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Brokerage HISA
February 24, 2013
11:02 am
GS1
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I have my Investment accounts with RBC Direct Investing and was frustrated with having to move cash in or out of my investment account to RBC's HISA or to ING/ALLY/CTFS/PC Fin, etc. As well cash that was sitting in my RSP accounts was earning nothing.

I recently discovered RBC has a HISA "mutual fund" similar to a Money Market Fund, $10 nominal value, income re-invests at month end, settlement is T+1. The interest rates are comparable to RBC's regular HISA's without the hassle of having to move the money in or out, but more importantly work inside an RSP.

Other Banks' self-directed offerings likely have similar vehicles.

Details for RBC here:

http://www.rbcroyalbank.com/pr.....ducts/isa/

Greg

February 24, 2013
11:12 am
Doug
British Columbia, Canada
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These are not actually "mutual funds" (Yatti got confused on this in another thread). They may have "fundserv" codes but that's because they're not sold directly/they are "nominee accounts" whereby they are held through a broker/self-directed brokerage account in trust for you. "fundserv" must be a system advisors/brokerage houses use. They have "series" numbers because they need to be tradeable through your advisor/brokerage house.

It is important to note that no mutual fund in Canada is eligible for CDIC insurance.

CIBC offers a similar "investment savings account" through their Renaissance Investments unit.

They are a good way to park cash in a brokerage house/self-directed brokerage account to have the funds immediately available for trading while still earning a small return. :)

Cheers,
Doug

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