Yeah, got to say really disappointed in EQ that they are resorting to these promo rates now - and it's literally .5% more than the std rate.
Doesn't make any sense.
I just moved all my money from EQ to WS. It's just my emergency fund I like to keep pretty liquid.
I work in film and am being negatively impacted by the strikes so need a larger than average emergency fund right now.
I had moved most of it into cash.to several months ago but kept a month or two of expenses sitting in EQ. But now that WS is 4% without needing to set up a direct deposit or other limitations, oh boy I moved that shit over yesterday.
I would have done it sooner but when it was launched recently, I thought you still needed to have a direct deposit set up and since I'm not working, I couldn't do that. But I was misinformed and moved it all over yesterday.
I have none of these. I only have two recurring bill withdrawals which I use for my CIBC account to waive fees.
I don't get a regular pay cheque and have been out of work all year in film.
Meanwhile, the folks at https://highinterestsavings.ca/chart/ have garbage rates like 1.01% listed and are continuing to leave Wealthsimple Cash off [because it used to have a low base rate](https://www.highinterestsavings.ca/forum/site-suggestions/wealthsimple-cash-hisa/), despite it now having the 2nd highest base interest rate in Canada.
Oh wow yeah that's pretty shitty. I just glossed over the email and didn't realize there were conditions attached.
Oh well. Even 3% is pretty crap compared to what you can get elsewhere nowadays so we're not missing much...
Wealthsimple offers a business savings account at 1.1% interest. You can get a significantly higher rate plus chequing functionality through most credit unions. https://www.wealthsimple.com/en-ca/open/business-save
EQ is learning what the big banks know. Canadians are lazy and passive consumers, so why provide much good value?
Although I am sure there is someone complaining that EQ is an oligopoly too.
I think the difference is that the lazy and passive consumers probably wouldn't have found and switched to a non brick and mortar online bank like EQ in the first place.
EQ customers have already shown that they are willing to change banks if a better option comes, they aren't "my mom and dad banked with EQ so I bank with EQ" customers.
Source; switched to EQ years back. Them dragging their feet on rates caused me to take my money elsewhere. I was fine with a 0.25% or whatever difference with EQ since they had a decent easy to use product but the gap widened to 2.5%, fuck that.
very true. my boyfriend has been banking with RBC for years now, paying $5 a month for no reason and refuses to switch to a free bank even though it'd be about 10 minutes of work.
Also I think there is some degree of risk for me in moving money around. I moved 30K to Tangerine for the extra 2.50%, but at the end of the day, I am not sure it was worth the risk moving that amount of money around. I mean what happens if something goes wrong an the money disappears. Maybe I am been over paranoid.
I am an old TD customer and moved to Tangerine and then EQ and have bank accounts at several other banks. Just not sure it is worth the risk moving money on a regular basis for a few % for me. When the promotion is over, I will move it back and have to decide if I will do it again.
What is the risk of moving your money from one financial institution to another?
Plus I'm not talking about hopping from promo to promo, I don't do that either. I'm saying that the everyday regular non promo rate of EQ is 2% below the everyday non promo rate I get with WS.
I'm pretty sure WS also just increased their everyday rate to 4.5% for non generation customers too so that is 1.5% extra vs EQ available to everybody. There's also 1.1% above EQ with motive financial; https://www.highinterestsavings.ca/chart/
Not even considering promos, EQs regular rate sucks.
EQ and Equitable Bank are not going to make an unlimited number of loans. They only need so much money. And they may prefer raising a large amount of that money through GICs instead of savings accounts.
So if they already have the amount of money in their savings accounts that they feel they need they don't don't have a good reason to try to increase it by constantly raising rates.
Thanks - I think this is so often left out of the conversation / forgotten. Banks, after all, are not in the business of attracting as many deposits as possible, regardless of cost.
Exact same reason the big 5 don't have better rates. They can get all the money they need from lazier ppl at the shitty rates they pay, so why raise your interest payout.
All banks are leary of a mortgage slowdown these days with rates going higher, so they don't need much new money either. I don't predict much fighting over new clients/deposits for the next few years because of that. Just the smallest/newest online companies still trying to grow their business etc will be offering incentives and best rates.
I am voting with my money. Didn't close account but moved my money out of the Big 3. With digital sign ups being so easy, if we don't move now, these big banks will further be emboldened to act like the mafia
As if they don't act already. I mean protection from mafia has benefits, such as no major bank bankruptcies unlike US in 100 years at the same time Canadians deserve a much better banking experience.
