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09-29-2005, 02:48 PM
(This post was last modified: 09-29-2005, 02:48 PM by MAlby7.)
Hey guys I need help once again,
I'm trying to put money away in a TD savings account, and I've managed to put $2500 into that account (not bad as a student). The problem is I've incurred $0.66 in interest since january. I don't care who you are 66 cents is bullshit. Basically I want to put money away only to use it in case s**t happens, or I have to buy a ring, or buy a house. What's my best bet to get the highest interest but not have my money locked away forever?
- Mike
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apparently, open an ING savings account, your money isn;t locked away for ever you get something like 2.65%? interest on it with on hidden fees.
I haven;t done this yet but i am going to. You got 66 cents on that, thats a lot more than im getting with my current account, i calculated my interest rate for my regular account to be about 0.0001% and then i get a $2.50 service fee? WTF is up with that?
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I'm with scotiabank, and I have the following account.
Money Master High Interest Savings Account
Annual Interest Rate* 2.000%
Associated with this account I have no fees what so ever providing all my transactions are done online.
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Why's this in the cage? You're going to get offers to stick your money in the ass of an elephant - no interest earned, but no interest in withdrawing the money either! :lol: *rimshot*
Seriously... if it's liquid cash you need, consider starting a non-Registered investment fund. Put the cash into Canadian Equity funds (which seem to be kicking ass and taking names) and enjoy the ride. You WILL be taxed on your gains, however, as per standard investing rules.
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09-29-2005, 09:40 PM
(This post was last modified: 09-29-2005, 09:48 PM by 2001 ZTS.)
It's a good amount for a student but not a big amount so you won't gain much no matter what bank you use. You may be better off staying with what bank you have in hopes of building a history with them. That will pay back much more when it comes time for a loan or mortagage. I mean even at 2.00% on $2,500 that is just $50 in a whole year. If you build up a good history with a bank 1% less on a $200,000 mortgage is $2000 every year for 25 years. ;)
Since interest is so low you'd be better off using your $2500 to pay off any debt you have or RRSP since RRSP money can be used towards your first house without penalty provided you can pay it back.
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hmmm at 2%, you're barely making inflation these days.
Personally, I keep my money in GIC's. Gives about 4.75%-5.25% depending on term length. I'm not sure if you can pull it out early but I'll check.
Now as 2001ZTS has mentionned, yes getting rid of some debt is great, especially high interest credit card debt.
Have you ever though about investing in stocks?
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ALWAYS pay off debt before saving money. making 2% on your investments won't offset the 23% you're paying on your credit cards.
ING is a pretty good way to go.... though I miss the days of 3%...
gonna move this out of the cage...
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09-29-2005, 10:31 PM
(This post was last modified: 09-29-2005, 10:32 PM by Oscar The Grouch.)
darkpuppet,Sep 29 2005, 08:22 AM Wrote:ALWAYS pay off debt before saving money. making 2% on your investments won't offset the 23% you're paying on your credit cards.
ING is a pretty good way to go.... though I miss the days of 3%...
gonna move this out of the cage...
[right][snapback]145468[/snapback][/right]
Well, I like keeping a certain amount of debt. Reason being, if you pay it all off right now and have no savings, and if s**t hits the fan (like losing your job or a nasty divorce), then you have no savings to backup on.
And if you lose your job, the financial prospects of getting another loan are lower.
So my recommendation is to first pay off short term high interest debts (credit card, payday loans, etc), then save 4-6 months of wages in savings or highly liquid investements.
Then once that's done, start investing and put more money into paying off long term debts.
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darkpuppet,Sep 29 2005, 07:22 AM Wrote:ALWAYS pay off debt before saving money. making 2% on your investments won't offset the 23% you're paying on your credit cards.
ING is a pretty good way to go.... though I miss the days of 3%...
gonna move this out of the cage...
[right][snapback]145468[/snapback][/right]
ing is actually 3% until december
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Oscar The Grouch,Sep 29 2005, 07:31 AM Wrote:Well, I like keeping a certain amount of debt. Reason being, if you pay it all off right now and have no savings, and if s**t hits the fan (like losing your job or a nasty divorce), then you have no savings to backup on.
[right][snapback]145473[/snapback][/right]
:lol: I was joking last weekend about how I was going to write the definative book on this. Funny thing is my lawyer said I'd be better off if I was up to my ass in debt and blew 20G a year at the casino instead of being financially responsible. Thank god for excluded property.
When the dust has settled and papers signed I will explain all. Suffice to say I will have to pay but "should" be alright.
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2001 ZTS,Sep 29 2005, 09:09 AM Wrote:Oscar The Grouch,Sep 29 2005, 07:31 AM Wrote:Well, I like keeping a certain amount of debt. Reason being, if you pay it all off right now and have no savings, and if s**t hits the fan (like losing your job or a nasty divorce), then you have no savings to backup on.
