# Dealing with banks, or not - during retirement



## Gnote (Jan 7, 2015)

Hi,

I have roughly 600K sitting in my bank which is roughly 200K in RRSP's, and 400K in non-registered. Checking the mutual funds in the RRSP, the MER rate is quite high. Am I stuck with the bank forever, or can I (or should I) transfer most of this to some other financial institution? I plan to retire early next year.

ps: I have other investments not pertinent to this question.


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## jaybee (Nov 28, 2014)

Why not open a discount brokerage with your current bank or some other financial institution, and move the assets into ETF's using a couch potato. http://canadiancouchpotato.com/2015/01/15/couch-potato-model-portfolios-for-2015/


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## Sampson (Apr 3, 2009)

Would you consider a self-directed account? If so, most banks offer them. If not, and you are unsatisfied with your banks offerings, you probably have to go elsewhere.


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## agent99 (Sep 11, 2013)

Gnote said:


> Hi,
> 
> I have roughly 600K sitting in my bank which is roughly 200K in RRSP's, and 400K in non-registered. Checking the mutual funds in the RRSP, the MER rate is quite high. Am I stuck with the bank forever, or can I (or should I) transfer most of this to some other financial institution? I plan to retire early next year.
> 
> ps: I have other investments not pertinent to this question.


If you open a self directed account with an on-line broker, you can transfer all your present investments to them. You could have several accounts - For example, RRSP, TFSA, Non-Registered. Some brokerages will even pay you a bonus to do that! Once there, you can decide just what to do with the mutual funds. If they are not back end loaded, you can sell them within your new accounts - no fee. If they have back end loads, they can still be sold, but it is best to check what fees, if any, will have to be paid to mutual fund company when sold.

It is convenient to choose an on-line brokerage associated with your bank. This makes transfers to/from your checking/savings accounts easier. We for example, bank at BMO and have our on-line brokerage accounts with BMO Investorline. More than satisfied with service.


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## Gnote (Jan 7, 2015)

My bank is Scotiabank, I see they also have self directed Scotia I-Trade. I'll give them a call. I was not aware of this, thank you.


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