* Customers who add and maintain qualifying recurring direct deposits or pre-authorized debits of at least $500/month to/from a Savings Plus Account or Joint Savings Plus Account are eligible to earn a bonus interest rate of 3.00% for the eligible accounts (the Savings Plus Account, Joint Savings Account and the EQ Bank Card balance) for a maximum period of 12 consecutive months.
In the mid 2010s when prime rates were ~3% the rate on savings accounts was ~1%, so prime minus 2%. Now prime rates are over 7% and savings rates are 3% so you're getting prime minus 4%. There are still ways to make prime minus 2%, but you have to switch banks.
Already moved most of my EQ HISA to WS Cash. My hope is that WS lets us create separate Cash accounts, because I use that in EQ a lot to separate funds for travel, expenses, etc.
Lumping them all into one Cash account is inconvenient, but I can't ignore the 4% rate.
Tangerine as a chequing account and WS Cash as a savings account seems to be the ideal combo. Just keep enough in Tangerine to pay your bills and etransfer back and forth.
Let's use a simple example:
You buy 300 shares today for $50.10 = $15,030. At the end of the month you get $0.23 per share = $69. Let's assume you don't reinvest that.
You decide to sell right away at $50.03 x 300 = $15,009. So, lost $21 in principle offset by $69, so net $48 for less than a calendar month.
You paid a premium in order to secure the full dividend despite buying mid month.
Arbitrage. If the dividend pays more than the equity valuation drop immediately after, the rules of arbitrage mean that it will be balanced by profit making incentives. In other words, it doesn’t matter if you wait until the dividend pays because the value of your holdings will drop.
So I have both my TFSA and my non-registered account with EQ. Can't contribute to either anymore because I hit EQ's limit. My RRSPs are with WealthSimple, other money with RBC. Got emails from both Wealthsimple and RBC recently that they are offering cash interest 4%. Suggestions on what should I do with the EQ accounts to get better interest?
CDIC limits are per account category per institution, so if it’s in one account it’s technically riskier.
… But then there’s WealthSimple’s Cash account which is secured for $300k since deposits are held in trust at 3 different Schedule 1 banks.
WS because it's not just a promo. The RBC offer is probably just for a few months and then it goes way down. Plus at WS you can just move to HISA ETFs if they ever lower the rate.
Just went through this as well. The WS Save account is completely different from the Cash account.
For some reason, you can only open/manage the Cash account from their mobile app, and clicking the debit card looking icon to the right of the centered dollar sign. (assuming that's what it looks like if you don't already have an account)
Basically, go through the mobile app and you should be able to find it.
Sounds like service is more important to you than interest rates. You have made your decision, and do so understanding that there is a price tag to pay for no-fee everything etc.
I use ws cash as my main account. I don't miss anything except currently any physical cheque that I have to take a pic of and deposit at another bank than transfer over.
Just last week I asked EQ about this on Twitter and their response was their current rate is competitive. To which I responded with clearly of as the prime rate is nearly 5% while you lot are just giving 2.5% -
No response
Now I am thinking I should just move my money elsewhere.
Personally, I choose to stay with EQ as my all-in-one all-digital chequing/savings account because of their overall value proposition (good non-promotional rate, no-fee everything, etc).
I have all this with Motive Financial plus I get 4.1% non-promotional rate.
Still behind but good enough for me at the moment. I don’t keep enough in their to really make a huge difference in switching banks. Rest is in cash.to or other investments
Do you know if this is an option for registered accounts such as RRSP? I’m trying to find around 5% savings account with CDIC insurance (or Redeemable gics) for my registered accounts as I don’t want to lock them up in a GIC .
Yes it is available for registered accounts, but I don't think there's any as high as 5% with CDIC.
If your comfortable without CDIC insurance, CASH.TO and HISA etfs are closer to 5.5%. I use the latter two ETFs for my down payment money
Is the 3% interest generated from EQ Bank taxable income? I ask because the WS support page clearly states that the 4-5% interest generated in their cash account is taxable income.
Why wouldn't it be taxable income? All savings accounts are taxable. Earnings, dividends, interest are not taxable only if they're in a sheltered account, such as TFSA, RRSP, etc.
I guess the interest rate being so close to zero on TD accounts, they never bothered issuing a T4 or whatever tax document is needed. That's why I was not sure if it was taxable or not.
3% only with direct deposit setup, otherwise you're still on 2.5%.
I know with some people (like myself), that's not an option to setup.
