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Email this11:26 am
October 26, 2022
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Am I missing something or the highest regular (not locked in for any period of time) actually is a HISA saving fund DYN6004 available in Scotia Itrade. Currently 3.8%
Seems that they actually just increased it today (as soon as BOC raised 0.5)
https://ads.scotiabank.com/news/higher-cad-rates-personal-corporate-investment-savings-account-isa-rate-october-26-2022/en-CA
11:44 am
January 12, 2019
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.
More details here ⬇
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Dean
" Live Long, Healthy ... And Prosper! "
12:41 pm
October 26, 2022
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Thank you Dean
Good to know it was not me going blind.
Just purchased DYN6004.
Some info here might help others:
1. in Scotia Itrade I couldn't find the ticker. Neither in quote or mutual fund screener. Had to call (long wait. Surely that is something everyone knows. horrible Scotia customer service!). After this and that, they told me to just put it in Trading - Buy like a real trade, it should appear?? It did
2. in Scotia Itrade it should be free trading both ways . For now I would have to take their word for it. But be alert as sometimes commission/other fees may be hidden. I think I didn't have to pay any fee. But until settlement (T+1), no one can be sure.
3. You may be required to hold it for 30 days. I didn't care that much about that. So didn't bother confirming.
4. I thought RBF2011 would be the same rate as they usually are. But today it is much lower. Maybe RBC direct investing is slow to react. Anyway Kudos to Scotia. Usually I have nothing good to say about them. But today they did it!
5. If you can't buy DYN6004 in Scotia Itrade because you don't have a trading account open with them, can buy it in many other trading accounts. It's likely higher fees or/and lower rate.
Better call to make sure
Hope reading my experience will save you some time.
Happy saving everyone!
12:51 pm
October 27, 2013
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For Scotia iTrade clients, just click on Trade and then Mutual Fund tab and type in DYN6004 to trade it. You won't (shouldn't) find it in the mutual fund screener because it is not actually a mutual fund. It is a deposit account which uses the mutual fund FUNDServ system to transact it.
There is no minimum hold period and there is no buy/sell commission. I believe that same thing is true for all the in-house ISAs, e.g. RBF2010 at RBC DI, TDB 8150 at TD, BMT104 at BMO Investorline, etc. Each of these fund families might have a few other quirks, e.g. Scotia has tiered levels with different rates, RBC has Notice Period options at a higher rate, etc, etc.
1:22 pm
September 7, 2018
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HigherRate1 said
Am I missing something or the highest regular (not locked in for any period of time) actually is a HISA saving fund DYN6004 available in Scotia Itrade. Currently 3.8%
Seems that they actually just increased it today (as soon as BOC raised 0.5)
https://ads.scotiabank.com/news/higher-cad-rates-personal-corporate-investment-savings-account-isa-rate-october-26-2022/en-CA
Rates for both DYN6000 and DYN6004 increased today. DYN6000 to 3.70% and DYN6004 to 3.8%. My understanding is that iTrade clients can only buy DYN6000 and not DYN6004. Advisor Deposit Services calls these ISAs (Investment Savings Accounts) not HISAs.
1:59 pm
October 27, 2013
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Actually Scotia iTrade clients can buy the F class versions. I own both BNS DYN6004 (CAD) and DYN6005 (USD). That may not be the case on the ADS DYN500X series that I used to own.
I agree the distinction between HISA (retail direct) and ISA (brokerage in nominee name) designations are important in these discussions. They are different animals.
11:35 am
February 14, 2023
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AltaRed said
Actually Scotia iTrade clients can buy the F class versions. I own both BNS DYN6004 (CAD) and DYN6005 (USD). That may not be the case on the ADS DYN500X series that I used to own.I agree the distinction between HISA (retail direct) and ISA (brokerage in nominee name) designations are important in these discussions. They are different animals.
Hi,
The concern here being how CDIC handles the distinction?
ie:
https://www.cdic.ca/financial-community/for-brokers-and-other-financial-professionals/
12:04 pm
October 27, 2013
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The link seems pretty clear on how each type is handled by CDIC. Perhaps your question is how does the brokerage handle your holding of DYN6004?
I can't be sure but I suspect the discount brokerages hold the ISA in nominee name. Best you ask your brokerage to be sure. I do know that GICs are held in nominee name at discount brokerages.
From my own perspective, I don't care. None of the big 6 banks are going anywhere so whether the ISAs (deposit accounts) are even CDIC insured or not do not actually matter to me.
12:22 pm
September 7, 2018
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AltaRed said
The link seems pretty clear on how each type is handled by CDIC. Perhaps your question is how does the brokerage handle your holding of DYN6004?I can't be sure but I suspect the discount brokerages hold the ISA in nominee name. Best you ask your brokerage to be sure. I do know that GICs are held in nominee name at discount brokerages.
From my own perspective, I don't care. None of the big 6 banks are going anywhere so whether the ISAs (deposit accounts) are even CDIC insured or not do not actually matter to me.
The ADS Scotiabank site says that the DYN ISA are covered by CDIC up to the applicable limits. I would think CIPF (Canadian Investment Protection Fund) would cover your brokerage account - in the event the DYN6004 is not covered by CDIC. (But it is covered by CDIC.)
