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Simplii has an extended promo ending June 30th (3.15%). Tangerine had a recent offer - 2.75% until November 30th - new deposits. I'm sure we'll see something from Simplii over the next few wks. EQ bank, 3 month GIC - 3%. It's a game.
 

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Synergy. thanks for mentioning the EQ Bank promotion.

I have an account with them, but have not been notified as yet

I have a substantial amount @ Tangerine (2.3%) that I will be transferring to EQ
 

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Maybe I should start playing the cash shuffling game again.

I recently took a stack of old books to sell to a second hand store, and got $10 for my trouble. If I'm willing to do all that for $10 then presumably I should be willing to zip some electronic transfers around for extra interest.
 

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Maybe I should start playing the cash shuffling game again.
... am I correct to assume that this cash shuffling game applies to mostly "non-registered" accounts otherwise it'll be a PITA doing so for RRSP, TFSAs, etc.

I recently took a stack of old books to sell to a second hand store, and got $10 for my trouble. If I'm willing to do all that for $10 then presumably I should be willing to zip some electronic transfers around for extra interest.
... at least you got $10(US$?). The public library here in metro TO don't even want your book "donations" if they were published more than 5 years ago. Ie. you can't even give them away, let alone sell them.
 

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Maybe I should start playing the cash shuffling game again ...
If you are planning on it, you may want to consider ManuLife's offer ... https://www.manulifebank.ca/campaign/groupoffers/gb-flexible-financial-solutions.html#advantage
A post on FinancialWisdomForum says that in theory, for Manulife Group Benefit members, but no verification involved.

Even if a verification happens, there is also said to be a 3.25% offer available to everyone.


Account opening process took about five minutes for me.


... am I correct to assume that this cash shuffling game applies to mostly "non-registered" accounts otherwise it'll be a PITA doing so for RRSP, TFSAs, etc.
I expect so but James can confirm.

I have never bothered for an RRSP but at a few times, I've been able to withdraw from the TFSA in late December then take advantage of an offer in Jan by re-contributing what was withdrawn. More often it has been allocating new money in Jan.


... I recently took a stack of old books to sell to a second hand store, and got $10 for my trouble. If I'm willing to do all that for $10 then presumably I should be willing to zip some electronic transfers around for extra interest.
... at least you got $10(US$?).

The public library here in metro TO don't even want your book "donations" if they were published more than 5 years ago. Ie. you can't even give them away, let alone sell them.
The library that doesn't pay and likely used to get lots of outdated books dumped on them is a measure of what one can sell books for?
I'd expect the second hand book store would have a better idea.


Cheers
 

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I see selling booked and getting $10 is akin to bringing back beer bottles to the Beer Store. More about recycling than the money. If it was purely the money I would just dispose of it all through waste collection, as it is generally not worth the trip for a couple of bucks of deposit money.

I feel bad about throwing books away, so would tend to donate them or sell them through garage sales for 25 cents.
 

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I agree, the books are about re-use. I don't want to throw perfectly good books into the trash.

Yes I meant cash shuffling between non-registered accounts. I have never done this kind of thing with registered accounts.

Registered accounts are great tax shelters for long term growth, so they should contain assets that perform above inflation. Whatever you put in the RRSP or TFSA should be invested so that it has a positive real return, meaning it's not cash. In my opinion there's just about no reason to have a significant cash balance inside the tax shelter, unless it's temporary.
 

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Well that's funny timing. Just saw this today at Simplii when I logged in:

"Until October 31, earn 2.5% interest on new deposits into your Simplii FinancialTM High Interest Savings Account."
 

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Well that's funny timing. Just saw this today at Simplii when I logged in:

"Until October 31, earn 2.5% interest on new deposits into your Simplii FinancialTM High Interest Savings Account."
Funny, mine says 3.0%. The problem is that I moved the funds from the last promotion on Jul 2, so I'm not going to benefit from it as the baseline is your balance on Jul 1. I should remember to move funds out a day or two before these promotions end.

Edit: that is the baseline is June 28.
 

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Funny, mine says 3.0%. The problem is that I moved the funds from the last promotion on Jul 2, so I'm not going to benefit from it as the baseline is your balance on Jul 1. I should remember to move funds out a day or two before these promotions end.

Edit: that is the baseline is June 28.
Well that's too bad, wonder why I'm getting 0.5% less. Does yours also go until October 31?

Maybe I should just keep the cash at Outlook which is 2.4%. Perhaps that will make the Simplii algorithm offer me something higher next time?
 

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Well that's too bad, wonder why I'm getting 0.5% less. Does yours also go until October 31?

Maybe I should just keep the cash at Outlook which is 2.4%. Perhaps that will make the Simplii algorithm offer me something higher next time?
Yeah, it goes to October as well. I wonder if it is related to the balance that I had. Maybe they tier the percentage based on what your balance was in the previous month or something.
 

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The interest rate of Motive Savvy Savings is 2.8%...FYI
That will not last long, and it cannot because it is well beyond competitive and last I knew, CWB is not a charity. I wouldn't be opening an account to chase a temporary offering. One must be realistic about out-of-norm offerings.
 

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Yeah, it goes to October as well. I wonder if it is related to the balance that I had. Maybe they tier the percentage based on what your balance was in the previous month or something.
I suspect they do. If there's already a lot of cash in the account, they probably have to offer a higher incentive rate to attract more cash.

The times I've seen particularly strong promo rates, I already had lots of money in the account and had no spare cash to bring in. I doubt that's a coincidence.
 

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That Simplii promotion period has ended (Oct 31). Remember everyone, it's time to withdraw large amounts of cash from the bank en masse!

I've moved the cash back to my credit union at 2.4%. I'm not opening new accounts, will just wait for another Simplii promotion or leave my cash at the credit union.
 

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Yes 2.8% but that's only on new money beyond your Oct 31 balance. In other words, you have to bring new money in to get the new rate, and any $ you have there already only earns 1.1%.

That means that someone (like me) who already had all their cash there to benefit from their most recent promotion should transfer their money out.

It also suggests that next time, the optimal strategy might be to preemptively pull cash out of Simplii a week before the promotion period ends. That way your "start of period" balance would be low again, allowing you to transfer the same cash back in for the new promotion.

And, as people like us figure that out, Simplii will inevitably adjust their strategy to change the date of the "start of period" to something more unpredictable. And so we go, the cat-and-mouse game to try and get enough extra yield to buy yourself one dinner.
 
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