN6000 BNST: DYN5000 MTCC: DYN3064 NT: DYN3054 SMC: DYN3074

Does it mean one can spread it out to 5 names for a total of $500k CDIC protection even tho its all DYN family ?

January 3, 2023
7:09 am
Bill
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Yes. All you have to do is check the CDIC site listing to verify each separate entity is listed there.

January 3, 2023
7:30 am
savemoresaveoften
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Bill said
Yes. All you have to do is check the CDIC site listing to verify each separate entity is listed there.  

Good to know. It appears the last 3 tickers are restricted to prob Scotia itrade and full service clients only. Given Dynamic is 100% owned by BNS, I imagine going over the limit on the DYN600 fund is equivalent to over CDIC limit of BNS, which I am comfortable with.

Very interesting it seems the generic 6000 is accessible via CIBC IE apparently. I did not expect that at all. I put in a small test trade to see if it goes through and there is no commission either. The imperial service rep said since ISA, no min hold period whether its ATL (CIBC) or DYN ISA.

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