No, that's a poor way to park cash at CIBC. Every brokerage today offers an HISA (High Interest Savings Account) that you purchase just as you would a mutual fund. There are no fees, as they're baked in.Am I correct that this seems like a great way to park cash if I feel I may need to buy stocks in the next year?
Is each CIBC account CDIC insured for $100k separately, or is that $100k all accounts added together?
Wow thanks! I just put an order in for some. Funny how none of my CIBC "advisors" never mentioned that to me over the past decade.No, that's a poor way to park cash at CIBC. Every brokerage today offers an HISA (High Interest Savings Account) that you purchase just as you would a mutual fund. There are no fees, as they're baked in.
I believe the HISA for CIBC is ATL5000. It presently pays 0.85%
Every account is individually insured by CDIC.
ltr
Yeah, but at a minimum, everyone that has a discount brokerage account needs to have an in-house HISA to sweep cash into. It's a must.Yeah it might be worth calculating which one is better for you. Purpose (PSA) pays 1.0% whereas ATL5000 pays 0.85%. You'll have to calculate the trading costs for each and see which one works out better for you.
Good point. Starting with the HISA is essential.Sure, the OP may have a one time need where a PSA will do a slightly better job in that circumstance , but it's pretty obvious that they had no idea an HISA even existed until this thread.
Lets not take the OP down the wrong road.
Usually with a discount broker like Investor's Edge, there are are just customer reps who may or may not be aware of all the choices. If they have useful info that's great but I didn't think there was an expectation of an "advisor".Wow thanks! I just put an order in for some. Funny how none of my CIBC "advisors" never mentioned that to me over the past decade.
I agree that ATL5000 should be the first priority. A smaller payout of 0.85% instead of 1.00% is likely well worth it where there are no trading costs or time commitment. It is also likely still a great option for sweeping cash into.Good point. Starting with the HISA is essential.Yeah, but at a minimum, everyone that has a discount brokerage account needs to have an in-house HISA to sweep cash into. It's a must.
Sure, the OP may have a one time need where a PSA will do a slightly better job in that circumstance , but it's pretty obvious that they had no idea an HISA even existed until this thread.
I already have ATL5000 with Investors Edge which has no trading fees correct? where the PSA ETF is $9.95 per trade? I assume the settlement days is both 2 days?Yeah it might be worth calculating which one is better for you. Purpose (PSA) pays 1.0% whereas ATL5000 pays 0.85%. You'll have to calculate the trading costs for each and see which one works out better for you.
its insured per fund or Investors edge account?No, that's a poor way to park cash at CIBC. Every brokerage today offers an HISA (High Interest Savings Account) that you purchase just as you would a mutual fund. There are no fees, as they're baked in.
I believe the HISA for CIBC is ATL5000. It presently pays 0.85%
Every account is individually insured by CDIC.
ltr
Don't know about credit unions but one of the online banks says five days where some others seems to be two days.How hard is it to transfer to a credit union HISA? Maybe 3 days total for double the yield?
I believe I have seen in write ups that ATL5000 will have no trading fees or holding period with Investor's Edge but they can confirm. They can also confirm the settlement time. For my broker, their flavour of HISA MF settles next business day, as long as the order is placed before the MF trading deadline.I already have ATL5000 with Investors Edge which has no trading fees correct? where the PSA ETF is $9.95 per trade? I assume the settlement days is both 2 days?
I suspect so as that is the way it works at my brokerage. Where the order for $9K of stock goes in where only $5K is cash, a warning that the HISA MF has to be sold is part of the order process but the order goes through. Maybe a IE client can confirm?... Is it correct to say ATL5000 count as cash balance for example if I bought $10000 stocks with $5000 balance and $5000 HISA, I would not be charged margin interest? where for the PSA it would be in negative margin balance?
... ATL5000 has no trading fees and settles next business day....
I believe I have seen in write ups that ATL5000 will have no trading fees or holding period with Investor's Edge but they can confirm. They can also confirm the settlement time. For my broker, their flavour of HISA MF settles next business day, as long as the order is placed before the MF trading deadline. ...
Cheers
... equities are not insured by FDIC/CDIC.its insured per fund or Investors edge account?
If I have $100K worth of equities insured by FDIC
$100K ALT5000 insured by CDIC?
$100K cash balance insured by CDIC or FDIC?
