The Bank Account Set Up I've Used to Save $100,000 - Chequing, Saving & Investment Account Breakdown

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We recently shared exactly how much money we have in all of our different bank accounts - now, we want to cover what those accounts are. We're going to break down what types of bank accounts we have, including our chequing, saving and investment accounts, and what banks or online platforms we have those accounts with (we even cover what credit cards and other money tools we have).
This will be a peek into exactly what we do with our money, where we put it, and how everything flows together - basically what our overall banking systems look like. So, let's get into it!
0:00 What accounts we've used to save $100,000+
0:59 Chequing Account - Simplii Financial
4:23 Saving Account - EQ Bank
7:23 Investment Accounts - Wealthsimple Trade & Questrade
10:39 Credit Cards - Neo Financial & TD Aeroplan Visa Infinite
➡️ Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - api.fintelconnect.com/t/l/65a...
➡️ EQ Bank - Our High Interest Savings Account - click.linksynergy.com/fs-bin/...
➡️ Wealthsimple Invest - Our Robo-Advisor Investment Platform ($25 bonus) - wealthsimple.sjv.io/vnkndW
➡️ Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - wealthsimple.sjv.io/yRARNB
➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - www.americanexpress.com/en-ca...
➡️ Neo Financial - Our Cash Back Credit Card - neo.cc/refer/N8U6K3S9
➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - questrade.sjv.io/AWa9jo
➡️ Borrowell - Free Credit Score Check - api.fintelconnect.com/t/l/612...
The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!
Website - stephandden.com
Instagram - @stephandden
TikTok - @stephandden
➡️ RU-vid Filming Equipment - amzn.to/3HrWA4i
➡️ RU-vid Editing Equipment - amzn.to/3RXBsri
The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases.
Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

Опубликовано:

3 авг 2024

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Комментарии : 133

@stephandden 3 месяца назад

What banks account do you use? Why? Let us know! 👀

@Sunshya 3 месяца назад

KOHO for the interest rate and the simple interface on their app! Wish Simplii would offer their services in Quebec :(

@emmyjr1231 3 месяца назад

Scotiabank and Koho. Will open EQ and Wealthsimple soon

@sorting_it_out 3 месяца назад

I use the Tangerine Credit Card. I like it because there is no yearly fee. Also, you get to choose 2 categories to get 2% cash back on. The other categories you get 0.5% cash back.

@timothyjonathan526 3 месяца назад

I use Wealthsimple for investment and spending, and EQ Bank for savings. I avoid traditional banks because of the monthly fees and paying 10$ to buy and sell stocks

@user-up8qr5qj2m 3 месяца назад

Could you please provide your email so that I can specify it when registering at Simplii and we both will get a bonus?

@8randomprettysecret8 3 месяца назад

Canada is so expensive …we need more people like you to educate us with all of the features and benefits while retaining sanity and managing money more efficiently. Thank you both !!

@stephandden 3 месяца назад

Thank you for watching + for your comment! That's our goal 🙏🏿🙌🏻

@wolverinetrapper5238 3 месяца назад

My point form strategy; -Minimum amount in chequing acct -Emergency savings in high interest acct -Dividend/slow growth in RRSP, -Volatile/high risk/reward investments in TFSA, -"Extra cash" goes towards real-estate. I'm no RBC pumper but I just ran out of my 100 free trades they offered, which was awesome not having to think about the commission. Nice power couple strategy you two!

@stephandden 3 месяца назад

Thank you for sharing! We appreciate it 😊

@Djmoneyhacks 3 месяца назад

Hey, your investment strategy is so on point. Love this.

@wolverinetrapper5238 3 месяца назад

Pun intended!

@sandlervivian 3 месяца назад

Have been trying to find videos like this for so long, but nothing seemed as easy to understand and full of good energy as your videos 🙏🏻 And sooooo amazing you’re also in Canada!!!! Huge help thank you so much 🥰

@stephandden 3 месяца назад

Yay, we love to hear that! We're so glad you're here 🥳

@RKMxMedia 3 месяца назад

Wow you guys are so smart with this stuff! I have so much to learn

@elrudiiisimo3066 3 месяца назад

I subscribed, y’all give a good positive vibes and give hope as someone who just got out of college to be able to save and invest. Cheers to you two :)

@stephandden 3 месяца назад

Thank you! We’re so happy you’re here 😊

@xamitz58 3 месяца назад

Your videos are some of the best and easiest to follow I’ve ever seen. Cherry on top that your Canadian as well.

@stephandden 3 месяца назад

Thank you so much 😊 we really appreciate that!

