Can we just take a moment to talk about the video quality? Love it!
@MaryAsekome9 ай бұрын
I was literally going to say thatttt
@xoReni9 ай бұрын
Thank you Marina 🥰
@xoReni9 ай бұрын
@@MaryAsekomethanks Mary!!
@akosuagyimahamponsah61119 ай бұрын
Thank you so much for this video Reni, you just made my 2024 financial planning so much easier!
@xoReni9 ай бұрын
I’m so happy to hear this! Thank you for watching ☺️
@LyndaOkoli8 ай бұрын
So glad I watched this video. I was considering opening an RBC HISA but when I saw that the 5.5% interest rate was just for 3 months I changed my mind. Just used your link to open a Neo Financial account
@xoReni8 ай бұрын
Yay I’m glad it was helpful 🤗
@couchpotato72159 ай бұрын
I've only seen your channel today but i wish i had known about it when i just arrived in Canada. Thank you for this really comprehensive review. Your video quality really improved! I agree, paying for e-transfers really is insane. I've been using EQ for a while and was thinking to switch to Neo but i feel like my money is fine at EQ, if i need a higher interest rate then i could use their short term GICs which gives a higher interest rate without all the frustration.
@xoReni9 ай бұрын
Thank you! I agree and I feel EQ offers a lot of the features of a big bank which is helpful unlike some of the smaller online only banks. I’m still keeping it as my main account.
@couchpotato72159 ай бұрын
@@xoReni it brings me peace of mind knowing that someone who gives such good financial insight uses EQ as their main bank account. I think they'll just keep improving. Yesterday I got an email saying that they raised everyday interest rate from 3% to 4% as long as I continue to have $500 or more in qualifying payroll deposits.🎉
@xoReni9 ай бұрын
@@couchpotato7215 yesss I was so happy to get that 🥳
@chinieyesmilez3 күн бұрын
This is such an insighful video. Really helpful, thank you so much
@kingphenom26 күн бұрын
Thankful for your knowledge. I look forward to seeing your take on 2025.
@xoReni21 күн бұрын
Thank you! I will post an update soon!
@ugochinwangwu8 ай бұрын
Such an informative post, thanks for all the research and work you did! I’ve been stuck between choosing between Neo money and Wealthsimple spend accounts. I’m still not sure but I’ll probably go with Wealthsimple cause of the investing options 😅
@xoReni8 ай бұрын
Thank you so much! Both are great options 😊
@Lifestyle-With-Elizabeth9 ай бұрын
Thank you for sharing. Happy New Year...
@xoReni9 ай бұрын
Happy new year! Thanks for watching 🙌🏾
@Ifedapomola9 ай бұрын
Great video quality as always! Regarding RBC’s high interest savings account, they rolled over the 5.5% promotional rate they offered me. So that’s 180 days at 5.5%! 😄
@xoReni8 ай бұрын
Ouuu I love that they offered the rate for the long term! Hopefully they offer it to you even past the 5.5%!
@hh.c4362 ай бұрын
May I ask if you had to call in to ask?
@perpyo9745 ай бұрын
Listen to your podcast! It’s nice to put a face to it ❤
@xoReni5 ай бұрын
Awww thank you for listening to the pod 💕
@BusYvane9 ай бұрын
Great video ! Very informative ! Thanks for sharing :)
@xoReni9 ай бұрын
Glad it was helpful!
@rolakeadams63889 ай бұрын
Very informative video for financial 'illeterates' like me :)..thanks Reni
@xoReni8 ай бұрын
Thank you Rolake! 😊
@alsoknownasdey8 ай бұрын
The video we need to start the year! 🙌🏿 Thanks Reni
@xoReni8 ай бұрын
My pleasure, Dey! So glad I can help :)
@drevnii_sound7 ай бұрын
Sister, you're shining!
