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Email this6:55 pm
September 28, 2023
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The seas have calmed until the next BoC rate drop (probably 25bps? Jan 29)
2:45 am
September 29, 2017
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From what I can see, the downtrend is still quite strong. There is a very good chance that there will still be another 50pts drop at end of Jan.
See plenty of discussion around CB rate changes here:
https://www.highinterestsavings.ca/forum/general-financial-discussion/bank-of-canada-rate-1
10:26 pm
April 6, 2013
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Rates stable since previous update:
| ISA (Canadian Dollars) | Rate |
| B2B Bank HIIA, Series A (BTB100) | 3.00% |
| BMO High Interest Savings Account (BMT104) | 2.95% |
| Scotiabank Investment Savings Account, Series A (DYN6000) | |
| Equitable High Interest Savings Account, Series A (EQB1000) | 2.90% |
| Home Trust High Interest Savings Account, Class A (HOM100) | |
| NBI Altamira CashPerformer Account, Series A (NBC100) | 2.80% |
| RBC Investment Savings Account, Series A (RBF2010) | |
| Renaissance High Interest Savings Account, Series A (ATL5070) | |
| TD Investment Savings Account, Series A (TDB8150) | |
| Manulife Bank Investment Savings Account (MIP510) | 2.75% |
7:19 pm
April 11, 2020
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How are ISAs working when selling all units before the end of the month when interest get paid or accumulated? Do I get the units plus accrued interest in cash or could I only sell the # of units I bought say 20 days ago and get interest as units or in cash at the end of the monrghs? Any difference between the cash- or re-investing-option.
Thanks,
F
8:24 pm
March 30, 2022
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Don't worry. When you sell all the units mid month you still get all your accrued interest up until the day you sell paid out in cash.
9:20 pm
October 27, 2013
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What happens with the ISAs I own is the FI calculates interest accrued to date and converts them to units that are sold along with the asset amount.
Example: You own 1000 units @ $10 each = $10,000. You sell all units mid-month. Accrued interest is $153 to date of sale. FI converts that to 15.3 units @ $10 along with the sale of the 1000 units. 1015.3 units = $10153 deposited to your account.
9:06 am
April 6, 2013
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Fritz23 said
… Any difference between the cash- or re-investing-option.
That may not be an option for some brokerage ISA's. Some will only support reinvestment of the monthly interest and won't pay the interest out to the brokerage account holding it.
There's no actual units or shares being bought or sold. There's just a savings account and no mutual fund trust or mutual fund corporation. The units/shares are a mirage made for the benefit of the Fundserv system that handles mutual fund transactions.
When one buys 5,000 units of DYN6004, one is making a deposit of $5,000 into a Bank of Nova Scotia savings account.
9:30 am
April 11, 2020
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Thank you BK, AltaRed and Norman1
9:31 am
October 27, 2013
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I have never tried the interest option because the default has always been re-invest, for the reasons noted (actually deposit accounts using the FundServ mechanism). That should be what investors want anyway to compound interest. Getting access to that interest would be a simple T+1 sales transaction, selling as many units as one chose.
Added: Think about it this way. The brokerage is actually just the order taker (agent/intermediary) between the investor and the actual bank deposit. There needs to be a mechanism for the brokerage to process transactions, and in this case, it is the FundServ system.
Please write your comments in the forum.