Safe place to park while waiting/EQ HISA
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Thread: Safe place to park while waiting/EQ HISA

  1. #1
    Junior Member
    Join Date
    Sep 2013
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    18

    Safe place to park while waiting/EQ HISA

    Hi CMF Members,

    I have about 50k in cash that I would like to park (in a safe place while earning some interest) while I wait for an investment opportunity in the stock market.

    I would need quick access to the funds in order to be able to take advantage of any short lived opportunity that might present itself. Therefore, I would have to be able to transfer the funds to my bank discount brokerage account (Scotia iTrade) in a day or less.

    From "https://www.ratehub.ca/savings-accounts/best-savings-accounts" I see that EQ bank has a 2.3% HISA.

    A would appreciate any and all comments about EQ HISA specifically and any other alternatives.

    Regards & Thanks,
    JimBob


  2. #2
    Senior Member
    Join Date
    Mar 2015
    Posts
    486
    Quote Originally Posted by jimbob.seeker View Post
    Hi CMF Members,

    I have about 50k in cash that I would like to park (in a safe place while earning some interest) while I wait for an investment opportunity in the stock market.

    I would need quick access to the funds in order to be able to take advantage of any short lived opportunity that might present itself. Therefore, I would have to be able to transfer the funds to my bank discount brokerage account (Scotia iTrade) in a day or less.

    From "https://www.ratehub.ca/savings-accounts/best-savings-accounts" I see that EQ bank has a 2.3% HISA.

    A would appreciate any and all comments about EQ HISA specifically and any other alternatives.

    Regards & Thanks,
    JimBob
    I'm pretty sure to move money from one institution to another usually takes longer than a day to clear.

    Given the amount of money and the fact you are talking short term, you are probably better off just getting whatever "high" interest account scotia bank has.

    I mean, if you are trying to jump on some hot investment opportunity you see, waiting a day could cost you that opportunity, whereas you are only gaining a few hundred over the course of a year with the other HISA.

  3. #3
    Senior Member
    Join Date
    Jun 2009
    Location
    Okanagan Valley
    Posts
    3,650
    IF the OP is talking about stock opportunities, those settle in T+3 business days. Most online banks can transfer funds within that period of time (mostly 2 business days). He would have to initiate the transfer same day to his Scotia chequing/savings and then move the funds immediately to iTrade. I've done it in the past... but a glitch in that process will cost dearly. The best a Scotia iTrade HISA will give is 0.75% I believe (DYN500).

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  5. #4
    Senior Member
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    Feb 2013
    Location
    Okanagan area of B.C.
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    BNS has a Momentum Savings Acct that pays 1.30% but you get nothing if you take it out before 90 days. Being that your brokerage is with the same institution you may have same day transfer capability???
    Last edited by frase; 2017-05-16 at 05:36 PM.

  6. #5
    Senior Member
    Join Date
    Jun 2009
    Location
    Okanagan Valley
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    3,650
    Quote Originally Posted by frase View Post
    BNS has a Momentum Savings Acct that pays 1.30% but you get nothing if you take it out before 90 days. Being that your brokerage is with the same institution you may have same day transfer capability???
    Indeed, that would be same day transferability. That is what I do with Scotia iTrade. Right now the Momentum Savings has a promo of 2% until June 30... and then 1.3% thereafter,, with the 90 day qualifier of course.

  7. #6
    Senior Member
    Join Date
    Mar 2014
    Posts
    119
    I use EQ. Whenever I've transferred money out of EQ, it has always shown up in my TD chequing account the next morning. Also, you can email transfer yourself funds which would arrive within an hour (maximum 3K).


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