Canadian Money Forum banner

1 - 14 of 14 Posts

·
Registered
Joined
·
2,827 Posts
Discussion Starter #1
Is there a way to invest cash in a brokerage account so that it will make some interest while it's sitting there waiting to be put into equities? I know I could buy a bond etf and have it be relatively secure. But there's still some risk, especially if I would only be planning on keeping it for a few months before dumping it into stocks.
Transferring cash in and out would not be an option because it's a TFSA I'm speaking of. And I'd prefer to keep it in the account so I could liquidate the secure cash and buy stock very quickly all in the same day. If I have to transfer money into the brokerage account it usually takes 2 or 3 days.
Is this doable?
 

·
Banned
Joined
·
356 Posts
It sounds like you're with a discount brokerage. There are probably no discount brokerages that offer interest.

I know with Edward Jones, they have interest for your cash balance but it's low.

Given the short time frame, and I'm not sure how much capital you have, but interest might be minimal anyway.

I would consider short term ETF bond funds that pay out monthly as a way to get some interest but you would either need a lot of money, or a longer time horizon, and low trading fees to make it worthwhile.
 

·
Registered
Joined
·
12,742 Posts
Look at money market funds or ETFs. Claymore has one, CMR. It currently yields 0.5% I believe. Many brokerages will also let you buy GICs.
 

·
Registered
Joined
·
15,839 Posts
tdw has 4, all paying 1.2% at present.

mip510 from manulife.
rbf2001 from royal bnk.
atl5000 from renaissance.
and one from dundee whose number i didn't get.

i'd imagine that all the big onliners have these or similar offerings.
 

·
Registered
Joined
·
3,423 Posts
tdw has 4, all paying 1.2% at present.

mip510 from manulife.
rbf2001 from royal bnk.
atl5000 from renaissance.
and one from dundee whose number i didn't get.

i'd imagine that all the big onliners have these or similar offerings.
I need to get off my a$$ and check my account once in a while - I'm sure I have $30k-$40k in cash sitting there doing nothing.
 

·
Premium Member
Joined
·
2,686 Posts

·
Banned
Joined
·
678 Posts
I use Mip510....Manulife

and Atl5000....Renaissance

As other posters have said..each pays 1.2% right now , so at least it is something.

I always move any cash I have sitting every week or two, ( it can add up with dividends, distributions , etc)

There is usually a $ 500 miminum "buy" required each time,,,but I can call in, and the brokerage will place the order for me for less if I ask them to.

Personally i like to make whatever I can,,rather than let the money sit earning zero......thats the hidden secret at the brokerages..all that cash sitting in all those accounts that they pay nothing on,,,yet use to make profits.
 

·
Registered
Joined
·
2,827 Posts
Discussion Starter #12
Hmm. right now my only investment account is a TFSA with Questrade. None of these codes seem to be working for me. Infact questrade spits back a message at me saying I can't use a number in the entered symbol.
I must be doing something wrong...
 

·
Registered
Joined
·
12,742 Posts
Hmm. right now my only investment account is a TFSA with Questrade. None of these codes seem to be working for me. Infact questrade spits back a message at me saying I can't use a number in the entered symbol.
I must be doing something wrong...
You can buy mutual funds with questrade, but the commission is pretty steep. I'd recommend the claymore etf I mentioned earlier. If you still want to purchase a mutual fund, give their customer service a call. They are pretty good.
 
1 - 14 of 14 Posts
Top