@xoReni7 ай бұрын
Thank you! I'm so glad you enjoyed it! 😃
@xavierdube50258 ай бұрын
The PC money account actually does not have a debit card, only a prepaid credit card (can only be used where Mastercard is accepted)
@xoReni8 ай бұрын
It works the same way as a debit card as you can withdraw from ATMs without a cash advance fee!
@wesmyone95629 ай бұрын
Thank you very much for this video Reni, it was very informative, and I will make sure to share it👍🏿
@xoReni9 ай бұрын
Thank you so much!! I appreciate you 🙌🏾
@wesmyone95629 ай бұрын
@@xoReni My pleasure😁
@feyialaka9 ай бұрын
Thank you, Reni!!
@xoReni9 ай бұрын
You’re welcome ☺️ thank you for watching!
@Ziniiex9 ай бұрын
Very informative video. Great quality 👏 😍🥰 Your video Quality is my motivation for how I want my video on my channel to be. Tapping into this motivation that my channel will soon become the go to source for valuable information on my own niche of personal and career development.
@xoReni9 ай бұрын
Thank you so much! Excited for your content 😊
@Ziniiex9 ай бұрын
@@xoReni 😊
@CiaraLynn6 ай бұрын
Thanks so much for this video. I was already aware of EQ bank as a top competitor but I was surprised to see Neo’s offerings. I thought they were just trying to sign people up in local malls 😅 I used your code 🎉
@xoReni6 ай бұрын
Hahah I didn't even know they were promoting themselves in malls! Glad this video was helpful :)
@splinta249 ай бұрын
Thank you Reni!
@xoReni9 ай бұрын
My pleasure! Thank you for watching 🙌🏾
@lifeofaidee9 ай бұрын
Thank you Reni
@xoReni9 ай бұрын
My pleasure! Glad I can help 😊
@glamoroussweetyful9 ай бұрын
Talk about Tangarine they are really good too
@xoReni9 ай бұрын
They are 🙏🏾
@janine_alecia9 ай бұрын
Thanks for sharing !!
@xoReni8 ай бұрын
My pleasure!
@AshrafulAlam-zw1xw6 ай бұрын
Love your video. Superb.
@xoReni6 ай бұрын
Thank you 🙏🏾
@jaskiratsingh99418 ай бұрын
First of all thank you for such an informative content! My question is: if Wealthsimple and Neo Financial have exact same benefits, what made Neo Financial your preferred choice over Wealthsimple?
@xoReni8 ай бұрын
I like that Neo allows you to open 10 different savings buckets within the account! Dont think Wealthsimple has that option currently. So you can name your Neo accounts “emergency fund, car fund, travel fund” etc
@jaskiratsingh99418 ай бұрын
@@xoReniok but in terms of security/Safety of the funds they both have same nature ? or one is more secured than another?
@xoReni7 ай бұрын
@@jaskiratsingh9941 equally secure
@shellmac762 ай бұрын
Any thoughts on Wealthsimple changing their interest rate?
@xoReni2 ай бұрын
@@shellmac76 it’s expected as the bank of Canada changed their interest rate. All other banks will follow shortly.
@JUSTGIO2 ай бұрын
After watching this video I’m already with EQ Bank and I’m thinking of changing to Scotiabank and getting the momentum plus savings account I think it’s a great fit for someone like me who barley touch their savings. So thank you so much 🙏🏾 what are your thoughts on this? Keep up the good work
@xoReni2 ай бұрын
@@JUSTGIO I think it’s best to stay with EQ as they have a higher interest rate long term. Scotia’s is a temporary promo rate!
@JUSTGIO2 ай бұрын
@@xoReni thank you, and I mean switch to Scotiabank as my regular bank
@xoReni2 ай бұрын
@@JUSTGIO what’s the rationale behind that?
