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Some of the best deals in investing and personal finance are never hyped or marketed. That means they are quietly waiting for you to discover them. Here are five examples of him I’ve accumulated over the past year. Please take a moment to see if there is anything that will help you in 2024.
4% savings account
Three financial players – investment firm Wealthsimple, alternative banks Neo and Wealth One Bank of Canada – have offered 4 per cent interest on savings starting in early 2024. The fourth alternative bank, Motive Financial, offered 4.1%. Although Motive and Wealth One are members of the Canada Deposit Insurance Corporation, your deposits with Wealthsimple are protected as they are held with his CDIC membership. Neo accounts are offered by People’s Bank of Canada, member CDIC. Savings accounts at major banks are typically less than 2%, while alternative banks are typically in the 2.5-3.8% range.
4.55-5% investment savings account
An investment savings account is simply a savings account for investment accounts. These can be traded like mutual funds and are accessible through all online brokers. Most ISAs pay between 4.55% and 4.75%, which is a pretty good amount considering your funds are covered by deposit insurance and are virtually risk-free. One of the ISAs that pays 5% is the F-series version of the Scotiabank Investment Savings Account with order code DYN6004. Available to Scotia iTrade clients.
Cost-free ETF investing
The classic form of exchange-traded funds is an inexpensive and well-diversified way to invest in the stock and bond markets. If you’re looking to move away from safe-haven assets like guaranteed investment securities in 2024, consider ETFs. And look for a digital broker where you can at least buy ETFs for free. BMO InvestorLine, Qtrade Direct Investing, and Scotia iTrade all offer a limited menu of ETFs that are available commission-free. Each broker has enough to build a diverse portfolio. CI Direct Trading and Questrade allow customers to buy his ETFs commission-free, but there are costs to sell them. And, of course, National Bank Direct Brokerage and Desjardins Online Brokerage do not charge any kind of commission on stocks or his ETFs. Another option is mobile All TD Easy Trade, which allows you to invest in TD’s family of ETFs for free.
Asset allocation ETF
These ETFs are quickly gaining traction, and their low cost and simplicity should make them even more popular. Each is a fully diversified portfolio of Canadian, US and other global bonds and stocks. Simply choose your risk level: Conservative, Balanced, Growth, or All Stocks. Costs are lower at 0.2%, compared to about 1.5-2% for balanced mutual funds.
prepaid bank card
By loading money onto cards issued by EQ Bank, Koho, Wealthsimple and Wise, you can pay for purchases outside of Canada without incurring the 2.5 foreign currency fee that most credit cards apply. These prepaid cards are connected to credit card networks, so they can be used with any major card. These cards differ from the first generation of prepaid products, which had set fees and expiration dates.
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