Beyond's Official "Saving" Thread- Post Your Savings Here!

[Jynx]

Originally posted by Inzane


I would consider that too, except I'm not sure if there would be fees, etc. for constantly transferring money back and forth between RBC and PC financial to maintain that account. Would it be worth it at the end of the day?

The only reason i maintain my RBC account is for the e savings account. I only use it for savings so it wouldnt be a big deal for me to depesit my cash at PC instead of RBC.

I would also change all my direct deposits straight to PC and essentially close my RBC account.

I've herd good things about PC. No fees, and free cheques which is awesome.

I think if you have more than 10K in your account its probably worth it for the extra 1.5% interest. Thats an extra $150/year for a minimmum amount of work.

Just my $0.02

[Inzane]

Originally posted by Jynx
The only reason i maintain my RBC account is for the e savings account. I only use it for savings so it wouldnt be a big deal for me to depesit my cash at PC instead of RBC.

I would also change all my direct deposits straight to PC and essentially close my RBC account.

I've herd good things about PC. No fees, and free cheques which is awesome.

I think if you have more than 10K in your account its probably worth it for the extra 1.5% interest. Thats an extra $150/year for a minimmum amount of work.

Just my $0.02

Well that wouldn't work in my situation. I do almost all my business through RBC already. My payroll goes though there, my mortgage, credit cards, some of my RRSPs & investments, LOCs, multiple chequing and savings accounts, etc.

[Zenshi]

Lose the starbucks, save $2 - $5 a day, save atleast $60 - $150 a month.

[A790]

Originally posted by Lagerstatten.ca
$200/paycheque goes directly into a separate savings account with PC Financial. 4.25% interest on that account. So far my girlfriend and I have saved almost $5000 in the past year.

It's our "rainy day" account or whenever we need to treat ourselves to a little pampering at the spa.

A little goes a long way when you add it all up in the end.

Nice! That's fantastic man! If you think about it, $5,000 a year is less than $500/month- that figure is a lot less intimidating!

Just think, if you keep it up for a year you could have $10,000 in savings!

[blownz]

I just sold my travel trailer for 9k last week so I put that in the bank. I will be taking about 30k out though by spring for a new one so it won't last long. And I also try to put a grand in the account from each paycheque, but some weeks that is hard to do.

[Jynx]

Originally posted by Inzane


Well that wouldn't work in my situation. I do almost all my business through RBC already. My payroll goes though there, my mortgage, credit cards, some of my RRSPs & investments, LOCs, multiple chequing and savings accounts, etc.

Well im still a student so i dont have to worry about a mortgage just yet lol. My cc's and such are through BMO which is my primary bank. I use to have a premium rate savings account there cept now they only give like ~1% which is retarded for a 'high interest' savings account.

For you its definetly not worth it UNLESS you can do free E transfers to and from the PC account.

If i get some more info on that i will def post it

[Buffalo Soldier]

Originally posted by obliterate8
I bought a 1/2 O instead of an O. Took the 100 bucks and bought some oil.

Good Job man.

[Rat Fink]

.

[ckangarloo]

CDN Tire Financial offers 3.05% + 1.25% interest for the first three months, no fee to open an account, no fee to move money, no fees to close the account. I'm using that one right now. I don't think PC financial has that high of a rate at the moment (3.75% promo, I just checked) and once my three months is up at CDN Tire I will probably move my money to People's Trust to get the 4% guaranteed. So far that is the only bank that offers anything above 3.4% (the next highest is ICICI).

Rat Fink - could you please explain this tax free account you have? Starting Jan 1 I'll be putting 5K in a Canadian Tax free savings account but I know of nothing in Canada tax free right now.

[Rat Fink]

.

[msommers]

Well looking around on sites, it looks like PC has the highest at 3.05 with ING at 3.00 and RBC at 2.75. All of these have no minimum balance and no fees. Scotia and TD suck as you need a minimum balance, and they are both below 3.00.

I was asking my Mom about PC financial and apparently a lot of people from her work have been attracted to PC, but taking out their money has turned into a big hassle.

I am strongly considering starting an ING account but no one I've talked to has dealt with them. IMO, they sound like the best option so far.

[ExtraSlow]

Both my wife and I use ING and we have for three years or so. I have zero complaints, it's very good.

[Xtrema]

Originally posted by Inzane


I would consider that too, except I'm not sure if there would be fees, etc. for constantly transferring money back and forth between RBC and PC financial to maintain that account. Would it be worth it at the end of the day?

Unless you have SHIT load of cash. No it's not worth the hassle to get that extra 1/2 percent.

RBC is offering 2-year non-redeemable for 4.25%. If prime stays where it is or goes lower, and you don't need the money and don't want to risk it in the market, probably not bad. I can't see inflation being that bad for us next few years anyway.

[saiyajin]

^ TD's 2yr redeemable GIC is at 4% if you want to have the redeemable feature

[DJ_NAV]

I don't think you can claim a business loss. However, you can carry forward(and backward) your losses.

[ExtraSlow]

Originally posted by saiyajin
^ TD's 2yr redeemable GIC is at 4% if you want to have the redeemable feature

ING has redeemable 1 1/2 year GIC at 4% also.

[Beerking]

lol, one of the service credit unions here in Edmonton had a sign saying GIC at 8% for 5 years.....um no thanks. 5 years is a long time.

[Masked Bandit]

Originally posted by Beerking
lol, one of the service credit unions here in Edmonton had a sign saying GIC at 8% for 5 years.....um no thanks. 5 years is a long time.

Which Credit Union is doing that? A name would be appreciated.

[Beerking]

Originally posted by Masked Bandit


Which Credit Union is doing that? A name would be appreciated.

Cannot recall, but if you live in Edmonton it is the one in Capilano mall, right beside the blockbuster.

[nusneak]

Originally posted by Rat Fink
Make a home business...register it, and claim as many living expenses as you can.

50 bucks to register one as a sole proprietor. Lets say for example you decide its an ebay business. Sell a few items on there and keep track of that income. Next, expense a portion of your rent/mortgage due to the home office taking up space in your home. Bought a computer and desk recently? oh, that was an expense for your business! Expense your internet since you need it for your business, and a portion of utilities. Oh, business is losing money at the end of the year? claim those losses on your income tax....you can do it because its registered as a sole proprietorship.

So now you've just made your rent a little cheaper, and expensed a portion of your utilities and your internet costs....plus built up a bit of capital loss to use.

My home business and roommate means I am only paying around 200/mo rent in my place. My home phone, cell phone, air card, cable TV is free. i expensed my computer, my filing cabinet, desk, stationary supplies, my phones. I have capital losses and expenses that will mean a decent tax return for me this year that will be dropped into a tax free savings account for investing next year (hope the market has turned around by then).

Next year I might make a whole crapload of trades with a trading account that has 1000 dollars in it. make it seem like that is my business....I will make the expenses outweigh the income. Meanwhile, all my cash is in a tax free account making me money they can't touch (subject to the 1%/month overcontribution fee and that's it!). Booyashaka!

Did you read the part about starting your business where it says it cannot be a hobby?
And that the company actually has to make money... Like if you keep handing in capital losses year after year I don't think they take kindly to that/shut you down?