@JUSTGIO2 ай бұрын
@@xoReni I use the momentum plus saving account for saving, it’s like out like holding multiple eggs in one basket and I thought I can use momentum premium period for saving for different things
@ItsOyinkan_A7 ай бұрын
Hi Reno, I found you on TikTok. I’m from Nigeria and still living here, please how do I get started with investing and getting my finances into better shape?
@xoReni7 ай бұрын
Hi! Welcome 🤗 check out this video: kzbin.info/www/bejne/maSZhZmXf5apZs0si=hqtkha4Ljbm0ikrI
@tierneydias34289 ай бұрын
Hi Reni can you do a video on Tangerine
@xoReni9 ай бұрын
Completely forgot to include it this year! They have a promotional rate of 6%!
@tierneydias34289 ай бұрын
Yes, I switch between tangerine and eq bank . Even the Gics are still pretty good if you are hesitant to invest.
@xoReni9 ай бұрын
@@tierneydias3428 both are good options!
@1212aoa8 ай бұрын
@@xoRenibut is it only for new member at Tangerine? And how long this rate last?
@xoReni8 ай бұрын
@@1212aoa yes it's for new members. Rate lasts 3 months I think. You can check out their website for more details
@yuvaraajas5 ай бұрын
Nice info. What do you think about Manulife Bank. I dont see this in your list.
@xoReni5 ай бұрын
Thank you! Seems like manulife currently has a 5.75% promotional rate for 4 months!
@nutrl7 ай бұрын
Thank you for all this info im with 3 banks and have about 4 different financial cards I've been mostly focused on credit but now looking to get into investing & HISA, one question i do have is do people move money around to take advantage of some of these promotional rates, I know some accounts do penalize you if you don't keep them in for the time period, but i didn't hear that for most of them, thanks.
@xoReni7 ай бұрын
People do move from bank to bank but honestly I think my time is too valuable to be doing all that LOL! I don't think there are penalties but I suggest checking with the banks you'll be using to make sure. Thanks for watching!
@nutrl7 ай бұрын
@xoReni yea true, but I guess in theory once you have signed up with multiple banks to take advantage of these promotions the only thing I could see them asking is for you to have either a certain amount in there or some kind of direct deposit, and as long as they don't ask to lock it in for 1 year which is what I heard some might, it could be an interesting/slightly inconvenient way to take advantage of more deals in a shorter span. Thanks for the info I will do so more research and see what I find out
@mustafahussain24169 ай бұрын
I have EQ bank savings account at 2.5%. I believe now they are offering 3% which I will not get right?
@xoReni9 ай бұрын
Yes you should get it! Mine is currently at 3%
@mustafahussain24169 ай бұрын
@@xoReni - I did chat with the EQ team and they said you will get 3% when you have recurring deposits. I use EQ for my emergency funds and did a bulk deposit last year. Apart from my emergency funds I do not have any savings. I just invest everything what I save each month.
@xoReni9 ай бұрын
@@mustafahussain2416 ahh I see, that makes sense
@couchpotato72159 ай бұрын
You could try having payroll send a small portion of your pay to EQ to meet the recurring deposit requirement. If you don't want to fully commit to having all of your pay deposited.
@mustafahussain24169 ай бұрын
@@couchpotato7215 I was thinking the same. Depositing it and then use that funds for my investments like I normally do. Thanks for the suggestion
@yuvaraajas5 ай бұрын
Do you recommend Wealth Simple Cash Account. Will there be any credit check for opening WS cash account. Do they offer CDIC coverage? I have TFSA with WS, thinking of opening a cash account.
@tarbender5 ай бұрын
They have CDIC coverage. I just recently went to them for their cash account. They also have a referral program as well.
@xoReni4 ай бұрын
I don't believe there is a credit check!
@fiveofdawn50086 ай бұрын
Hi Reni, love your content. I was just wondering if the profit you make off these saving accounts are taxable. If they are is it possible to open a tfsa for a high interest savings account for the fintechs mentioned?
