Do This To MAXIMIZE Your Savings In 2023
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- Опубліковано 26 лип 2024
- ➡️More about our Financial Planning Services at www.parallelwealth.com/planning
➡️Black Friday Sale: www.parallelwealth.com/educat...
A lot of you have been at the same bank for 20+ years, but it might be time to look at some other options so you can start maximizing your savings. We'll take a look at some of the options that could be a good fit for you in this video.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track. You can learn more about our services at www.parallelwealth.com/planning
Financial Resources I personally recommend:
➡️Retirement Income for Life: Getting More without Saving More (Second Edition): amzn.to/3tvIdVN
➡️Parallel Wealth Masterclass: www.parallelwealth.com/education
➡️Future Value Calculator: amzn.to/3EA6Qqv
➡️Neo Mastercard - no annual fee and average 5% back! - join.neo.cc/parallelwealth
➡️Free Credit Report with Borrowell: bit.ly/borrowellPWFG
➡️Maximize your Savings with EQ Bank - bit.ly/EQBankPWFG
The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personal vetted each product and service we provide links to.
OUTLINE
0:00 - Times Are Changing
0:56 - Black Friday Sale
2:01 - Traditional Banks
2:49 - Credit Unions
3:10 - Online Banks
5:39 - Online Banks Are Sub-Divisions
6:26 - Online Banks Are Insured
7:02 - Many Options
8:24 - No Physical Location
9:09 - Tech-Savvy
9:43 - No In-Person Support
10:33 - Mortgages
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
#retirement
My partner and I just opened accounts with EQ so we could share a joint account for the mortgage and most other shared bills. So far so good.
I was introduced to Neo when Hudson Bay changed their card from Capital One. Neo is great. No fees, easy money transfers, higher savings interest, and even automatic credit card payments. It’s a no brainer stress free option.
Great video. Definitely will look at this for sure.
Neo's credit card is issued by ATB Financial and backed by the Mastercard network, and the Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Neo is affiliated with ATB but there is no ownership stake.
Wealthsimple has 4 percent saving. No fees, no minimum.
I use Tangerine for my day to day operations because there’s no fees, and took advantage of a 3% savings account for 6 months for my emergency fund. I’ll transfer this to EQ, I don’t mind moving this money to get a better rate 😊. Also, with Tangerine I can use all Scotiabank ATM around the world at no charge.
I've been with Tangerine for years. Years of not paying fees and earning interest on everything has been awesome!
In 1997…(gen x here) I was an early adopter of the ING online banking. I never regretted it,and to this day,I’ve never gone back to a big 4 bank for ANYTHING. Including 2 mortgages and lines of credit. In my humble opinion,only fools bank with the big Canadian banks. You might as well just flush 20 dollar bills down the crapper every month. Just don’t do it!
Great info Adam is a online bank a good option for an emergency fund? Where I need it to be liquid and readily available
Yes, I use EQ for my emergency $$
Thanks Adam. Two days before watching this episode I opened an EQ account.
i am user of EQbank love it.
Presently EQ bank offers no RIF accounts, which is a biggy for retired people. EQ maxes your deposits at 200K. Otherwise EQ seems good to work with. What about CBDCs on the horizon tracking every cent you spend?
BMO InvestorLine currently provides 3.65% in their high interest savings account and 3.50% for their US high interest savings account
Promo rate?
This is a very good info session. I do not like the use of “high interest savings” when talking about 2.5%. Lol.
Keep up the great work it’s very helpful to many of us!!
@@ParallelWealth No - that is their HISA option under their GICs & Bonds. Fully liquid and cashable.
With the current national inflation rate nearly 7%, putting money into investments or savings accounts that pay between 2 1/2-5% is a great way to make a small fortune- from a larger one!
Stealing Elon's tweets!! At the end if the day if you have money you need short term, you are best to get the highest rate you can even if below inflation. Any bit helps.
credit union the way to go
Do you think the GIC rates will stay up in the new year?