@rorygilmorelove6 3 месяца назад

You guys are my saving grace so thank you

@stephandden 3 месяца назад

🙏🏿🙏🏻

@denisquenneville8032 3 месяца назад

Thank you so much for this! Really appreciate the great breakdown! So do you have still have any accounts with TD other than credit card?

@mocha.7777 3 месяца назад

Wealthsimple Cash @ 5% is perfect for emergency funds or savings toward buying a house, especially it’s $500k CDIC insured now.

@DL8SAM0507 3 месяца назад

Yes. It's great for saving, but during an emergency, you'll be able to withdraw $5k per week. I did the same for my home buying, but i needed to make a bigger withdrawal but couldn't, so I had to borrow. That's one of the drawbacks of online banks I guess.

@user-up8qr5qj2m 3 месяца назад

@@DL8SAM0507 WealthSimple provides only 4% for Cash. But 4.5% if you set up a payroll

@abhishekjawahirani8366 3 месяца назад

I guess the account in wealthsimple is a hybrid of chequing and savings. You could withdraw as much as you want without limitations.

@mantabodyboarder 3 месяца назад

Wealthsimple Cash account has the option to order cheques as well.

@Jibril_Abdulkadir 3 месяца назад

I use one bank for everything savings credit card and chequing account but I might have to reconsider and diversify that

@Zazimozi 3 месяца назад

Never put all your eggs in one basket

@stephandden 3 месяца назад

We love that you're thinking of diversifying 😊

@ifyouweremeforreal 3 месяца назад

simplii financial is amazing, life changing to be honest

@LordMizukage_ 2 месяца назад

What do you like about it?

@emilyboulter5978 3 месяца назад

I was using Mint before too, and I built myself my own budget tracker. It’s been nice because I can more easily track items based on my goals (ie a restaurant during a trip being “Travel” not “Restaurants”). My husband and I also just bought our first home (yey) this year so it has been interesting deciding how to reorganize our finances now that we aren’t saving for a home anymore.

@stephandden 3 месяца назад

Amazing - we love using a budget tracker, too 😊 + congratulations on buying your first home! That's an exciting time, and interesting point re: reorganizing your finances now that you hit that goal!

@tammyar 3 месяца назад

Hi Steph! Can you do a detailed video on Wealthsimple Trade? I would love to get a glimpse of how to automate, recommended ETFs, etc.

@stephandden 3 месяца назад

Yes, for sure! That’s on our video list 😊

@abbyhart7520 3 месяца назад

I second this! New investor here!

@kiemiarezagian9944 5 дней назад

Thanks for the great video! :) They've really been helping me as I start on my saving/investing journey! I'm wondering - do you plan on closing your account with Simplii financial after you transfer your money back to EQ? Do you know if there are typlically rules to keep the accounts after promotional periods to mitigate people coming and going with promos? The HISA that is the best option for me doesn't have the best promo currently

@TimotheeReacts 3 месяца назад

Put my cash with Tangerine, promo interest rate at 6% interest rate for 5 months, but that is about to end late may, I will probably switch to simplii to have another 5 months at 6%.

@stephandden 3 месяца назад

Amazing! Taking advantage of the high rates 🥳

@Jessica-kk5td 3 месяца назад

I would really like to open a Simplii account but they're not available in Quebec obviously we are excluded from so many things that other Canadians can have or do.. I should move out of it at some point..they're so busy creating a land locked island

@stephandden 3 месяца назад

It really is so frustrating that many of the accounts aren’t available in Quebec!

@Northern_Squirrel Месяц назад

Thanks for the video, it seems you have many bank accounts and credit cards. Isn’t it a bit too many to maintain?

@sharynfeldman 22 дня назад

I'm new to your channel and loving it! I was going to open a HSA with Simplii Financial because of their promotion but they require me to email them copies of my passport AND Drivers license AND a selfie.....then I got scared. Is this normal with digital banks? It's my first time learning about digital options and moving away from the BIG banks to these platforms and I'm genuinely scared. Do you have thoughts to help?

@beautyfulboi Месяц назад

Hi. I am not sure if you have a video that addresses my concerns, but I couldn't find any when I searched... What are the advantages and disadvantages of setting up a TFSA account for investing (say-in ETFs) with investment firms (say-Wealthsimple/Questtrade) vs. traditional banks say-CIBC/Scotia)?

@deanawells4395 29 дней назад

I love TD bank here in the USA. They are the best bank. My sister couldn’t get any bank accounts from banks in the USA because of tax issues. TD bank was the only bank that would give her an account.

@alexking2296 12 дней назад

how do you transfer money from 1 institution to another? for example if my chequing account is Simpli but want to put my money either on my Neo credit card or EQ High Savings Account? Great video, Cheers!