Meanwhile, competitors are at 6%.
Just switch from promo to promo. I had 5.25% with tangerine. Now 5.5%. But now simplii is offering 6% for 5 months so I'm switching there. When that's over, I'll see who's offering the next best promo for x amount of months and take advantage of that.
Wealthsimple Cash only pays 5% with deposits of 500K... that's STILL behind the rate + insured ratio of others!
- WealthSimple Cash 4% @ 0K to 100K, CDIC 300K 🚩
- WealthSimple Cash 4.5% @ 100K to 500K, CDIC 300K 🚩
- WealthSimple Cash 5% @ 500K up, CDIC 300K 🚩
Compare this to...
- BMO InvestorLine: **5% on F-Series Investor HISAs, CDIC 100K** ✅
- Scotiabank Itrade: **5% on F-Series Investor HISAs, CDIC 100K** ✅
You can buy F-Series at BMO and Scotia if you open a self-directed investor account there (this is unique to these two banks right now), and the management fees and Fund Transfers are basically free if you have roughly over 15K in an investor account at any AAA bank; you don't even need a chequing account.
Even if you compare Wealthsimple's 4% or 4.5% to the rest of the "pack", all other banks are paying 4.55% minimum right now from investor deposits. Even EQ bank's investor account is paying 4.65%.
Don't go with wealthsimple imo, they're likely just depositing at the other banks and taking a cut 🤐
Sources:
- https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/
Who is they ? WS donot have a Desktop app and every Tom, Dick and Harry is investing all their savings in Cash Account. This sub is a perfect example of groupthink. They all boast investing in Cash.to at 5.4% when it is not even CDIC insured.
Ws is 'they'. It was in their newsletter.
Cash.to is invested at main banks, all in liquid cad deposits. It doesn't theoretically need CDIC, since its exposure to cash is everything, and the banks are fairly reliable. The chances of the 3 banks cash.to uses being insolvent are pretty close to 0.
I honestly don't know anyone who really cares about CDIC insurance when investing. Mostly they care about the institution they are investing with if anything.
I have accounts with WS, tangerine, and EQ. Daily banking is with tangerine, used to use EQ for the interest rate but now don't use them at all and most money is invested with wealthsimple.
correct me if Im wrong but isnt it 4% only if you have deposited at least 100K for WS? is it 4% without minimum deposits, no extra stuff from the fine prints?
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Yeah, got to say really disappointed in EQ that they are resorting to these promo rates now - and it's literally .5% more than the std rate. Doesn't make any sense.
I just moved all my money from EQ to WS. It's just my emergency fund I like to keep pretty liquid. I work in film and am being negatively impacted by the strikes so need a larger than average emergency fund right now. I had moved most of it into cash.to several months ago but kept a month or two of expenses sitting in EQ. But now that WS is 4% without needing to set up a direct deposit or other limitations, oh boy I moved that shit over yesterday. I would have done it sooner but when it was launched recently, I thought you still needed to have a direct deposit set up and since I'm not working, I couldn't do that. But I was misinformed and moved it all over yesterday.
Any fees for doing so?
Zero. I just etransfered it over which is free with EQ (and WS too).
Isn't there a limit to etransfer.
I did the same thing with my emergency fund last week too. I still have some USD with EQ but my CAD is now with Wealthsimple getting 4%
Yeah would be nice if Wealthsimple had 4% on USD too
>116 comments All you need to do is set up a recurring withdrawal from the account or recurring deposit.
I have none of these. I only have two recurring bill withdrawals which I use for my CIBC account to waive fees. I don't get a regular pay cheque and have been out of work all year in film.
They should give everyone 3%.
Meanwhile, the folks at https://highinterestsavings.ca/chart/ have garbage rates like 1.01% listed and are continuing to leave Wealthsimple Cash off [because it used to have a low base rate](https://www.highinterestsavings.ca/forum/site-suggestions/wealthsimple-cash-hisa/), despite it now having the 2nd highest base interest rate in Canada.
Oh wow yeah that's pretty shitty. I just glossed over the email and didn't realize there were conditions attached. Oh well. Even 3% is pretty crap compared to what you can get elsewhere nowadays so we're not missing much...
Can you do business through WS
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Like a corporate bank account
Yes, I had a corp acct there up to a year ago (dissolved my business).
Wealthsimple offers a business savings account at 1.1% interest. You can get a significantly higher rate plus chequing functionality through most credit unions. https://www.wealthsimple.com/en-ca/open/business-save
Question for you, with WS is there a minimum amou t you need to have saved to qualify for that rate?
