High-Interest Investment Account
I have available, to all my clients, a daily-interest investment account that is currently offering 0.25%. This is a “no fee” account requiring a minimum investment of only $1,000 CDN. Deposits are covered by the Canada Deposit Insurance Corporation (CDIC) (Canadian dollars only).
This investment account is extremely flexible and may be held in RRSPs, RESPs, RRIFs, LIFs, LIRAs, or TFSAs. It is also suitable for short-term investments or for people who are particularly risk averse and do not wish to lock their investments for a period of time in a GIC, GIO, or other term deposit. These accounts are also commonly used as a place to “park” funds while deciding what to do next.
Being an investment account, they do not offer telephone, online, or mobile banking access. However, for those wishing to use these funds as an income stream, regular deposits into a Canadian bank account are available at no cost.
These accounts are fully liquid, meaning that you have full access to these funds when needed. Unscheduled transfers into your bank account are typically completed within one week.
If you would like to speak to me about the possibility of incorporating this account into your financial plan, contact me.