Early yes, but as rates are cuts, so will GICs
@@ParallelWealth But once in one the rate stays the same no?
@@kathleen8092 yes a fixed rate GIC keeps whatever interest rate you purchased it at for the duration of that GIC
What do you think of flexible GICs for higher rates but ability to withdraw after 30 days?
That can work, just read the fine print on what happens ans how interest is paid if you collapse early
I still like to wait and spread my $$ to diff banks even if have to get special rate at say dumb CIBC. Meridian is the best ive dealt with to be honest with nice rates and nice flexible GICs. They also give me more % as a long customer than the listed without even saying a word when I go to put say a 1 yr etc.
I really wanted to like EQ....but the process of opening an account and linking my major bank account was a nightmare and full of glitches. Tangerine has been problem free even though their savings rate is less than half of EQ. That lower % is more than offset by the peace of mind of Tangerine's stability and ease of use.
My experience with EQ has been fantastic. Easy account setup and I use etransfer to move funds from a big 5 to them. I’m tempted to move payroll deposit there but a lot of hassle in changing all my payments so for now it’s just for savings, both long term and short term
I have a similar experience to James. Very smooth, quick and easy.
Sorry you had a bad experience Brian.
EQ Banks platform is very unstable and I had the same issues as Brian. They need to work on that.
@@ParallelWealth customer service was friendly and efficient to close the account though. Just some kinks to work out I guess.
Had the same issue. But it's still worth the hassle.
Hey, I thought Parallel was committed to objective fee-only advice and education, not conflict of interest "affiliate links" to earn 'commissions' on recommended 'products' - isn't that like selling high MER mutual funds for front-end sales loads? LOL. JK. Love the channel. ps. Motive Financial's Savvy Savings Account is another option... has had 3% interest for a while. Motive Financial is a division of Canadian Western Bank, CDIC insured etc. ATM card to access globally too. Moved over from Tangerine which declined to awful and lowered savings rates after Bank of Nova Scotia bought it and destroyed the ol' ING Direct advantage.
Lol, almost exactly the same thing 😜😜
Thanks Adam.
But where we get the credit cards from...EQ don't provide one.
No ATM card too
I worried about that also but my money is only a free etransfer away. If I need more than the limit I do have to plan for that or wait 2-3 days for a bank to bank electronic transfer. I rarely need to move more than the etransfer limit.
EQ has a card now
Online banks are ok, except when you encounter issue -reaching for support is a pain,compared to a brick and mortar banks, you walk in and get help (from humans)
Walk in....wait for 30 mins plus...and get help.
@@ParallelWealth or just setup an appointment , i guess im old school 😊
I had a significant amount of cash sitting in my chequing account. My investment advisor suggested I open an EQ account through my advisors firm. I could make monthly deposits through them. Of course the advisors firm would get a small fee for doing so. Ummmmm.... why would I go through them when I can do it myself. I found a high interest savings account with my bank that is paying 4.5% a month as a promotion for 4 months. I'm making more money right now in my savings account vs my investments and TFSA. Like a lot of people I've lost about 15% of my investments. I don't need to draw out from my investments yet so I'm waiting for the market to improve. To cover the loss I've returned to work on a 6 month contract. I hope things improve soon
Great information, Adam. Thanks very much..!!!
Thanks Adam-always great advice!
Heh these rates the big banks charge pays my dividends
🤣🤣
Your comments about the phone support offered by the big banks is so true. Over this year I've had to deal with CIBC, TD and EQ. TD wasn't bad other than for the wait. The CIBC experience was horrible--super long wait on hold and the rep was unhelpful and uncaring. I had to call EQ once and they answered immediately! And it was a Sunday! Person was super helpful. So far I've been very impressed with EQ Bank.
Another great video Adam. Can you let me know the title of the best Canadian retirement book you mentioned a few weeks ago in your video? Thanks John
In the description
Thank you
Do you get the masterclass for free if you purchase the financial planning service?