@wassaapRA 3 месяца назад

Did you face any challenges with closing your TD chequing account? I would assume a big bank would like to retain their customer? I've had a CIBC smart chequing which allows me to nullify their credit card annual payment if I maintain 6k in my chequing, but I am considering going the same route as you with simpli financial.

@bailmcculley 3 месяца назад

wealthsimple’s cash account is 10/10. no fees, 4.5% interest

@stephandden 3 месяца назад

Yes, it’s a great option as well 😊

@SmoothBrownMan 3 месяца назад

Both of you are lucky that you make the time to self manage your investments. I wish I could do that! I manage mine using a wealth management firm.

@stephandden 3 месяца назад

Yes, it definitely saves us money on fees (which can add up long term)! We have a pretty straightforward strategy that doesn’t take any time on a monthly basis, it’s just the initial work that took some time 😊

@SmoothBrownMan 3 месяца назад

@@stephandden Tell me about it! I've done the math and it's expensive.

@yeseniagonzalezramos8621 3 месяца назад

I'd love to know how you manage pay day with this set up to pay off balances or transfer money, is it time consuming, automated?

@swandizzle_ 3 месяца назад

If you don’t have the EQ card, I heard it takes 3-5 days to transfer the funds to another account to spend. Is that true?? Then maybe I shouldn’t keep my emergency fund in there

@joeriveracomedy 3 месяца назад

I have never had a credit card. I only have 1 chase atm card and 3 cards to 3 different brokerage accounts. Easier that way.

@stephandden 3 месяца назад

How come? Do you plan on getting a credit card in the future?

@_harmeet_ 3 месяца назад

Hey! Great video. Could you please let us know what would be the interest rate once the promotional period ends for the High-Interest Saving Account through Simplii Financial?

@stephandden 3 месяца назад

Hi! We shared a video a few weeks ago that breaks down all of the typical rates vs promo rates - it looks like Simplii's rate is only 0.40% (we'll be moving our money out of their HISA after the promo period is over for that reason - but, we'll still use the chequing account!) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-dYPQqzN2zEk.html 😊

@_harmeet_ 3 месяца назад

@@stephandden Thank you so much guys for providing the link. Appreciate it! Keep up the great work.

@cutebubbles2007 3 месяца назад

Can you do a recommendation for Quebec residents? A lot of these banks do not provide service in Quebec. Thank you! I love your channel

@stephandden 3 месяца назад

Thanks so much! Ah, it's frustrating how many options aren't available in Quebec! It looks like the Tangerine chequing account (they are very similar to Simplii Financial) is available in Quebec, and the EQ Bank high interest savings account 😊

@cutebubbles2007 3 месяца назад

@@stephandden tysm

@yuvaraajas 3 месяца назад

Nice video. QQ. Will banks do a credit check when we open a savings account? Is there a limit on how many account (checking / saving) can one open in Canada. Will there be any issues if we open multiple savings accounts?

@GirishRaj-zo8we 3 месяца назад

No credit check for savings or checking account. You can have any number of savings or checking account. Credit check is only for Credit cards

@stephandden 3 месяца назад

No, they won’t do a credit check for chequing or savings accounts (and there’s no limit to how many accounts you can open - you can have multiple savings accounts 😊)

@abhishekjawahirani8366 3 месяца назад

Hi Steph & Den, I have a Td acc for my salary and credit cards. However for HISA I am going to choose Wealthsimple as they offer 4% throughout. (Plus 0.5% for direct deposit) Is EQ still better or same as wealthsimple for HISA?

@stephandden 3 месяца назад

Hi! That’s amazing - we like Wealthsimple Cash, as well 😊

@JadenHercules 3 месяца назад

Question for you two! My credit score is FINALLY in the 700s after it was in the 500s and 600s for a few years over fraud that happened to me. I wondering, should I apply for a new credit card option? I currently have NEO but it's a silly secured credit card! And my utilization is easy to get to 30% because it's a balance of only 100... Which is terrible. I did get pre approved by Scotia and I'm considering them, but I'd really like a better card, either with NEO or BMO. Thoughts, if any?

@stephandden 3 месяца назад

If you have good credit I don’t see why getting a better card with BMO or Neo should be problem. You should definitely get the card that makes sense for your lifestyle especially if you have good debt-payoff habits. 😊 Are you considering Scotia because the card is pre-approved and you bank with them?

@celianavaro 2 месяца назад

hi @steph&Den , I was wondering , why don't you use 4% wealth simple high interest savings account? since you use it . why did you choose 4% EQ instead , is there any hidden fees with Wsimple? I would like to open my emergency fund but i’m stuck with a decision between the 2

@astridsalazar123 2 месяца назад

I have the same question!!!

