Managing your Fun Fund!
Life pro tip 101
By Jeremy W.
I only cover what is free to use and provide online banking like TD.
The institutions I deal with are covered by Canadian Deposit Insurance Corporation (CDIC), who guarantees up to $100K in savings
After a few wavering weeks of cold-warm “forgot how to summer” seasonality, we’re finally in the clear! July is already here and August is fast approaching, time to go water skiing, surfing, kayaking, canoeing, skydiving, BBQing, pool canon-balling and whatnot. Don’t forget those delicious, delicious cold beverages that go so well after a few hours under the bright sun. Most of us wouldn’t worry so much about the monetary side of things, as long as we create great memories. Perhaps after all the excitement has settled and the memories made, it would be time to start considering saving up for either the Winter version of your epic summer. adventure or for the next summer.
Practical Tips and Information
High Interest Savings Account
I found the following banks to be offering good HISA.
PC Financial (2.6%*): Their no-fee chequing accounts offer credit cards that can be used in CIBC ABMs located in basement SLC and DC, so if you linked a PC HISA to its chequing account, you can transfer funds from the savings account into cash fairly quickly.
*PC Financial HISA rates are on temporary promotion, and will return to 1.35% on July 15th.
ING Direct (2.5%*): ING Direct was bought by Scotiabank last year, so it’s in good hands. This is another bank with no-fee chequing accounts. I especially like them because they allow you to email money for free.
Also, transfer between savings account and chequing account is instantaneous, there’s no 1-2 business day delay. Last thing, their chequing account also pays 0.25% interest on savings below $50,000. Normally, chequing accounts only charge fees, not pay interest. The HISA itself is offering 1.35%, but you can bump that rate up to 2.5% for 90 days if you know someone who can refer you with a referral code and also receive $25 deposit for signing up. Historically, ING Direct usually offers one of the highest rates.