The Bank Account Set Up I've Used to Save $100,000 - Chequing, Saving & Investment Account Breakdown

[@stephandden]

What banks account do you use? Why? Let us know! 👀

[@Sunshya]

KOHO for the interest rate and the simple interface on their app! Wish Simplii would offer their services in Quebec :(

[@emmyjr1231]

Scotiabank and Koho. Will open EQ and Wealthsimple soon

[@sorting_it_out]

I use the Tangerine Credit Card. I like it because there is no yearly fee. Also, you get to choose 2 categories to get 2% cash back on. The other categories you get 0.5% cash back.

[@РомаБородавка-е9г]

Could you please provide your email so that I can specify it when registering at Simplii and we both will get a bonus?

[@РомаБородавка-е9г]

Will you have to pay taxes from income on HFSA? Does Simplii provide tax related info, so I can submit it to CRA?

[@8randomprettysecret8]

Canada is so expensive …we need more people like you to educate us with all of the features and benefits while retaining sanity and managing money more efficiently. Thank you both !!

[@stephandden]

Thank you for watching + for your comment! That's our goal 🙏🏿🙌🏻

[@wolverinetrapper5238]

My point form strategy; -Minimum amount in chequing acct -Emergency savings in high interest acct -Dividend/slow growth in RRSP, -Volatile/high risk/reward investments in TFSA, -"Extra cash" goes towards real-estate. I'm no RBC pumper but I just ran out of my 100 free trades they offered, which was awesome not having to think about the commission. Nice power couple strategy you two!

[@stephandden]

Thank you for sharing! We appreciate it 😊

[@Djmoneyhacks]

Hey, your investment strategy is so on point. Love this.

[@wolverinetrapper5238]

Pun intended!

[@lovelymimi725]

You are both a great example of how young couples can set financial goals for their future by working together by tracking finances.

[@elrudiiisimo3066]

I subscribed, y’all give a good positive vibes and give hope as someone who just got out of college to be able to save and invest. Cheers to you two :)

[@stephandden]

Thank you! We’re so happy you’re here 😊

[@TimotheeReacts]

Put my cash with Tangerine, promo interest rate at 6% interest rate for 5 months, but that is about to end late may, I will probably switch to simplii to have another 5 months at 6%.

[@stephandden]

Amazing! Taking advantage of the high rates 🥳

[@mocha.7777]

Wealthsimple Cash @ 5% is perfect for emergency funds or savings toward buying a house, especially it’s $500k CDIC insured now.

[@DL8SAM0507]

Yes. It's great for saving, but during an emergency, you'll be able to withdraw $5k per week. I did the same for my home buying, but i needed to make a bigger withdrawal but couldn't, so I had to borrow. That's one of the drawbacks of online banks I guess.

[@РомаБородавка-е9г]

@@DL8SAM0507 WealthSimple provides only 4% for Cash. But 4.5% if you set up a payroll

[@abhishekjawahirani8366]

I guess the account in wealthsimple is a hybrid of chequing and savings. You could withdraw as much as you want without limitations.

[@mantabodyboarder]

Wealthsimple Cash account has the option to order cheques as well.

[@sandlervivian]

Have been trying to find videos like this for so long, but nothing seemed as easy to understand and full of good energy as your videos 🙏🏻 And sooooo amazing you’re also in Canada!!!! Huge help thank you so much 🥰

[@stephandden]

Yay, we love to hear that! We're so glad you're here 🥳

[@tammyar]

Hi Steph! Can you do a detailed video on Wealthsimple Trade? I would love to get a glimpse of how to automate, recommended ETFs, etc.

[@stephandden]

Yes, for sure! That’s on our video list 😊

[@abbyhart7520]

I second this! New investor here!

[@Jibril_Abdulkadir]

I use one bank for everything savings credit card and chequing account but I might have to reconsider and diversify that

[@Zazimozi]

Never put all your eggs in one basket

[@stephandden]

We love that you're thinking of diversifying 😊

[@bailmcculley]

wealthsimple’s cash account is 10/10. no fees, 4.5% interest

[@stephandden]

Yes, it’s a great option as well 😊

[@Jessica-kk5td]

I would really like to open a Simplii account but they're not available in Quebec obviously we are excluded from so many things that other Canadians can have or do.. I should move out of it at some point..they're so busy creating a land locked island

[@stephandden]

It really is so frustrating that many of the accounts aren’t available in Quebec!

[@deanawells4395]

I love TD bank here in the USA. They are the best bank. My sister couldn’t get any bank accounts from banks in the USA because of tax issues. TD bank was the only bank that would give her an account.

[@emilyboulter5978]

I was using Mint before too, and I built myself my own budget tracker. It’s been nice because I can more easily track items based on my goals (ie a restaurant during a trip being “Travel” not “Restaurants”). My husband and I also just bought our first home (yey) this year so it has been interesting deciding how to reorganize our finances now that we aren’t saving for a home anymore.

[@stephandden]

Amazing - we love using a budget tracker, too 😊 + congratulations on buying your first home! That's an exciting time, and interesting point re: reorganizing your finances now that you hit that goal!

[@RKMxMedia]

Wow you guys are so smart with this stuff! I have so much to learn

[@thestorygirl2818]

Always love your content! You're right, I love being "nosy" and looking into what you guys use for finances. It's so helpful to have real world examples! Thanks again for sharing. :) I'm a happy Wealthsimple user thanks to Stef!