@rotru4977 3 месяца назад

I was a Scotiabank customer for decades but now I use my Koho card for everything. I want to use my tfsa for investing but I just dont "get it" lol. How do you invest within your tfsa? PS i just found your channel so ill look through your videos but if you can steer me in the right direction that would be amazing.

@stephandden 3 месяца назад

That’s awesome! And congrats on switching. We have a video called ‘How To Invest Your First $1,000’ that walks you through the basics and your exact question. 😊 Also, we have a waitlist for our Simple Investing course that’s coming soon and you can sign up on our website.

@rotru4977 3 месяца назад

@@stephandden awesome thanks 😊

@candias527 3 месяца назад

Where does your auto contribution come from for your investments (TFSA)? From your Simplii account?

@stephandden 3 месяца назад

Yes, from my chequing account 😊

@josephrangel4187 3 месяца назад

What ETFs do you purchase, please make a video on ETFs

@stephandden 3 месяца назад

We have a few recent videos on this! Check them out 😊

@AndreLafrance-w7e 24 дня назад

Hi guys, i was simply wondering if there is a reason you guys opted for simplii for your everyday banking over Eq

@sharynfeldman 22 дня назад

Also wondering 🤔

@darias1952 Месяц назад

Why not Scotia Momentum Visa Infinite Card for cashback?

@user-wc8cn7pt6m Месяц назад

Holding eq for emergency. Dont you need to give notice when you have to withdraw?

@stephandden Месяц назад

Not with the EQ Bank Personal Account (that’s the name of their high interest savings account!) 😊

@dor1994 Месяц назад

How to HISA's work for tax purposes?

@Revathi-dj3ko 3 месяца назад

How about Neo high interest savings account?

@stephandden 3 месяца назад

We like Neo, as well - we personally aren’t using their HISA (as the rates are comparable to other options we already use and like) 😊

@Mikemathews33 3 месяца назад

I’m in 87 k in credit card debt getting charged an insane amount in interest! What should I do 🤷‍♂️

@robpet4424 3 месяца назад

You are spending money you don't have ...... Stop it ! I have a cousin who is in the same position as you, suggested the very same suggestions outlined here but to no avail. It was so much easier to spend money that wasn't hers than to do all that work and deprivation.

@nomafmaroga6827 3 месяца назад

Stop spending money that is not yours. Cut the credit card and follow the 7 baby steps from Ramsey solution. It is clear that you can't handle credit cards.

@Mikemathews33 3 месяца назад

@@nomafmaroga6827 I love to spend money and have fun. I can’t stop spending 🤦‍♂️

@abhishekjawahirani8366 3 месяца назад

Read ‘I will teach you to be rich’ by Ramit Sethi. Cliche title but powerful lessons

@stephandden 3 месяца назад

1. Take a look at your recent spending (1-3 months worth) 2. Figure out where your money is going (spend) and coming from (income) 2. Download our FREE budget template and come up with a standard monthly budget - where every last dollar is accounted for 3. Decide how much can go toward your debt 4. Call your debt collector and negotiate a deal with them to pay back much less than you owe (and yes, you can do this!) 5. Come up with a realistic plan and stick to that plan as best as you can Hopefully that points you in the right direction! Keep us posted 🙏🏿🙏🏻

@vanessaivec5629 3 месяца назад

You mentioned questrade has higher fees than wealthsimple, which fees are higher?

@mantabodyboarder 3 месяца назад

Stocks have a minimum fee of $4.95, and if you sell the ETFs you have the same minimum fee. Questrade is no fee only to BUY ETFs.

@stephandden 3 месяца назад

Good question - Questrade charges ECN fees, and although buying ETFs are otherwise free, you’re also charged if and when you sell (a small commission fee).

@TheMetalGaia Месяц назад

Somewhat annoyingly, my bank doesn't offer a high yield savings option, but my checking account is high yield. I feel like I should get a high yield savings elsewhere.

@stephandden Месяц назад

That’s too bad - which bank are you with? And yes, you should definitely check out other options. We have a video on all of the best high interest saving accounts available. 😊

@TheMetalGaia Месяц назад

@@stephandden I'm with a local credit union here in Michigan. I will look at your video for recommendations, thank you 😁

@ludo_ 3 месяца назад

I use the exact same credit cards lol

@stephandden 3 месяца назад

That’s funny! 😊

@beinspired7854 3 месяца назад

2 questions : Why you did not pay your tooth with your business? Why don't you pay internet bill through business?

@stephandden 3 месяца назад

We haven’t setup a health spending account or anything similar within our business just yet. Also the internet should definitely be going through the business - we’re planning on changing it sometime over the next couple of months. 😊

@Zazimozi 3 месяца назад

There's an 404 error message on the budget tracker

@stephandden 3 месяца назад

Try this link! stephandden.com/free-budget-template/