UkrainianDude said

Couldn’t find Wealth One eTransfer receiving limits. Anyone?

Only found WealthONE's sending limits under Account service fees:

The tiered HISA rates are for everyone and are not targeted. See Non-Registered High Interest Savings Account Rates.

Bill said
Short notice is unusual, maybe they've got a sudden need for deposits.  

Or it is not a good omen when an institution has to pay a premium (interest rates) for its borrowings.

Short notice is unusual, maybe they've got a sudden need for deposits.

UkrainianDude said
Trying to send funds from my Wealth Simple account to Wealth One. But after several successful attempts. Got this message: My Wealth Simple daily outbound sending limit is 50k Canadian Rupees . . .  

There's your problem, right there ⬆️

Send it in Canadian 'Denaros', and it'll work out just fine❗

Dean

It basically rewards higher rates for higher balances. Threshold to get a higher rate than what they are currently offering (2.60%) is $10,000. For myself this is great news as I have a balance (>$25,000) in their top tier rate of 3.00%.

On the negative side, providing less than 12 hours notice is pretty pathetic.

I am attaching a part of the email as a jpeg with the details.

Non-Registered HISA
First tier of 2.60% is up to $9,999.
Second tier of 2.75% is for $10,000 to $24,999.
Third tier of 3.00% is for $25,000+.

Registered HISA
Increasing to 3%, no minimum balance. No tiering.

Alexandra said
…
Always did enjoy games though.

Recreation that pays is good too.

One retiree enjoyed fishing. He became quite good at it and caught more fish than he could eat himself. He obtained a commerical fishing license. That legally allowed him to sell the extra fish and offset some of the expenses from his hobby.

I personally am grateful for all I have. Especially considering I didn't have much of a formal education and had been a single parent. Gave a small amount to charity all my working career. Volunteered my time to some seniors. Now my "charity" is my daughter and granddaughter and all the little wild animals that wonder the property. SPCA will receive something too from me one day.

Always did enjoy games though.

Alexandra said

… Sometimes I think, especially after having cancer two years ago and at my advanced age, I shouldn't be so focused on getting the best rate anymore. Just be like Loonie and be happy with a lower rate and relax with the knowledge that you are totally safe and comfortable. Old habits die hard. Maybe it is simply just to be a participant in playing the game. …

It can still be worthwhile. If one had $2 million in deposits, an ½% per annum improvement means an additional $10,000 per year. Another $10,000 per year may not make much difference to someone with $2 million+. An additional $10,000 donation each year to a hospital or a food bank is not just a higher score in a game.

The improved interest rates at a different FI will be softened by the marginal tax rate you must pay on all RIF withdrawals, not to mention possible impact on "Age Amount" and OAS clawback. Sometimes there isn't much left!

Your daughter will definitely thank you for reducing her executor workload by reducing number of RIF accounts.

Our goal is to have spouse's RIF all cashed out by 2031 so that there is no RIF left at death, so no executor role in regard to RIF. This may not be possible for everyone, and it depends on living that long. If not, I anticipate Hubert will not be too hard to deal with at that time. One could phone them and ask for clarification now to avoid future surprises.

Eventually, if we live long enough, I suspect we all get to a point where we just don't care as much about rates. I care more about service now, if rates are reasonable. Everybody's different.

Norman1 said

Alexandra said

I was considering putting what would be nearly 1/2 of my RIFs with them as those funds are currently with National Bank (old Motive). I am thinking now going with Home Bank as have considerable with Home Trust. …

What I wrote about the limitations of CDIC deposit insurance is not a recommendation to avoid Wealth One Bank. One just needs to keep in mind the risks that CDIC does not insure.

If that half of the RIF is funding 5% of one's living expenses, then one can tolerate potential disruption of Wealth One Bank failing. That's not the case of if that is funding 50% of one's expenses.

Home Trust/Home Bank/Oaken almost failed in 2017! They came within hours of not being able to open for business one morning. Oaken was offering very attractive GIC rates at that time of need.

Globe & Mail columnist Rob Carrick wrote that if one can tolerate the disruption of a possible failure, then do put money into Oaken GIC's and stay within CDIC limits. However, stay away if one needs the GIC interest to be paid out monthly to cover living expenses.  

Thanks Norman. I know what you meant. I only take yearly payments and I don't need the funds for living expenses. But I understand it would be nerve racking if someone depended on their RIF income to have their daily/monthly needs met, and then funds got held up because of bank failure. Still most would be sitting on pins and needles until they got paid out. Sometimes I think, especially after having cancer two years ago and at my advanced age, I shouldn't be so focused on getting the best rate anymore. Just be like Loonie and be happy with a lower rate and relax with the knowledge that you are totally safe and comfortable. Old habits die hard. Maybe it is simply just to be a participant in playing the game. National Bank is currently paying 2.75% for one year and up to 3.35% for five. I'm getting 5% for the RIF until September's maturity.

Alexandra said

I was considering putting what would be nearly 1/2 of my RIFs with them as those funds are currently with National Bank (old Motive). I am thinking now going with Home Bank as have considerable with Home Trust. …

What I wrote about the limitations of CDIC deposit insurance is not a recommendation to avoid Wealth One Bank. One just needs to keep in mind the risks that CDIC does not insure.

If that half of the RIF is funding 5% of one's living expenses, then one can tolerate potential disruption of Wealth One Bank failing. That's not the case of if that is funding 50% of one's expenses.

Home Trust/Home Bank/Oaken almost failed in 2017! They came within hours of not being able to open for business one morning. Oaken was offering very attractive GIC rates at that time of need.

Globe & Mail columnist Rob Carrick wrote that if one can tolerate the disruption of a possible failure, then do put money into Oaken GIC's and stay within CDIC limits. However, stay away if one needs the GIC interest to be paid out monthly to cover living expenses.