Like some others, I have a plain old non-registered HISA account at EQ Bank currently paying 1.25%. That is where my cash reserve is. You can set up 'linked accounts' at EQ Bank where you can pull, or push, funds to your BMO chequing account. I have both Scotia chequing and BMO chequing linked with EQ Bank. You can do the same with LBC Digital if you wish (as I do) but I prefer EQ Bank.I am assuming I would need to open both a TFSA and a RRIF account with EQ?
BMO Private wealth will not put you into mutual funds . They are very good at servicing high net worth clients needs. Just a thought.I did meet with a BMO Adviser who referred me to Private Wealth in 2015. I was reluctant as we had a not so great experience with mutual funds in 2008. Maybe I have been too obstinate. I will look at EQ for cash sitting in my non registered account.
I would not recommend preferreds at all. They are very much a specialist item and not a set-it-and-forget-it proposition. ZPR even less so.Another option would be preferred shares. Rather than choose them, perhaps an ETF like ZPR. It too will likely lose value if interest rates go up. But it will be re-investing in new preferreds so may eventually catch up.
Yes. Particularly registered, allocating a portion to a bond fund makes sense -- ZAG or XQB maybe.A bond fund might be something similar, although yield might be lower than preferreds.
I personally totally avoid bond funds. Even moreso at a time like this.I would not recommend preferreds at all. They are very much a specialist item and not a set-it-and-forget-it proposition. ZPR even less so.
Yes. Particularly registered, allocating a portion to a bond fund makes sense -- ZAG or XQB maybe.