Selena, yes you do - as well as the OAS Course.
What most of these banks like to do is play games and give you a temporary promo rate to lure you there and then go back to their regular rate after a few months. So I play that game to. I am now with 8 online banks and play musical chairs with the most competitive promo rates. I don’t recommend however you keep anymore than CDIC will cover at any one institution.
i am getting 3.8% at Meridian Cu HISA, for 8 months, 3% at TD for 100 days GICs, 3.4% at Home Trust, saving acct. 5% on one year GIC and 4.85% on GIC one year with monthly pay.
I chuckled when you commented on how fast things can move when a GIC moves from 1% to 5% in twelve months. The thing is they shouldn't move this quickly at all. Strange times we live in.
Chris, completely agree.
I get my broker to jump around and find the best bank GIC deals. The broker gets paid by the institution that gives me the GIC.
Excellent!
Hi Adam, would you know if you can put US$ into TFSA?, thank you
Do u mean etf or stocks from usa? If so yes u can but there will be withholding taxes.
Yes you can!
Be extremely carefull about who the principals are behind the companies that own online ( and physical) financial companies that sell non CDIC insured products. Having access to your cash can make them less than trustworthy. Canada has not been immune to these greedy types of people with their inflated sense of entitlement.
Keep up the great work Adam. Appreciated!
Very good information! Thank you!
Thanks for this video. There are several good choices for banking and a person just has to look for what can be better for them. Aside from not having a safety deposit box, I have used online banking for years and see no downside. All the same benefits and free banking is great
My monthly banking fees are reimbursed by my bank (one of the big six) and I’ve a dedicated client relationship manager (financial advisor) who I like and Is crazy responsive. This said, my default is online banking anyway so I feel I get the best of both worlds. Are my returns the best? There I’m not convinced - though am too old to be chasing the next best thing. I’ve been with the bank for 50 years and I feel I get the best deal they can offer. As a retiree, I’m in meltdown mode, have no debt, but zero scope for ‘new’ investments outside my TSFA and everything I own is still under water anyway. So, all said, this is a traditional relationship that seems to be working well for me.
thank you Adam for great info as always ,Iam wit BMO Investorline and put my cash in BMO HISA IVL Series 104 (BMT 104) pays 3.65% as of Nov 2022
EQ bank 2.5%, My Credit Union regular savings account 3.1% if less than $100K, 3.15% for $100K-249.9K, if over $250K then 3.3%. My other credit union is paying 3.2% for over $250K.
If you lock your money for 1 year, the interest at the Steinbach Credit Union is 4.5%
Im at a major bank but the fees get waived , invest through them as well. Still though, Id like to get better rates...something to look into.
I have been using unions and internet banks for years. Must make sure that they are CDIC insured.
Wealthsimple just upgraded their Visa Debit card to a Mastercard Debit card. They now pay 3% on saving and 1% cash back into your stock portfolio. You can also order a physical card, with no fees to sign up and no monthly fees
I have been with a BC credit union for 30+ years and my chequing account is my main operating account. I refuse to pay bank fees. I have a HISA there as well. In addition to the credit union, I opened up a Tangerine account a few years ago for the interest rates but closed it not long after because my bank card did not work and I could not withdraw $200. The "help" on the phone to resolve it was over a 45 minute wait time. I closed my account with them shortly after due to this as well as some of the wait times to transfer money. I realized that while my credit union has crappy interest rates for my savings they give me great service. Great service. I haven't been into a branch for years- like 10+ years- as I email them for everything. I have built a relationship with them and if I need anything urgently I can call them. This is the one drawback of the online platforms. That said, I have an EQ savings account and TFSA that I use for savings. Money I don't need to operate on a daily basis. Its a simple etransfer in and out and NO fees. I like it. They need to work on their platform though as its a bit unstable at times.
Great information, thank you.