So glad I watched this video. I was considering opening an RBC HISA but when I saw that the 5.5% interest rate was just for 3 months I changed my mind. Just used your link to open a Neo Financial account
Such an informative post, thanks for all the research and work you did! I’ve been stuck between choosing between Neo money and Wealthsimple spend accounts. I’m still not sure but I’ll probably go with Wealthsimple cause of the investing options 😅
Thank you for all this info im with 3 banks and have about 4 different financial cards I've been mostly focused on credit but now looking to get into investing & HISA, one question i do have is do people move money around to take advantage of some of these promotional rates, I know some accounts do penalize you if you don't keep them in for the time period, but i didn't hear that for most of them, thanks.
People do move from bank to bank but honestly I think my time is too valuable to be doing all that LOL! I don't think there are penalties but I suggest checking with the banks you'll be using to make sure. Thanks for watching!
@xoReni yea true, but I guess in theory once you have signed up with multiple banks to take advantage of these promotions the only thing I could see them asking is for you to have either a certain amount in there or some kind of direct deposit, and as long as they don't ask to lock it in for 1 year which is what I heard some might, it could be an interesting/slightly inconvenient way to take advantage of more deals in a shorter span. Thanks for the info I will do so more research and see what I find out
Very informative video. Great quality 👏 😍🥰 Your video Quality is my motivation for how I want my video on my channel to be. Tapping into this motivation that my channel will soon become the go to source for valuable information on my own niche of personal and career development.
I've only seen your channel today but i wish i had known about it when i just arrived in Canada. Thank you for this really comprehensive review. Your video quality really improved! I agree, paying for e-transfers really is insane. I've been using EQ for a while and was thinking to switch to Neo but i feel like my money is fine at EQ, if i need a higher interest rate then i could use their short term GICs which gives a higher interest rate without all the frustration.
Thank you! I agree and I feel EQ offers a lot of the features of a big bank which is helpful unlike some of the smaller online only banks. I’m still keeping it as my main account.
@@xoReni it brings me peace of mind knowing that someone who gives such good financial insight uses EQ as their main bank account. I think they'll just keep improving. Yesterday I got an email saying that they raised everyday interest rate from 3% to 4% as long as I continue to have $500 or more in qualifying payroll deposits.🎉
Great video quality as always! Regarding RBC’s high interest savings account, they rolled over the 5.5% promotional rate they offered me. So that’s 180 days at 5.5%! 😄
Great video Reni. I am wondering why you did not cover Tangerine, which is one of my favorites bank. If you want me to cover that on my channel, please like this comment.
Do you recommend Wealth Simple Cash Account. Will there be any credit check for opening WS cash account. Do they offer CDIC coverage? I have TFSA with WS, thinking of opening a cash account.
@@xoReni - I did chat with the EQ team and they said you will get 3% when you have recurring deposits. I use EQ for my emergency funds and did a bulk deposit last year. Apart from my emergency funds I do not have any savings. I just invest everything what I save each month.
You could try having payroll send a small portion of your pay to EQ to meet the recurring deposit requirement. If you don't want to fully commit to having all of your pay deposited.
Hi Reno, I found you on TikTok. I’m from Nigeria and still living here, please how do I get started with investing and getting my finances into better shape?
Thanks so much for this video. I was already aware of EQ bank as a top competitor but I was surprised to see Neo’s offerings. I thought they were just trying to sign people up in local malls 😅 I used your code 🎉
A money account is where they have their high interest savings account. The mastercard would function like a credit card. You don't get cash back on the money account but you get high interest of 4%. Let me know if that is helpful!
After watching this video I’m already with EQ Bank and I’m thinking of changing to Scotiabank and getting the momentum plus savings account I think it’s a great fit for someone like me who barley touch their savings. So thank you so much 🙏🏾 what are your thoughts on this? Keep up the good work
@@xoReni I use the momentum plus saving account for saving, it’s like out like holding multiple eggs in one basket and I thought I can use momentum premium period for saving for different things
Hi Reni, love your content. I was just wondering if the profit you make off these saving accounts are taxable. If they are is it possible to open a tfsa for a high interest savings account for the fintechs mentioned?
Hi! Thank you! Yes, the gains are taxable. You could open a TFSA but often they don’t offer the same rate. I believe EQ bank may offer a high interest TFSA but I’m not too sure about the other banks
@@xoReni thank you so much for your reply! would you recommend opening a tfsa with the interest account or you think it's not necessary since the gains (profit) are low
First of all thank you for such an informative content! My question is: if Wealthsimple and Neo Financial have exact same benefits, what made Neo Financial your preferred choice over Wealthsimple?
I like that Neo allows you to open 10 different savings buckets within the account! Dont think Wealthsimple has that option currently. So you can name your Neo accounts “emergency fund, car fund, travel fund” etc
@@xoReni i think you might need to reconfirm your eq bank referral link. I signed up with it but was just informed by their customer rep that the link is not valid.
This video is focused on savings which is insured by CDIC. The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation
@@PabloWintterCIPF and CIDC are two different things. CIPF applies to your non registered account at wealth simple and CIDC applies to your cash account.
