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Email this7:28 am
January 5, 2023
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moveyourmoney said Freida, let me know how your upcoming trade goes when you switch. Thanks.
mym, It worked fine. I have an open order for DYN6004 on qtrade. If I experience any issues, I'll give an update. Moving some additional cash in tomorrow.
Thanks again Iminterested.
10:16 pm
April 6, 2013
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Doug said
Except it's misleading, listing BMO's ISA at the top, as if it's the notional rate leader when it is not.
Also, it is directly comparable to the other ISAs. It's the exact same product, except the depositor does not have to pay a trailer fee.
It's not misleading. As AltaRed wrote, the chart shows BMO's ISA sharing the 4.1% rate level with the Scotiabank ISA. Within each rate level, the ISA's are sorted alphabetically.
No, the series F ISA's are not comparable with series A ISA's just as series F mutual fund units are not comparable with the series A units.
Series F units and ISA's have a higher return because the dealer has agreed to assign the series A trailer commission to the investor. It's not because the Series F units are a superior product.
9:35 am
April 4, 2018
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I see someone was able to get one of the investment savings accounts through qtrade. How about questrade?
3:21 pm
January 12, 2019
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.
I just noticed that the interest rate for TDDI 'USD' ISA (TDB8152)
is now @ 3.90% !
- Dean
" Live Long, Healthy ... And Prosper! "
6:43 am
May 26, 2022
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Dean said
.
I just noticed that the interest rate for TDDI 'USD' ISA (TDB8152)
is now @ 3.90% !Dean
BMO noticed the TD increase. BMO USD ISA BMT124 is now 4.0%
4:02 pm
January 26, 2018
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fionag11 said
I see someone was able to get one of the investment savings accounts through qtrade. How about questrade?
I have EQB1001 at Questrade. They charged $9.99 commission to buy.
6:09 pm
November 3, 2022
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There is zero charge for purchasing ISA units through Qtrade. And if you keep more than $25,000 in your account there are no maintenance/quarterly fees, either. Sounds like Qtrade is the low cost platform for holding these instruments.
7:52 pm
October 27, 2013
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Not really. The big bank brokerages do not charge buy/sell commissions for ISAs. Account minimums vary from brokerage to brokerage.
7:58 pm
December 12, 2009
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AltaRed said
Not really. The big bank brokerages do not charge buy/sell commissions for ISAs. Account minimums vary from brokerage to brokerage.
^ this.
Also, when I looked into Qtrade, I had a sub-optimal customer service experience necessitating follow up from their back office, which was never received. As such, I do not recommend them. Their VirtualWealth division is also the highest cost robo-advisor in Canada, too. Platform and equity/ETF commission-wise, they are essentially a coin slip to Scotia iTRADE, which has legendary customer service (iffy service from their back-office, but meh).
Cheers,
Doug
9:14 am
September 11, 2013
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These brokerage ISAs have been around forever, never before been competitive with e-bank HISAs, now all of a sudden they're the top rate (aside from promos). Anybody know what's going on?
11:37 am
April 6, 2013
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I haven't seen any statement from the banks about the top rates now offered through their brokerage ISA's.
Some banks offer better rates through their brokerage ISA's than through their online-only direct channel. For example, Equitable Bank offers 2.5% on savings accounts through their EQ Bank channel. But, the bank offers 3.95% through their brokerage ISA.
12:48 pm
April 10, 2013
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Bill said
These brokerage ISAs have been around forever, never before been competitive with e-bank HISAs, now all of a sudden they're the top rate (aside from promos). Anybody know what's going on?
It is one way for brokers to retain the cash proceeds from all the stock selling done by their clients in response to the bear market.
12:53 pm
October 27, 2013
Online
Bill said
These brokerage ISAs have been around forever, never before been competitive with e-bank HISAs, now all of a sudden they're the top rate (aside from promos). Anybody know what's going on?
ISA interest rates generally track BoC short rates (for some reason) while HISA rates are competitive in the retail direct client market with the deposits most likely used to fund variable rate mortgages, demand loans like lines of credit, etc.
1:03 pm
April 19, 2019
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Why is this called "brokerage" savings account? What is the term brokerage in big banks or credit unions offering HISA accounts?
1:17 pm
September 11, 2013
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I wasn't referring to bank rates via ISAs vs their other channels, I was referring to the fact I've got more money in ISAs now because their rates are way higher than e-bank HISAs listed on this site, not been like that ever before far as I recall.
That's what I thought earlier, it's a way to keep bear market (don't pay attention, are we in a bear market?) cash with brokerages. But when I buy BNS ISAs in my CIBC Investors Edge account the money is with BNS, not CIBC, i.e. it's the ISA issuers (not brokers) that are offering the higher rates. But, true, the ISAs are still held in my IE account thus in theory still easily available for stock trading at some point. I just wonder what the issuers want this money for that they're offering such high rates, what are they doing with it that they'd pay these high rates - ?
3:03 pm
April 6, 2013
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The brokerage ISA rates around 4% are not that out of line with the current money market rates.
Friday last week, BMO InvestorLine was offering 4.1% on Government of Canada treasury bills that mature in 20 days. Minimum purchase $5,000. They were also offering TD Bank bankers' acceptances maturing in 33 days at 4.46%. Minimum purchase $50,000.
6:29 am
March 30, 2017
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Norman1 said
The brokerage ISA rates around 4% are not that out of line with the current money market rates.Friday last week, BMO InvestorLine was offering 4.1% on Government of Canada treasury bills that mature in 20 days. Minimum purchase $5,000. They were also offering TD Bank bankers' acceptances maturing in 33 days at 4.46%. Minimum purchase $50,000.
That plus it seems FIs are simply not "interested" in using HISA to manage their funding as much as they used to. Or its actually the flow has shift to GIC since the multiple rate hikes and FIs have to mix it up to attract funds.
5:50 pm
April 6, 2013
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I suspect financial institutions only need a certain amount of savings deposits for their needs.
Paying on HISA deposits as much interest as they pay on their brokerage ISA offerings would bring in too much HISA deposits.
There's lots of savings money out there. Statistics from StatsCan show post-pandemic household saving is still elevated compared to before (pre 2020 Q1):
| Household net saving (x $1,000,000) | ||||
| Year | Q1 | Q2 | Q3 | Q4 |
| 2019 | 2,504 | -4,693 | 13,202 | 16,009 |
| 2020 | 19,424 | 84,072 | 49,804 | 45,166 |
| 2021 | 54,260 | 34,844 | 38,006 | 31,481 |
| 2022 | 34,300 | 536 | 31,962 | |
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