@xoReni6 ай бұрын
Hi! Thank you! Yes, the gains are taxable. You could open a TFSA but often they don’t offer the same rate. I believe EQ bank may offer a high interest TFSA but I’m not too sure about the other banks
@fiveofdawn50086 ай бұрын
@@xoReni thank you so much for your reply! would you recommend opening a tfsa with the interest account or you think it's not necessary since the gains (profit) are low
@susanadenike97549 ай бұрын
Is there any hard credit checks for any of these bank accounts?
@xoReni9 ай бұрын
Not that I know of but please check with the specific institution you aim to open with
@cindywilburn50026 ай бұрын
I am confused about neo. They have a prepaid Mastercard and a money account. What's the difference? Can you get cashback on both?
@xoReni6 ай бұрын
A money account is where they have their high interest savings account. The mastercard would function like a credit card. You don't get cash back on the money account but you get high interest of 4%. Let me know if that is helpful!
@MoneyWithKazeem8 ай бұрын
Great video Reni. I am wondering why you did not cover Tangerine, which is one of my favorites bank. If you want me to cover that on my channel, please like this comment.
@xoReni8 ай бұрын
Thanks! Just forgot about it
@jasjit31238 ай бұрын
EQ bank provides high interest for 12 months only.
@xoReni8 ай бұрын
They recently made this change
@benhaze10107 ай бұрын
For the BMO account; do you need to just add $200/month or do the account total balance has to increase $200/month?
@xoReni7 ай бұрын
Add $200/month to the account
@benhaze10107 ай бұрын
@@xoReni Ok thanks! Not too bad then.
@MrEnky0078 ай бұрын
If you make 400$ with interest, it's considered capital gain, so half of it is taxed at your marginal rate. Right?
@xoReni7 ай бұрын
No, interest made in a savings account is not considered capital gains
@MrEnky0077 ай бұрын
@@xoReni So it's like added income, it's worse than I thought.
@xoReni7 ай бұрын
@@MrEnky007 lol! $400 to your income won’t impact your marginal tax rate significantly
@MrEnky0077 ай бұрын
@@xoReni ofc not, but it's sad to see almost half of it go poof 😕.
@dordorjuu6 ай бұрын
Wait, is EQ bank 2.5 or 3%? My app still shows 2.5%. if the rates go up will existing clients get the new rate?
@xoReni6 ай бұрын
They've changed it so it's only 4% if you have a recurring pay cheque going in
@jennifernalubwama88834 ай бұрын
Am just fed up of td they charge 16.6 per month
@xoReni4 ай бұрын
So many options available for you
@alabaadewale8768 ай бұрын
did you say neo financial does not have CDIC insurance?
@xoReni8 ай бұрын
I did not say that
@alabaadewale8768 ай бұрын
@@xoReni okay. I didn't hear that part clearly, that's why I asked. Secondly, the EQ bank link is your referral link right?
@xoReni8 ай бұрын
@@alabaadewale876 lol that’s why I answered your question 🤷🏾♀️🤷🏾♀️ Yeah it’s my referral link!
@alabaadewale8768 ай бұрын
@@xoReni i think you might need to reconfirm your eq bank referral link. I signed up with it but was just informed by their customer rep that the link is not valid.
@carcoloco8 ай бұрын
Wealthsimple is not in Canadian Investor Protection Fund (CIPF)
@xoReni8 ай бұрын
This video is focused on savings which is insured by CDIC. The balance in your Wealthsimple Cash account is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation
@FinanceNerd77 ай бұрын
What are you talking about? Go check CIPF website and you will see ws in their list
@indumatick2 ай бұрын
@@FinanceNerd7CIPF and CIDC are two different things. CIPF applies to your non registered account at wealth simple and CIDC applies to your cash account.
@markoDhex5 ай бұрын
Wealthsimple Cash account with my cheque direct deposited 4.5% Wealthsimple getting better EQ bank at 2.5% as a back up zero $ e-transfers