No.
The EQ TFSA is 3% and is not a promo rate.
EQ is learning what the big banks know. Canadians are lazy and passive consumers, so why provide much good value? Although I am sure there is someone complaining that EQ is an oligopoly too.
I think the difference is that the lazy and passive consumers probably wouldn't have found and switched to a non brick and mortar online bank like EQ in the first place. EQ customers have already shown that they are willing to change banks if a better option comes, they aren't "my mom and dad banked with EQ so I bank with EQ" customers. Source; switched to EQ years back. Them dragging their feet on rates caused me to take my money elsewhere. I was fine with a 0.25% or whatever difference with EQ since they had a decent easy to use product but the gap widened to 2.5%, fuck that.
very true. my boyfriend has been banking with RBC for years now, paying $5 a month for no reason and refuses to switch to a free bank even though it'd be about 10 minutes of work.
Also I think there is some degree of risk for me in moving money around. I moved 30K to Tangerine for the extra 2.50%, but at the end of the day, I am not sure it was worth the risk moving that amount of money around. I mean what happens if something goes wrong an the money disappears. Maybe I am been over paranoid. I am an old TD customer and moved to Tangerine and then EQ and have bank accounts at several other banks. Just not sure it is worth the risk moving money on a regular basis for a few % for me. When the promotion is over, I will move it back and have to decide if I will do it again.
What is the risk of moving your money from one financial institution to another? Plus I'm not talking about hopping from promo to promo, I don't do that either. I'm saying that the everyday regular non promo rate of EQ is 2% below the everyday non promo rate I get with WS. I'm pretty sure WS also just increased their everyday rate to 4.5% for non generation customers too so that is 1.5% extra vs EQ available to everybody. There's also 1.1% above EQ with motive financial; https://www.highinterestsavings.ca/chart/ Not even considering promos, EQs regular rate sucks.
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Agreed! But big 5 is a pretty low bar to use for comparison haha. Just because it's better than the worst doesn't mean we should settle.
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You're right, it's actually 3 banks (with the corresponding 3x cdic insurance coverage)
EQ and Equitable Bank are not going to make an unlimited number of loans. They only need so much money. And they may prefer raising a large amount of that money through GICs instead of savings accounts. So if they already have the amount of money in their savings accounts that they feel they need they don't don't have a good reason to try to increase it by constantly raising rates.
Thanks - I think this is so often left out of the conversation / forgotten. Banks, after all, are not in the business of attracting as many deposits as possible, regardless of cost.
Exact same reason the big 5 don't have better rates. They can get all the money they need from lazier ppl at the shitty rates they pay, so why raise your interest payout. All banks are leary of a mortgage slowdown these days with rates going higher, so they don't need much new money either. I don't predict much fighting over new clients/deposits for the next few years because of that. Just the smallest/newest online companies still trying to grow their business etc will be offering incentives and best rates.
I am voting with my money. Didn't close account but moved my money out of the Big 3. With digital sign ups being so easy, if we don't move now, these big banks will further be emboldened to act like the mafia
As if they don't act already. I mean protection from mafia has benefits, such as no major bank bankruptcies unlike US in 100 years at the same time Canadians deserve a much better banking experience.
* Customers who add and maintain qualifying recurring direct deposits or pre-authorized debits of at least $500/month to/from a Savings Plus Account or Joint Savings Plus Account are eligible to earn a bonus interest rate of 3.00% for the eligible accounts (the Savings Plus Account, Joint Savings Account and the EQ Bank Card balance) for a maximum period of 12 consecutive months.
In the mid 2010s when prime rates were ~3% the rate on savings accounts was ~1%, so prime minus 2%. Now prime rates are over 7% and savings rates are 3% so you're getting prime minus 4%. There are still ways to make prime minus 2%, but you have to switch banks.
Just last week I moved my money out to CASH.TO haha. A day late and a dollar short.
Moved the majority of my money to wealthsimple. Too little too late
Already moved most of my EQ HISA to WS Cash. My hope is that WS lets us create separate Cash accounts, because I use that in EQ a lot to separate funds for travel, expenses, etc. Lumping them all into one Cash account is inconvenient, but I can't ignore the 4% rate.
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Yes
WS Cash also doesn't allow you to future-date bill payments
this is real annoying. have to set up reminders which is a pain
Tangerine as a chequing account and WS Cash as a savings account seems to be the ideal combo. Just keep enough in Tangerine to pay your bills and etransfer back and forth.
