• Thanks for your question. Our goal is to educate people so that they know what options are available to them and can evaluate these options within their goals, objectives and risk tolerances. In our view, Investment Savings Accounts are best suited to people who are looking to earn yield on idle savings while maintaining the liquidity which would not be available in longer term investments, such as GICs.

    • GICs are not for parking. If you saw a stock that you want you could not buy it because your money was being held in a GIC for however you chose to buy.ski

  1. BMO pays 1.6 Cdn and 1.7 US
    also, when you buy stocks it used to be T3 but at BMO it is T2
    I complained and was told that all brokerages are T2

    • You complained? Via a quick on-line search you would have learned that it is not a brokerage rule, it is set by the stock exchanges. While three-day settlement (T+3) used to be common, a few years ago many major exchanges have moved to two-day settlement. For example, the TSX, NYSE and NASDAQ are all T+2. Your broker has no power to change that.

  2. Minor update to correct. Article says “Canadian Dollar (CDIC-insured) and U.S. Dollar (not CDIC-insured) savings accounts”. Foreign currency deposits are now CDIC eligible.

    • Good catch! We had updated our articles generally to reflect the enhanced CDIC coverage but missed that reference. We’ll update the article. Thanks for pointing that out – we appreciate your feedback!

  3. At BMOInvestorLine, it is saying that investments in EQB1000 are “No longer allowed” and limited to existing investors. Is this a BMO restriction or is it EQ Bank?

    • Thanks for reporting. I suspect this is a BMO restriction. I have heard of banks/brokerages restricting the ability of customers to purchase ISAs offered by other banks.

      Others in the Thrifty community should feel free to weigh in with their experiences.

  4. This is a great tip here – I often feel like people tend to forget about their cash that is just sitting when it could be used to earn a return (no matter how small). This is especially true because the bank/broker is going to be using your deposits to generate a return anyway! Instead of letting them invest your cash you should be doing it yourself! Great article.

  5. Thanks for the article. I know EQB1000 is available for trade with HSBC InvestDirect.

    I have one question. If I buy EQB1000 via HSBC InvestDirect. Say I want to buy $1,000,000 of EQB1000. If I make 10 transactions of $100,000 each, this means my assets are protected by CDIC? (Only insure max $100,000)
    Thank you.

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