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Tangerine Alternatives?
October 23, 2024
10:49 am
topgoat
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Hello,
With interest rates going down in rapid succession, I am looking for other places to put money in for HISA and GICs. I already have Tangerine, Oaken, Motive, EQB and Peoples Trust, and am considering other places offering higher GIC rates based on the GIC comparison table on this site, like Wealth One, Maxa, Outlook, Saven, Achieva etc.

I would appreciate your comments about any of the alternatives, including ease of new account application (online instantly or paper with long or short waiting period), ease of setting external links (online instantaneous or need to send in cheque and wait), fees (any limits on fund transfers out etc) and hold periods (is a hold required before funds transferred in can be used to purchase a GIC, etc)? (Or anything else you can think of :-).)

Thank you in advance for all your comments!

October 23, 2024
11:11 am
everhopeful
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With the BoC's move this morning, it is a race to the bottom right now.

October 23, 2024
11:18 am
Dean
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FWIW . . .

Like many others, I have chosen to stay Completely Away from W1BoC, until the federal government finishes Sterilizing that place of the Communist Dictatorship operatives who are involved there.

It's like banking with the Devil ❗ sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 23, 2024
12:19 pm
The Rock
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Index funds will start to look attractive on any significant pullback. Not sure if that will come any time soon with continued interest rates cuts fuelling the rally.

October 23, 2024
12:40 pm
mordko
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I am a fan of Wealthsimple. Very competitive interest rates, particularly if you have a status (e.g. "Generation"). Very easy to open an account, great interface, easy to move money in and out and you get a bunch of perks.

October 23, 2024
2:47 pm
rhvic
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Is anyone considering bond funds? The adage is that as interest rates come down, bond funds make gains.

If so, any favourites?

October 23, 2024
3:06 pm
mordko
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rhvic said
Is anyone considering bond funds? The adage is that as interest rates come down, bond funds make gains.

If so, any favourites?  

I hold bond funds. You need to be careful; even if BoC rates go down, this only applies to overnight rates. Bond yields might go in the opposite direction at the exact same time as expectations for inflation might increase as BoC implements steep cuts. Indeed that’s what happened today.

Lately I have been focusing on short duration bonds, like VSC and ZST to reduce this risk.

October 24, 2024
7:32 am
Bill
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topgoat, I've had good experience with Wealth One, just fyi, easy to deal with and transact, though never exceed CDIC limits with them.

October 24, 2024
1:48 pm
usephrase
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I do not have an idea where to move my money in order to get good interest rate, I may buy bank stocks for dividends, dividend rates are good but currently prices of bank stocks are at peak, will wait and buy when prices drop.

CIBC Flexible GIC in CIBC EDGE account, rate is 3.35% today, i believe rate will be dropped in a few of days. You can redeem this GIC anytime but no interest is paid if you sell this GIC in 30 days. I think it is good option, it locks the rate in 1 year.

October 24, 2024
1:59 pm
Dean
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.
Usephrase

TD stocks have dropped Considerably in the last few days, due to the troubles they recently had in the States (now over). 'Now' might be a good entry point ... and that Sweet Dividend pays you to wait for when their stock goes back up again.

If I didn't own TD stock already, I'd be buying in right now.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 24, 2024
2:10 pm
usephrase
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Dean said
.
Usephrase

TD stocks have dropped Considerably in the last few days, due to the troubles they recently had in the States (now over). 'Now' might be a good entry point ... and that Sweet Dividend pays you to wait for when their stock goes back up again.

If I didn't own TD stock already, I'd be buying in right now.

    Dean

  

I consider TD.TSX, I do not know too much about investment, I worry about that TD stock price may drop on Dec 5 of Earning Date because I guess TD will pay the punish money and net profit may miss the estimated. I will watch TD.TSX, I will buy it at $ 72 or $75. Dividend rate is very good currently.
RY.TSX has less risk than TD.TSX. but RY price is so higher now.

October 24, 2024
2:28 pm
mordko
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How is TD stock an “alternative” to tangerine HISA exactly?

October 24, 2024
4:02 pm
moneyhelp
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mordko said
How is TD stock an “alternative” to tangerine HISA exactly?  

I think he means because TD stock is selling at a "discount" at the moment, coupled with their decent dividend yield, makes it a worthy alternative, at least at the moment.

October 24, 2024
4:57 pm
mordko
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moneyhelp said

I think he means because TD stock is selling at a "discount" at the moment, coupled with their decent dividend yield, makes it a worthy alternative, at least at the moment.  

All shares can go down as well as up but TD has a particularly good chance of delivering a lot more pain to its shareholders. All we know is that the bank has been mismanaged and is a mess and that it won’t be allowed to fail. We also know that the highly profitable Canadian brokerage is finally getting strong competition and is forced to bribe customers big time. We don’t know if the management can turn it all around quickly or if there is more bad news and pain on the horizon.

Suggesting stocks as an alternative to cash seems pretty dodgy in all circumstances but kinda crazy in this particular case.

