HISA at Qtrade currently available | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
HISA at Qtrade currently available
September 1, 2022
10:36 am
Iminterested
Member
Members
Forum Posts: 17
Member Since:
December 6, 2021
sp_UserOfflineSmall Offline

Hello everyone. I am trying to move money into a HISA at Qtrade and have been receiving error messages. Several of the funds I have used in the past have been denied. Apparently they all had trailing commission fees. I called Qtrade to request a list of available HISA but was told to figure it out on my own. Has anyone had any success moving money into a HISA at a discount brokerage after the new rules came into play? Can you recommend any that have no trailing commission fees. Any recommendations would be appreciated. Thanks.

September 1, 2022
12:03 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

I know of no ISA in a DIY brokerage account that is available in F class (no trailer fee). IOW, you cannot buy the zero trailer fee option in DIY brokerage accounts.

They all have trailing commissions of 15-25bp. However, these ISAs are not considered securities and are excluded from the regulations to eliminate trailer fees. AFAIK, no one is having trouble buying these things at any of the big bank discount brokerages.

Either Qtrade's software algorithms are screwed or Qtrade has decided not to sell these products any more. Could you be more explicit on which of the ones in this link you have tried? https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/ You should be able to buy one or more of the non-big bank ones at a minimum, i.e. MIP, EQB, HOB, HOM

September 1, 2022
1:26 pm
James2
Member
Members
Forum Posts: 6
Member Since:
July 8, 2021
sp_UserOfflineSmall Offline

You may want to check out the following question at Qtrade FAQ: “Which Money Market or High Interest Saving Account (HISA) funds can I buy?” The answer to that question provides several HISA Website Links, including a link for Equitable Bank (EQB). The current interest rate for the EQ Series F personal HISA is 2.45%. You can invest in it at Qtrade by purchasing Mutual Fund EQB1001. Hope that helps!

September 1, 2022
2:21 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

Interesting one can possibly buy F class at Qtrade.

September 1, 2022
3:37 pm
Iminterested
Member
Members
Forum Posts: 17
Member Since:
December 6, 2021
sp_UserOfflineSmall Offline

Thank you for your help. I eventually found and purchased BTB101 at Qtrade.

September 1, 2022
4:21 pm
James2
Member
Members
Forum Posts: 6
Member Since:
July 8, 2021
sp_UserOfflineSmall Offline

Excellent. Can you please tell me the Fund Symbol you used to purchase the BTB101. Thanks.

September 1, 2022
5:42 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

James2 said
Excellent. Can you please tell me the Fund Symbol you used to purchase the BTB101. Thanks.  

BTB101 is the symbol to be used under the mutual fund tab.

September 1, 2022
6:35 pm
James2
Member
Members
Forum Posts: 6
Member Since:
July 8, 2021
sp_UserOfflineSmall Offline

Thanks. Nice to be able to “park” cash at 2.5% at Qtrade while waiting for the “right time” to convert it to another investment type.

September 1, 2022
8:02 pm
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Is one really receiving 2.45% parking in an F-series ISA through Qtrade?

If Qtrade treats it as a mutual fund, then there is a $8.75 commission to buy and again to sell.

September 1, 2022
8:09 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

There are two things at play here. Big bank brokerages do not charge commissions for ISAs sold under the mutual fund platform but collect trailer fees because it is only the A series that they sell. At least some charge commissions to trade mutual funds now though because they have no trailer fees.

I don't know what Qtrade does. I am surprised they would sell F class (no trailer fee) ISAs but if they do, then they just might charge that mutual fund commission fee. I know nothing about Qtrade so maybe someone else can enlighten us.

September 2, 2022
7:02 am
Iminterested
Member
Members
Forum Posts: 17
Member Since:
December 6, 2021
sp_UserOfflineSmall Offline

I was told by the Qtrade representative that they do not charge a fee to purchase or sell HISA funds. I did not see a charge when I purchased BTB101.

September 2, 2022
7:40 am
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

Iminterested said
I was told by the Qtrade representative that they do not charge a fee to purchase or sell HISA funds. I did not see a charge when I purchased BTB101.  

That is because it has a trailer fee of 15-25 bp. That is Series A type fund, not F series ISA. That is the version of ISAs sold by everyone as far as I know to DIY investors. One generally has to have a financial advisor to get Advisor class (F series with no trailer fee).

September 2, 2022
9:24 am
James2
Member
Members
Forum Posts: 6
Member Since:
July 8, 2021
sp_UserOfflineSmall Offline

Mutual Fund EQB1001 is showing as being available for purchase at Qtrade. According to EQ Bank’s website, it is a Series F Fund — https://www.equitablebank.ca/invest-and-save/high-interest-savings-accounts

September 2, 2022
9:27 am
James2
Member
Members
Forum Posts: 6
Member Since:
July 8, 2021
sp_UserOfflineSmall Offline

Additionally, according to B2B Bank’s website, BTB 101 is also Series F. BTB 100 is Series A — https://b2bbank.com/en/banking-services/high-interest-investment-account

September 2, 2022
11:00 am
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

If they can actually be bought, then Series F should be the better choice. However, just because Qtrade lists Series F as available though, it does not necessarily mean they can actually be purchased by a DIY investor. One would only know if it is possible by trying.

September 2, 2022
11:52 am
FastJonny
Ontario
Member
Members
Forum Posts: 44
Member Since:
February 20, 2022
sp_UserOfflineSmall Offline

From the Ontario Securities Commission website:
https://www.getsmarteraboutmoney.ca/invest/investment-products/mutual-funds-segregated-funds/mutual-fund-fees/
'Trailing commissions for mutual funds and ETFs held in self-directed accounts were banned in Canada as of June 1, 2022. Now mutual funds and ETFs with trailing commissions cannot be offered to self-directed investors (DIY investors)."

Perhaps various FI's have been changing things to accommodate new rules.

September 2, 2022
12:04 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2758
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

The ISAs* have never been mutual funds and are thus exempt from the regulations on mutual funds. They are only bought and sold through the mutual fund platform.

* They are CDIC insured savings accounts with T5s issued every March like a bank savings account.

September 2, 2022
12:29 pm
FastJonny
Ontario
Member
Members
Forum Posts: 44
Member Since:
February 20, 2022
sp_UserOfflineSmall Offline

AltaRed:
Sorry got 2 threads intermixed in my mind.
(Income fund over GIC at 5% )

September 14, 2022
12:12 pm
Lodown
Member
Members
Forum Posts: 155
Member Since:
January 10, 2017
sp_UserOfflineSmall Offline

Iminterested said
Thank you for your help. I eventually found and purchased BTB101 at Qtrade.  

It looks like BTB101 is earning 3.0%. Below is from their web page.

Investment Account (HIIA)
2.75%
A Series
BTB 100

3.00%
F Series3
BTB 101

Please write your comments in the forum.