Not sticking around for National Bank - where to go? | Page 2 | Motive Financial | Discussion forum

Quite a scathing G & M newsletter by Rob Carrick about this just arrived, I hope this can be opened:

https://secure.campaigner.com/csb/Public/show/e7a4-2xkj0w--19ypbl-gzq14p45

And of course I hope his conclusion that National has no interest (sic) in this market is wrong.

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Interesting Stats ⬆, Norman.

I knew the Big Banks were still the Biggest Part of the banking world here in Canada, but I had No idea how small the Digital-Only FIs remain to this day.

In the end, even though they're a Big part of banking for us here on these forums, the Digital-Onlys are still just 'Small Potatoes' compared to the Brick & Mortars.

Dean

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Ditto ⬆

Thanks Dougjp,

Dean

hwyc said
People are still used to think rates from last year. There is nowhere to go, we'll be looking at a rate difference from 0.25% to 0.50% among the pack.

... Is Motive the only bank you have?  

Got a different view after seeing so many new account/new money promotions. Going forward, we may have to play a little game of musical chair in order to get a better rate.

@ AltaRed

Is this the same rate sheet?
Does an account here incur any charges if only GICS are purchased?

Full service RBC Dominion Securities brokers usually won't accept those with less than $250,000 to invest. Such clients looking for advice will be referred to a mutual fund rep at a RBC Royal Bank branch.

Order execution-only RBC Direct Investing doesn't have a minimum. But, there will be a $25/quarter maintenance fee when combined accounts is under $15,000 unless client met certain conditions.

After post 28 and 31, I once again reviewed what I am doing currently vs what I could do at RBC direct. Definitely more convenient.

I contacted numerous RBC Dominion Securities (yes I know not “Direct”) many months ago. Most would accept you, knowing it could take up to 5 years to completely transfer over. (1) Most were asking a minimum of $500,000 and one locally is asking for a minimum of a $1,000,000. The odd one was $250,000. Possibly they pre “size up” their new potential client and give a made to measure “minimum”?
(1) I think I am too old to initiate a conversion

Things I have noticed:
GICS had various minimums

People’s Bank on the chart I previously posted - RBC rates are lower

Home Trust on the chart I previously posted - RBC rates are lower

Vancity on the chart I previously posted - RBC rates are HIGHER (2)

(2) Coast Capital’s no haggle rate are higher at Manulife Securities and VanCity rates are higher at RBC, after RBC has taken their cut. VanCity and Coast Capital both don’t bode well in the eyes of the savvy investor. VanCity often offers a “bit more” in branch but that is hit and miss. Totally unprofessional, in my opinion. On my next visit to VanCity I’ll be bringing the RBC rate sheet to see what they say.

For estate planning in the next few years all investments will have a local in branch visit availability.
How would one deal with an estate at RBC Direct?

With the parameters I have set for us (perhaps not the best but are most comfortable with) it essential to get the best rate amongst the FIs we use. So the convenience of RBC Direct unfortunately can’t be used as much as I would like to and the higher rates at online only will have to be overlooked as well. But I am still doing better than using the advisor that we left a decade ago.

I see I have the RBC Dominion Securities rates.
Does any one have a link for rates and RBC Direct?

Found RBC Direct GIC rates here.
https://contact.rbc.com/gicrates/index.php
But does not list other FI rates offered.

This thread encouraged me to do a sanity check….thanks!!!!

AltaRed said
If your are doing all your own work now (DIY - Do It Yourself) with GICs and HISAs at online banks and CUs, why would you consider a 'full service' brokerage like RBC DS instead of DIYing it at RBC DI? Why do you need to talk to anyone to get anything done?

I was confused that there were 2 RBC options. I have a friend with DS. And yes it now makes sense, for me, to use DI. But I get better rates, myself, in most cases. Correct, I don’t need to talk to any one other than changing maturity directions or doing an early withdrawal of a redeemable GIC or extra RRIF withdrawal. And in the case if Vancity I have to do in branch transfers of registered funds.

There is no way I know how to print a similar GIC schedule from RBC DI, partly because it is not expressed in a similarly condensed way. What I can say is RBC DI has 31 GIC issuers on their list and as of May 20, Home Trust leads the pack with a 1 year GIC at 3.5%. I don't have the patience to compare against the list in post #29 but IT would appear to be a mirror image at first blush.

Ok. I did find DI rates…..but not a list of issuers.

I never had any issues dealing with RBC Direct Investing in settling an estate., in this case my mother's estate some 10 years ago. As Executor, I sent them a copy of the Will, a death certificate, and a Letter of Direction regarding the Estate. 

Did the funds go into a trust account and did you have to send them the probate letter to allow the funds to be distributed? Or did you move funds to another FI, in trust account, and then distribute from there? I am thinking more of leaving things for my spouse in an easy and reasonable way to handle.

 

GIC-Fanatic said

"I never had any issues dealing with RBC Direct Investing in settling an estate., in this case my mother's estate some 10 years ago. As Executor, I sent them a copy of the Will, a death certificate, and a Letter of Direction regarding the Estate. "

Did the funds go into a trust account and did you have to send them the probate letter to allow the funds to be distributed? Or did you move funds to another FI, in trust account, and then distribute from there? I am thinking more of leaving things for my spouse in an easy and reasonable way to handle.
 

In the estate I handled, I sent RBC DI a copy of the Will and a death certificate along with a Letter of Direction right away that prompted:

1) RBC DI to action the registered RRIF and TFSA accounts by selling the securities and distributing the proceeds to the beneficiaries on file ASAP (someone, i.e. Executor, needed to inform them of the account holder's death to trigger disbursement

2) The Letter of Direction requested RBC DI to sell the securities in the non-registered account and hold the proceeds in a ISA pending the receipt of probate papers

3) Upon grant of probate, the Executor sent RBC DI a copy of grant of probate to trigger the disbursement of non-registered proceeds to an Estate bank* account. The funds went there first so that the Executor could settle all debts of the Estate, including any income taxes owed, before requesting the bank to disburse the remaining proceeds to beneficiaries. This can be months, or a year or two, after death depending on the filing of an Final T1 return et al.

In the case of a surviving spouse, most assets are typically held in a JTWROS account which automatically revert to a surviving spouse so this one is relatively easy.

The bigger challenge is in a last-to-die situation, all debts must first be settled before final distribution to beneficiaries.

* Either to an existing Estate bank account with the same FI, e.g. Royal Bank in this particular case, but could be an Estate bank account in another FI, wherever the deceased had been doing their day-to-day banking anyway.

I agree all of the deceased's bank accounts are in fact Estate accounts, i.e. 'Estate of John Doe' and proceeds of a brokerage account can be swept into any of the deceased's bank accounts from which the Executor would disburse funds to beneficiaries.

Opinion: It is my observation personally and from anecdotal observations on online media that brokerages are knowledgeable in the process of handling estates and enabling the disbursement of funds.