Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this1:01 pm
Anyone know what the bonus anniversary interest numbers would be (PCF)? I realize that it varies, but would it be 1/4 of the "going rate" at the payout time. Debating having my tfsa money ($5k this year and another $5k next year) at different institutions. Although saying that, if on average 1/2 percentage difference in rates per year, the extra interest money will still only be a few bucks. Thinking I might do the first money in maxa financial, the second in pc financial. With my ctfs account holding any other extra money I might have.
This is also assuming that all the rates of the 3 virtual banks stay close. Since maxa has only been around since the beginning of this year, and pcf lately has been paying quite a bit less then the others.
That $10k is meant to be my rainy day fund, so not like I'm going to be doing any long term stuff. When I have some more money and knowledge, that's what the stock market is for 🙂
1:04 pm
The only reason I was looking at pcf is that I wouldn't mind using them for a free (unlimited debits and personalized cheques) chequing account. I like ctfs because I can easily push and pull money to/from account online.
5:49 pm
If you're looking to stash some emergency cash, you'd be better off keeping it outside a TFSA and just putting it in a regular so-called "high interest" savings account. Interest rates these days are so low that you're literally only going to save a few bucks in taxes with cash in a TFSA. You'd be better off opening a TFSA at a discount brokerage and investing the money in whatever suits you (stocks, bonds, mutual funds, options, etc...). If you invest wisely, your gains will all be tax-free. one word of caution though, if you invest poorly and lose money, you won't be able to claim a capital loss on your tax return on losses realized inside a TFSA. Good luck.
9:21 pm
Was thinking about that, but just starting to get close to 40 hours at work and moving out into an apartment soon. Not considered full time, so the hours could easily fluctuation, so there is a possibility that I might need the money... Next few months should be ok, just first few months of every year are usually pretty rough for hours.
Eventually want to turn my 10% (pay yourself first idea) in the brokerage account and start investing for long term. That is assuming I can get the hours and stay afloat So unfortunately nothing is really (financially) stable yet.
I appreciate the advice though.
Please write your comments in the forum.