October 25, 2024
4:57 am
savemoresaveoften
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When Wells Fargo got punished by the Fed, took them a few years to clean themselves to bounce back. TD will be similar.
Funny enough TD's CEO at the helm WAS a risk guy before he rose to the top.

October 25, 2024
6:52 am
usephrase
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For sure, TD performance will be impacted in USA in long term, but NO impact in Canada. TD will deliver its stock dividend increase less than other banks in the future years.

I copied what analysts said after USA announced the punishment 3 billions dollars and restricted the TD expansion in USA in years:

--RBC Capital Downgrades Toronto-Dominion Bank to Sector Perform from Outperform, Adjusts Price Target to CA$82 From CA$88
07:29 AM EDT, 10/15/2024 (MT Newswires) -- Toronto-Dominion Bank (TD.TO, TD) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
Analyst Darko Mihelic lowered his price target on shares of the Canadian bank to $82 from $88.
"TD reached a resolution on its US Bank Secrecy Act/Anti-Money Laundering issues, which included both monetary and non-monetary penalties, of which the most pertinent in our view is the asset cap that will restrain TD's growth efforts in the US for a long time to come," Mihelic said in a note to clients.
"We believe it will be difficult for TD to outperform its peers over the medium term, as it has limited strategic flexibility, lower earnings/dividend growth, and significant cultural change coming, leading to a relative valuation discount," the analyst said.

TD Bank Global Settlement Clarified, Restrictions Could Weigh on Stock Long-term, Says National Bank
07:23 AM EDT, 10/11/2024 (MT Newswires) -- TD Bank (TD.TO, TD) and U.S. regulators on Thursday disclosed the details of the global settlement related to anti-money laundering (AML) issues. The financial impact of the items outlined by TD - including asset reduction, higher AML compliance costs) - are in-line with the company's current 2025 forecasts, National Bank said, adding that the restrictions and penalties could weigh on the stock long-term.
TD had already identified US$500 million of compliance costs in fiscal 2025 (already in National's forecasts), but this figure could be repeated in fiscal 2026, analyst Gabriel Dechaine notes.
An asset cap restriction also limits the growth potential of TD's U.S. P&C operation, which has accounted for 30% of its earnings over the past year, Dechaine writes. The bank plans to trim its U.S. asset base by 10% in order to "create capacity to continue to serve our customers while maintaining buffer to asset cap." This is expected to cut pre-tax NII by US$200-225 million over fiscal 2025.
TD expects to offset the revenue erosion via the sale of lower yielding securities and subsequent re-investment into higher yielding ones. This is forecast to generate a revenue uplift of US$300-500 million in fiscal 2025 and will more than offset the impact of asset/loan reductions.
National Bank rates TD sector perform with a $78 target price.


DJ TD Bank Group Price Target Cut to C$91.00/Share From C$93.00 by Cormark Securities, from 59 minutes ago by Dow Jones
59 minutes ago by Dow Jones
Companies Mentioned: TD, TD
• DJ TD Bank Group Price Target Cut to C$80.00/Share From C$90.00 by Barclays Capital, from 59 minutes ago by Dow Jones
59 minutes ago by Dow Jones
DJ TD Bank Group Price Target Cut to C$91.50/Share From C$93.50 by Canaccord Genuity, from 59 minutes ago by Dow Jones
59 minutes ago by Dow Jones
Companies Mentioned: TD, TD

10.10.24 Hold Maintained
Sohrab Movahedi
BMO Capital
4 star rating $84.00 follow Sohrab Movahedi
10.10.24 Hold Downgraded
Darko Mihelic
RBC Capital
4.4 star rating $82.00 follow Darko Mihelic
10.09.24 Hold Reiterated
John Aiken
Jefferies
1.3 star rating $80.00 follow John Aiken
10.09.24 Buy Maintained
Matthew Lee
Canaccord Genuity
4.6 star rating $91.50

October 25, 2024
7:28 am
mordko
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Neither of us, nor some analyst knows the future and whether TD’s Canadian profits will be impacted.

My personal anecdotal experience says that TD Canada is also a mess and that their Canadian profits will be under pressure even if there are no further “discoveries”.

Regardless of TD’s prospects, its not an alternative to cash. Not even close.

October 25, 2024
8:52 am
Kirk
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HIS: Motive Financial
GIC (3yrs+): Saven Financial

Note: Looks to me that GICs will be going down everywhere and quite soon.

October 25, 2024
9:16 am
usephrase
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mordko said
Neither of us, nor some analyst knows the future and whether TD’s Canadian profits will be impacted.

My personal anecdotal experience says that TD Canada is also a mess and that their Canadian profits will be under pressure even if there are no further “discoveries”.

Regardless of TD’s prospects, its not an alternative to cash. Not even close.  

I agree with you. TD stock has a high risk .

October 25, 2024
10:55 am
moneyhelp
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I agree TD is not a cash alternative, but there is no way the Canadian government would let TD fail if it came down to it, making it a good-great time to invest into TD stock, if you're a LTM investor

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