You really can't risk your downpayment/deposit.
I'm sorry but a GIC or HISA is what you should probably be looking at

 

Everything pays little nowadays.

Find somewhere that pays a "high" interest rate savings account or consider a HISA TFSA if you have the room.

This is a chart I found on a quick search but it may not be comprehensive. Various places like Tangerine have specials on for higher rates for shorter promo periods.

https://www.highinterestsavings.ca/chart/

 

As said by YYZ you really don't have any choice as you can't afford the risk.

Peoples trust have a 15month GIC at 2.45%

Oaken Financial have 2.25% on an 18 month GIC I believe a couple of other Manitoba Credit unions are around 2% for 12 months.

Tangerine 3% promo till November 30th.

 

if it were me i'd go for the 1-year 2% cashable at oaken
no way i'd invest house deposit money in ANYTHING that wasn't guaranteed and date certain
good luck

 

I should mention that I'm 70, no RRSPs and never put anything in a TFSA

The house is $340k and I'm putting down 300k. I know this info is important and I should have included it earlier. thanks

 

thotho, isn't this yourself only 16 months ago, age 38, telling moneyGal about your $110k income, home, RRSP, plans to contribute $60k to the RRSP, stocks in RRSP, rental properties & assets worth $1.3M at that time, albeit with a fair level of debt ...

http://canadianmoneyforum.com/showt...howthread.php/15563-RRSP-or-Mortgage-overpayment?p=183631&viewfull=1#post183631

 

Doesn't change anything. The best you can/should do is in HISAs and a 1 yr GIC (the latter only if you can be 100% certain the house won't be ready before the GIC matures). You can split up the money into 3 HISAs.... $100k in each of CDF, Oaken and People's Trust. You could mess around with $31500 into one TFSA to capture PT's 3% rate there and withdraw it all when needed but only you can decide if that is worth the trouble.

 

i can't resist commenting that i had an awful experience at canadian direct financial ... really bad ... their web interface is terrible ... state of the art if this were 1995 ...

all my data was stolen at people trust by a hacker because they had such lousy security

oaken has been excellent however, first rate

 

oaken has been excellent however, first rate

Yeah but not wise to plant $300k in one place with only partial CDIC coverage.

 

A mortgage at age 71?

Best wishes.

 

Try Presidents Choice, they are offering 3.1% on any new deposits, but I don't know when the offer ends.......

 

My guess is that it's thotho's parents with the 300K to park for 14 months.

HISA/term deposit, IMO, and split it into 3 pieces at different places. You should be able to make 2.5% -- something like $9,200 over the term -- worth the bother of some surfing and phone calls.

 

I just put my downpayment into TD's HISA @ 1.25%. Insured up to 100k. They have a few carbon copies of the same fund, with the idea you put in 100k into each so it is government insured.

https://www.tdassetmanagement.com/s.../td-investment-savings-account/index.jsp?ComponentId=127325&SourcePageId=130247

 

I was speaking on behalf of my parents I did not age 32 years in a matter of a few months.. although it does feel like that some times

 

Easier to just say so. What did your parents end up doing and are they in the house yet?

 

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

pick 3, 100k each for CIDC coverage.