An ongoing survey possible? | Site suggestions | Discussion forum

Such a survey may be hard to 'frame' for useful content. There are many situational reasons why someone may, or may not, be willing to go above insured limits, and would the survey be for CDIC insured FIs only? Or include CUs and their provincial insurance corporations? Such a survey could be worth a try but there is no single black and white answer.

I also agree it's better as a thread than a survey. Besides, a survey may not be representative as it's likely only a fraction would complete it. Here, people can comment and consider ideas raised which are explained in more detail than a survey usually allows.

I'm pretty much like cgouimet, certainly with the big 5 and big 5 subs. I stopped dealing with Simplii for 3 reasons - horrible web site with limited information and/or basic information missing/hidden, promos with no promo interest paid until weeks after the period is over, Combined With refusal to put in writing which HISA accounts are included when accepting the promo (in other words, potentially finding out 2 weeks after the promo ends that I got nothing), AND their "reinventing" themselves into being silly and obviously going after other kinds of customers without money.

With OAK and PEOPLES, I always stay within CDIC with the principal amounts, but accrued interest will take me partially over CDIC, ie; I'm "risking" some of my interest. It's not substantial because I ladder 1 year/15 month GICs through the year.

With EQB, I'm the same, and after writing them about joint GICs for years, I've given up on it ever happening. They would rather give away $ 50- or something for a referral of a new customer who deposits $ 100-. And with their latest moves with PC, they won't care about offering more competitive HISA rates, because it's likely their focus will be on getting new HISA customers from PC Optimum who are currently uninformed and earning less than 1/2 of 1% on their savings at a big 5, and will think they have found heaven at 1% 😉 .

I still have GICs with EQ but only in a TFSA, where my wife (who would be the joint holder if it was a regular GIC) is the successor holder....bingo, separate CDIC coverage category and effectively the same thing as a joint GIC!

The following is just my thinking of course.

I'm always re-balancing the percentage mix of equities vs. cash/cash equivalents, with it gradually going to the latter as I get (even) older, and in addition how I feel about risk vs. retaining current (what I feel are inflated) values - another thing trending to the latter especially in current times. And its an overall thing- Investment, RRIF and TFSA accounts.

So based on these things, I recently did a study of my current dividend yields in RRIF and TFSA keeping in mind comparative tax "avoidance" .. deferral! It's shocking how low a percentage the yield is on some blue chips based on current prices, and further, if I want the lowest tax bite, dividends and capital gains are better than interest so if all things are pretty much equal, I prefer those in Investment accounts and pay tax instead.

To add to my previous post and in light of my comments above, I've been selling some stocks in my RRIF and going into higher or similar yield rate "third party" GICs compared to dividend yields, available within my discount brokerage account, keeping in mind CDIC limits again. And I have to say thanks again to this forum where a thread got me looking into this option!

It is great to hear everyone's ideas.

I don't have GICs nor any* cash equivalents with 'banks' directly. My CDIC insured ISAs/HISAs are products of (issued by) the big 5 such as DYN6004 from Scotia but via discount brokerages. The same applies to money market mutual funds which are not CDIC insured in the first place.

But to respond to the question, I would have no issue having 7 digits with one of the big 5 and now I might include NB in that given they have become truly national with the acquisition of CWB. I would put the 2 subs, TNG and Simplii, in the same category.

I would not go over CDIC with any other 'bank' nor do I deal with credit unions at all.

* I do have a small amount with EQ Bank primarily to use their Prepaid Visa card when I travel, and small operational monthly cash flows with BMO and BNS.