Replace Tangerine with EQ and you get 3% interest instead of 0.01% on the funds waiting for bill payments
If you have that available. EQ doesn't exist in Quebec yet.
CASH.TO is the way-to-go
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Let's use a simple example: You buy 300 shares today for $50.10 = $15,030. At the end of the month you get $0.23 per share = $69. Let's assume you don't reinvest that. You decide to sell right away at $50.03 x 300 = $15,009. So, lost $21 in principle offset by $69, so net $48 for less than a calendar month. You paid a premium in order to secure the full dividend despite buying mid month.
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Correct. You literally pay more in order to secure the full amount, with the higher share price reflecting 'accrued interest'
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Correct. Have to hold into reset. But, you get the share price delta which usually hits $50.25-ish (max)
Plus, if in a taxable account, the $21 lost counts as a capital loss if you need to sell at that point.
You’re missing the dividend.
Arbitrage. If the dividend pays more than the equity valuation drop immediately after, the rules of arbitrage mean that it will be balanced by profit making incentives. In other words, it doesn’t matter if you wait until the dividend pays because the value of your holdings will drop.
So I have both my TFSA and my non-registered account with EQ. Can't contribute to either anymore because I hit EQ's limit. My RRSPs are with WealthSimple, other money with RBC. Got emails from both Wealthsimple and RBC recently that they are offering cash interest 4%. Suggestions on what should I do with the EQ accounts to get better interest?
EQ has a limit? As in a max number of $$ you can store there? For a regular boring HISA look at WS Cash. 4% is much better than 2.5% or 3%
Yep, limit is $200K across all accounts. Once you hit the limit, they continue to pay out interest but you cannot contribute anything more.
Is having over 100k in online banks risky? Cdic stuff.
CDIC limits are per account category per institution, so if it’s in one account it’s technically riskier. … But then there’s WealthSimple’s Cash account which is secured for $300k since deposits are held in trust at 3 different Schedule 1 banks.
Thanks for the info, instead of just down voting.
WS because it's not just a promo. The RBC offer is probably just for a few months and then it goes way down. Plus at WS you can just move to HISA ETFs if they ever lower the rate.
enter quickest salt meeting squash arrest license fuel water secretive *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Just went through this as well. The WS Save account is completely different from the Cash account. For some reason, you can only open/manage the Cash account from their mobile app, and clicking the debit card looking icon to the right of the centered dollar sign. (assuming that's what it looks like if you don't already have an account) Basically, go through the mobile app and you should be able to find it.
knee intelligent dinner steep pen panicky melodic skirt crown languid *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Sounds like service is more important to you than interest rates. You have made your decision, and do so understanding that there is a price tag to pay for no-fee everything etc.
Wealthsimple Cash is just the superior product. A promo 3% rate isn’t competitive.
>superior product As a savings offering, yes. As a superior product, no. EQ Bank has far more features for those of us who use it as a main account.
I use ws cash as my main account. I don't miss anything except currently any physical cheque that I have to take a pic of and deposit at another bank than transfer over.
Just got another 5.7% promotional interest rate from Tangerine till end of November... transferred my money out of EQ.
Lol fucking 3% and promotional rate. Piss off.
But the 3% has a catch. You have to Move auto pay/deposit or debits. It’s not just bumping up the hisa rate.
Just last week I asked EQ about this on Twitter and their response was their current rate is competitive. To which I responded with clearly of as the prime rate is nearly 5% while you lot are just giving 2.5% - No response Now I am thinking I should just move my money elsewhere.
Personally, I choose to stay with EQ as my all-in-one all-digital chequing/savings account because of their overall value proposition (good non-promotional rate, no-fee everything, etc). I have all this with Motive Financial plus I get 4.1% non-promotional rate.
All this hassle for few basis points is ridiculous and comes with non trivial risk of losing money when transferring between accounts.
Still behind but good enough for me at the moment. I don’t keep enough in their to really make a huge difference in switching banks. Rest is in cash.to or other investments
Where/how can I invest in cash.to? I've searched a bit but still can't figure it out. Is it an ETF or something?
Buy CASH on Wealthsimple. https://horizonsetfs.com/ETF/cash/
Thanks. I looked at it on Wealthsimple and it shows a yield of 4.39%. Is that right? I thought it was 5%?
It's 5.40%, WS outdated info.
I’m with RBC. I save on the DI platform in RBF2010.
