If you’re planning to take money out of your RRSP for the Home Buyers’ Plan or Lifelong Learning Plan you may need to keep it safe in either a cash account of a short-term GIC. Or you may just want to keep some of your fixed income RRSP investments in GICs. Whatever the reason, it’s getting harder each year to find a decent interest rate for your GICs. Today I went searching around the internet to see what types of rates are on offer. I was disappointed to find that very few places are offering a promotion with a good rate for this RRSP season. Here’s where I found the best (and worst) rates for RRSP GICs. Continue reading
Canadian self-directed brokerage accounts do not pay you any interest on your cash holdings. Most, however, do let you park your cash in units of a mutual fund that acts like a daily interest savings account. These accounts may have high minimum deposit requirements and pay a conservative rate. When the Canadian overnight rate dropped to 0.75% this month, what happened to the daily interest rate for funds held in brokerage accounts?