[right][snapback]145473[/snapback][/right]
:lol: I was joking last weekend about how I was going to write the definative book on this. Funny thing is my lawyer said I'd be better off if I was up to my ass in debt and blew 20G a year at the casino instead of being financially responsible. Thank god for excluded property.
When the dust has settled and papers signed I will explain all. Suffice to say I will have to pay but "should" be alright.
[right][snapback]145478[/snapback][/right]
God Bless Pre-nuptuals! :D
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2001 ZTS,Sep 29 2005, 09:09 AM Wrote::lol: I was joking last weekend about how I was going to write the definative book on this. Funny thing is my lawyer said I'd be better off if I was up to my ass in debt and blew 20G a year at the casino instead of being financially responsible. Thank god for excluded property.
When the dust has settled and papers signed I will explain all. Suffice to say I will have to pay but "should" be alright.
[right][snapback]145478[/snapback][/right]
if you want, I can come over and beat the sweet bejesus out of you and say your wife physically abuses you... would that help your case?
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Oscar The Grouch,Sep 29 2005, 08:31 AM Wrote:darkpuppet,Sep 29 2005, 08:22 AM Wrote:ALWAYS pay off debt before saving money. making 2% on your investments won't offset the 23% you're paying on your credit cards.
ING is a pretty good way to go.... though I miss the days of 3%...
gonna move this out of the cage...
[right][snapback]145468[/snapback][/right]
Well, I like keeping a certain amount of debt. Reason being, if you pay it all off right now and have no savings, and if s**t hits the fan (like losing your job or a nasty divorce), then you have no savings to backup on.
And if you lose your job, the financial prospects of getting another loan are lower.
So my recommendation is to first pay off short term high interest debts (credit card, payday loans, etc), then save 4-6 months of wages in savings or highly liquid investements.
Then once that's done, start investing and put more money into paying off long term debts.
[right][snapback]145473[/snapback][/right]
I agree to a point, that point being that quite frankly I have yet to meet anyone who has actually managed to sock away 4 - 6 months worth of wages in a bank account or liquid investments, if only because that's a boatload of cash to sit around doing nothing (or next to nothing)
I mean I've only managed to sock away an extra weeks worth of income this entire year to add to my previous savings (which amount to a months worth of income). Too many things pop up, esp. when you are a single person keeping a household up.
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Well I have no debt, and I just want a way to make my little amount of money work for me and not have it locked away for the next 5 years.
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The easiest way is to go and get a redeemable term deposit. If you don't need the money, you make interest, if you need it sooner, you can take it out but then you don't even get your $.66. Right now my bank is paying 2.35% on a 3 year redeemable term deposit over $1000.
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go see a financial advisor, they don't cost anything(not mine anyways) and they can sort out your situation.
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ING!!!!!!!!!!!!!!!
I wish my grass was Emo, so it would cut itself...
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NefCanuck,Sep 29 2005, 01:59 PM Wrote:I agree to a point, that point being that quite frankly I have yet to meet anyone who has actually managed to sock away 4 - 6 months worth of wages in a bank account or liquid investments, if only because that's a boatload of cash to sit around doing nothing (or next to nothing)
I mean I've only managed to sock away an extra weeks worth of income this entire year to add to my previous savings (which amount to a months worth of income). Too many things pop up, esp. when you are a single person keeping a household up.
NefCanuck
[right][snapback]145493[/snapback][/right]
I put away several years worth of wages before I quit my job. It's a good thing since I had planned on relaxing for 6-12 months and now it's been over 16 months. It sure hurts to see years of savings dwindle away, but hey, that's what it's there for.
As far as the original thread question, sorry but you can't make $2500 grow much without taking huge risks. Maybe play Proline and keep wagering on the Leafs to lose. :D
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I have an ING account myself. Mind you i haven't looked into it for a bit, so what my interest is at now, i'm not too sure. But....with that said, be aware that if you decide to go with an ING account, you may or may not want a bank card for this account. If you go to a bank machine, you can take money out no problem, IE. 200 bucks....but, if you decide to use your card as an Interact card, forget it....for point of sale it only allows you a whole dollar. Yup...a buck. a friggin' loonie. I found out the hard way when i used my card to buy a timmies coffee...it denied me for 1.55. How embarrassing is that. Find it strange how it works at bank machines but not interact point of sales. anyhow, thats my heads up for today
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09-30-2005, 03:32 AM
(This post was last modified: 09-30-2005, 03:38 AM by mo_focus.)
Hey Mike, I've got an ING account as well. They are pretty good and they are a bank as well so as 2001 said opening an account with ING or any other Institution will give you a good credit history. you can always save all the money you can and at the end of the year buy RRSP this way your return will be much higher and you will basically pay no tax.
that is one way to make your money grow. so save up and max your RRSP a the end of the year.
If you got anymore questions about this let me know, i just dont want to bore anyone with details
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