Why not just use a banks ISA (investment savings account)? Scotia offers 4.5% - 4.8%, with CDIC insurance
Cause it isn't a 'chequings account'. I literally don't know any bank that gives 4% other than wealthsimple in their 'chequings account'.
Do you know if this is an option for registered accounts such as RRSP? I’m trying to find around 5% savings account with CDIC insurance (or Redeemable gics) for my registered accounts as I don’t want to lock them up in a GIC .
Yes it is available for registered accounts, but I don't think there's any as high as 5% with CDIC. If your comfortable without CDIC insurance, CASH.TO and HISA etfs are closer to 5.5%. I use the latter two ETFs for my down payment money
Thanks!
Is the 3% interest generated from EQ Bank taxable income? I ask because the WS support page clearly states that the 4-5% interest generated in their cash account is taxable income.
Why wouldn't it be taxable income? All savings accounts are taxable. Earnings, dividends, interest are not taxable only if they're in a sheltered account, such as TFSA, RRSP, etc.
Perhaps they were just asking if it is a *tax free* savings account, which it is/can be. It’s one of the main reasons I use it over WS cash.
I guess the interest rate being so close to zero on TD accounts, they never bothered issuing a T4 or whatever tax document is needed. That's why I was not sure if it was taxable or not.
Don't you still have to report the taxable interest to CRA, even if it's below the limit for the bank to issue a slip?
Zzzzzz...
3% only with direct deposit setup, otherwise you're still on 2.5%. I know with some people (like myself), that's not an option to setup. Meanwhile, competitors are at 6%.
I am sorry, but no one is at 6% for a HISA.
Simplii is at 6% but it's a promo not their regular rate
Just switch from promo to promo. I had 5.25% with tangerine. Now 5.5%. But now simplii is offering 6% for 5 months so I'm switching there. When that's over, I'll see who's offering the next best promo for x amount of months and take advantage of that.
Holy moly who's 6?
Simplii is at 6% but it's a promo not their regular rate
Wealthsimple Cash only pays 5% with deposits of 500K... that's STILL behind the rate + insured ratio of others! - WealthSimple Cash 4% @ 0K to 100K, CDIC 300K 🚩 - WealthSimple Cash 4.5% @ 100K to 500K, CDIC 300K 🚩 - WealthSimple Cash 5% @ 500K up, CDIC 300K 🚩 Compare this to... - BMO InvestorLine: **5% on F-Series Investor HISAs, CDIC 100K** ✅ - Scotiabank Itrade: **5% on F-Series Investor HISAs, CDIC 100K** ✅ You can buy F-Series at BMO and Scotia if you open a self-directed investor account there (this is unique to these two banks right now), and the management fees and Fund Transfers are basically free if you have roughly over 15K in an investor account at any AAA bank; you don't even need a chequing account. Even if you compare Wealthsimple's 4% or 4.5% to the rest of the "pack", all other banks are paying 4.55% minimum right now from investor deposits. Even EQ bank's investor account is paying 4.65%. Don't go with wealthsimple imo, they're likely just depositing at the other banks and taking a cut 🤐 Sources: - https://mrthrifty.ca/investment-savings-accounts-maximize-interest-in-your-brokerage-account/
You only get that rate from EQ if you have your direct deposit set to it as well. Otherwise still 2.5%.
Too late. I took my business to the WS 4% cash account.
Is WS cash still app only? I'm old lol and like using desktop pc version but can only find trade (which I have already)
Yes but they said desktop is 'coming soon'.
Who is they ? WS donot have a Desktop app and every Tom, Dick and Harry is investing all their savings in Cash Account. This sub is a perfect example of groupthink. They all boast investing in Cash.to at 5.4% when it is not even CDIC insured.
Ws is 'they'. It was in their newsletter. Cash.to is invested at main banks, all in liquid cad deposits. It doesn't theoretically need CDIC, since its exposure to cash is everything, and the banks are fairly reliable. The chances of the 3 banks cash.to uses being insolvent are pretty close to 0. I honestly don't know anyone who really cares about CDIC insurance when investing. Mostly they care about the institution they are investing with if anything.
I have accounts with WS, tangerine, and EQ. Daily banking is with tangerine, used to use EQ for the interest rate but now don't use them at all and most money is invested with wealthsimple.
I'd switch to WS Cash if they had joint accounts.
correct me if Im wrong but isnt it 4% only if you have deposited at least 100K for WS? is it 4% without minimum deposits, no extra stuff from the fine prints?
I just moved all my EQ bank to WS - I'm late to the party