# Questrade and HISA



## vroom (Dec 23, 2013)

I wanted to park some cash into one of the HISAs that are widely available. As many of you know these are not a mutual fund, but have a fundserv code. These things pay on average 1.20% as opposed to a money market fund yielding much less after fees. The grub is Questrade is charging 9.95 to buy it. Has anyone managed to avoid the commission on MIB510 or something similar?


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## Jungle (Feb 17, 2010)

Questrade has term deposits and GICs that you can buy comission free, however I believe you have to call the trade desk for the days rates. 

http://www.questrade.com/trading/products/bonds


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## andrewf (Mar 1, 2010)

GIC rates are available through myquestrade under trading tools, daily bond bulletin. They're on the last two pages.


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## warp (Sep 4, 2010)

vroom said:


> I wanted to park some cash into one of the HISAs that are widely available. As many of you know these are not a mutual fund, but have a fundserv code. These things pay on average 1.20% as opposed to a money market fund yielding much less after fees. The grub is Questrade is charging 9.95 to buy it. Has anyone managed to avoid the commission on MIB510 or something similar?


Really?? They charge a commission to buy a HISA??

Seems ridiculous to me.....perhaps its because you are under the minimum they want you to buy.
I know the bigger bank borkers want a $5000.00 minimum original purchase , and then $500.00 buys thereafter.


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## warp (Sep 4, 2010)

And imagime that we have to consider 1.2% as a HIGH interest savings account!
Almost seems comical!


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## Eclectic12 (Oct 20, 2010)

warp said:


> Really?? They charge a commission to buy a HISA??
> 
> Seems ridiculous to me...


+1.





warp said:


> ...perhaps its because you are under the minimum they want you to buy.
> I know the bigger bank borkers want a $5000.00 minimum original purchase , and then $500.00 buys thereafter.


Minimum of $5K, eh? 

I guess I'll have to return the HISA MF units as I've been buying commission free in both my taxable & TFSA starting at $100 ... *grin*


Even for the supposedly official minimums - there seems to be a good number than only want $1K.

http://www.canadiancapitalist.com/high-interest-savings-accounts-at-discount-brokers/



Cheers


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## Siwash (Sep 1, 2013)

Peoples Trust will give you 2.35 for a GIC and 3% if parked within a TFSA.

That's where I've parked my money.


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## warp (Sep 4, 2010)

Siwash said:


> Peoples Trust will give you 2.35 for a GIC and 3% if parked within a TFSA.
> 
> That's where I've parked my money.


I have seen that info before, but thanks for the heads up anyway.

The problem with that is if you have your TFSA in a brokerage account, waiting to buy stocks, etc, you would have to have a separate TFSA at Peoples Trust, for the money you want to park at 3%..( which is actually a good rate in these low interest rate times).

I'm not even 100% sure you could move money back and forth from one TFSA to another, at different institutions, as you need it for stock purchases. In any case it seems to me it would be a paperwork nightmare to keep track of all this to make sure you are not overcontributing etc.

Just having all your TFSA money at Peoples and accept 3% does not appeal to me.

Good luck


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