And you are correct AltaRed, the big banks are not going anywhere, so this is really a non issue.
12:27 pm
September 11, 2013
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My understanding is CIPF covers you if you suffer losses due to the broker going under. CIDC covers you if Bank of Nova Scotia (in this case) goes under. So they cover different things, is my understanding.
12:34 pm
March 30, 2017
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Bill said
My understanding is CIPF covers you if you suffer losses due to the broker going under. CIDC covers you if Bank of Nova Scotia (in this case) goes under. So they cover different things, is my understanding.
exactly.
And I think people need to relax a bit when it comes to 100% insured / principal protection sometimes. Its ok to take good risk, thats where the return is.
1:33 pm
April 6, 2013
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CIPF covers replacing the DYN ISA "units" in your brokerage account should they go missing after your brokerage fails.
CDIC covers any lack of money the CDIC issuer has when one tries to redeem those DYN ISA "units".
6:59 am
March 15, 2019
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Bank owned brokers sell GIC's issued by other institutions. The concern is not the bank owned broker but the other institutions.
For example, when you are buying a Home Trust GIC through your bank owned broker you are taking Home Trust risk as those of us who lived through the Home Trust debacle from a few years ago know only too well.
7:17 am
October 27, 2013
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This recent discussion about CIPF vs CDIC isn't addressing post #7 question about whether a brokerage holds the ISA in client name vs nominee name, and thus how CDIC coverage is aggregated with multiple holdings.
If Kesa is truly concerned/interested about that, then Kesa needs to talk to the brokerage about it. My default assumption is the ISA would be held in nominee name like it is with CDIC insured GICs.
9:43 am
February 14, 2023
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AltaRed said
This recent discussion about CIPF vs CDIC isn't addressing post #7 question about whether a brokerage holds the ISA in client name vs nominee name, and thus how CDIC coverage is aggregated with multiple holdings.If Kesa is truly concerned/interested about that, then Kesa needs to talk to the brokerage about it. My default assumption is the ISA would be held in nominee name like it is with CDIC insured GICs.
yes, thank you.
in other words, eg:
I buy 100k CIBC GIC in branch (CDIC protection in my individual account).
I buy 100k CIBC GIC in self-directed brokerage account (CDIC protection in Trust account, presumably).
I’ll call for my accounts, but wouldn’t know if this applies to someone else at a different brokerage.
10:25 am
October 27, 2013
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kesa said
I’ll call for my accounts, but wouldn’t know if this applies to someone else at a different brokerage.
Each person will have to check with their own brokerage to be sure but I would be surprised if there is any difference among the major brokerages. I seem to recall this has been discussed in forums elsewhere, and specifically a thread over at Canadian Money Forum, but it may be hard to find.
10:48 am
September 11, 2013
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This has also been discussed in thread CIDC limits: GICs within RRSP Brokerage.
I just always assume if I have a $100K GIC from institution A (that is not a big bank, if it's a big bank I don't care about limits) then I'm not going to buy another one in any account anywhere, just to be safe. I'll just buy the next best option. Just because I can't be bothered to ask, not confident I'd get the right answer anyway.
2:42 pm
March 15, 2019
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Do the big bank brokers do a due diligence on the external 3rd party GIC's they self?
For example. I heard the big bank brokers refused to sell Home Trust GIC's during their liquidity debacle.
4:29 pm
December 12, 2009
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COIN said
Do the big bank brokers do a due diligence on the external 3rd party GIC's they self?For example. I heard the big bank brokers refused to sell Home Trust GIC's during their liquidity debacle.
That was most likely their decision to not market Home Trust GICs, anticipating early redemption requests, which they may want to redeem to appease their clients and then be unable to resell them on the secondary market.
They make their own business decisions in terms of which third-party GICs to sell based on a variety of factors, including, but not limited to, commission paid by the third-party financial institution, potential liquidity on the secondary market, potentially reputation of the third-party financial institution, competitive reasons relative to their parent bank's own products, and various other factors.
Cheers,
Doug
4:32 pm
December 12, 2009
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AltaRed said
For Scotia iTrade clients, just click on Trade and then Mutual Fund tab and type in DYN6004 to trade it. You won't (shouldn't) find it in the mutual fund screener because it is not actually a mutual fund. It is a deposit account which uses the mutual fund FUNDServ system to transact it.There is no minimum hold period and there is no buy/sell commission. I believe that same thing is true for all the in-house ISAs, e.g. RBF2010 at RBC DI, TDB 8150 at TD, BMT104 at BMO Investorline, etc. Each of these fund families might have a few other quirks, e.g. Scotia has tiered levels with different rates, RBC has Notice Period options at a higher rate, etc, etc.
Not sure if this is the mutual fund screener you and the OP were meaning, but I am able to search within the Mutual Fund tab's search function, which includes various limiters, and can find ISAs even though they're not mutual funds. For example, I will often search for "Investment Savings" to find other potentially available ISAs within the Scotia iTRADE platform. Their availability in the search results does not mean you can trade them, though. That will come when you try to place the trade, and if it instructs you to call Scotia iTRADE or trade data is unavailable, then you can't. I believe the Equitable Bank HISA is available, but not the Equitable Trust HISA (or vice versa).
Cheers,
Doug
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