[@stephandden]

Thank you so much! We love to hear that 😊

[@joeriveracomedy]

I have never had a credit card. I only have 1 chase atm card and 3 cards to 3 different brokerage accounts. Easier that way.

[@stephandden]

How come? Do you plan on getting a credit card in the future?

[@SmoothBrownMan]

Both of you are lucky that you make the time to self manage your investments. I wish I could do that! I manage mine using a wealth management firm.

[@stephandden]

Yes, it definitely saves us money on fees (which can add up long term)! We have a pretty straightforward strategy that doesn’t take any time on a monthly basis, it’s just the initial work that took some time 😊

[@SmoothBrownMan]

@@stephandden Tell me about it! I've done the math and it's expensive.

[@valentinacoy7757]

Hi! Thank you for this video! I'm curious, is there a specific reason you chose Simplii Financial for your checking account over EQ Bank's Personal Account, which offers 4.00% interest if you set up direct deposits?

[@rorygilmorelove6]

You guys are my saving grace so thank you

[@stephandden]

🙏🏿🙏🏻

[@ifyouweremeforreal]

simplii financial is amazing, life changing to be honest

[@LordMizukage_]

What do you like about it?

[@xamitz58]

Your videos are some of the best and easiest to follow I’ve ever seen. Cherry on top that your Canadian as well.

[@stephandden]

Thank you so much 😊 we really appreciate that!

[@denisquenneville8032]

Thank you so much for this! Really appreciate the great breakdown! So do you have still have any accounts with TD other than credit card?

[@thilokasapugasthanna7059]

can you do a video on "how to open a simplii financial chequing and savings account"?

[@alexking2296]

how do you transfer money from 1 institution to another? for example if my chequing account is Simpli but want to put my money either on my Neo credit card or EQ High Savings Account? Great video, Cheers!

[@nastyas9217]

Did u figure this out, i have same question! And im new to Canada

[@alexking2296]

@nastyas9217 i have a simplii chequing, and to pay off my AMEX credit card i just made tge credit card a Payee. But im still not sure how to transfer HISA accounts from 1 institution to another

[@swandizzle_]

If you don’t have the EQ card, I heard it takes 3-5 days to transfer the funds to another account to spend. Is that true?? Then maybe I shouldn’t keep my emergency fund in there

[@beautyfulboi]

Hi. I am not sure if you have a video that addresses my concerns, but I couldn't find any when I searched... What are the advantages and disadvantages of setting up a TFSA account for investing (say-in ETFs) with investment firms (say-Wealthsimple/Questtrade) vs. traditional banks say-CIBC/Scotia)?

[@celianavaro]

hi @steph&Den , I was wondering , why don't you use 4% wealth simple high interest savings account? since you use it . why did you choose 4% EQ instead , is there any hidden fees with Wsimple? I would like to open my emergency fund but i’m stuck with a decision between the 2

[@astridsalazar123]

I have the same question!!!

[@sharynfeldman]

I'm new to your channel and loving it! I was going to open a HSA with Simplii Financial because of their promotion but they require me to email them copies of my passport AND Drivers license AND a selfie.....then I got scared. Is this normal with digital banks? It's my first time learning about digital options and moving away from the BIG banks to these platforms and I'm genuinely scared. Do you have thoughts to help?

[@Northern_Squirrel]

Thanks for the video, it seems you have many bank accounts and credit cards. Isn’t it a bit too many to maintain?

[@kiemiarezagian9944]

Thanks for the great video! :) They've really been helping me as I start on my saving/investing journey! I'm wondering - do you plan on closing your account with Simplii financial after you transfer your money back to EQ? Do you know if there are typlically rules to keep the accounts after promotional periods to mitigate people coming and going with promos? The HISA that is the best option for me doesn't have the best promo currently

[@cutebubbles2007]

Can you do a recommendation for Quebec residents? A lot of these banks do not provide service in Quebec. Thank you! I love your channel

[@stephandden]

Thanks so much! Ah, it's frustrating how many options aren't available in Quebec! It looks like the Tangerine chequing account (they are very similar to Simplii Financial) is available in Quebec, and the EQ Bank high interest savings account 😊

[@cutebubbles2007]

@@stephandden tysm

[@AndreLafrance-w7e]

Hi guys, i was simply wondering if there is a reason you guys opted for simplii for your everyday banking over Eq

[@sharynfeldman]

Also wondering 🤔

[@wassaapRA]

Did you face any challenges with closing your TD chequing account? I would assume a big bank would like to retain their customer? I've had a CIBC smart chequing which allows me to nullify their credit card annual payment if I maintain 6k in my chequing, but I am considering going the same route as you with simpli financial.

[@kimcastro_ca]

is it ideal to get the simplii financial chequing with overdraft protection?

[@CrossFitMax_MTL]

Hi guys! You said you have a budget calculator in links on multiple videos but I can’t see it!!😅 Nor could I find it on website?

[@stephandden]

Here's the link! It's also available on our website via the pop up bar at the top 😊 stephandden.com/free-budget-template/

[@ClaraEatonRibeiro]

Hey Steph & Den! I am curious to hear your thoughts. I am looking to potentially switch my Business Banking Accounts to TD Bank as I am currently with RBC and I've been having so much trouble trying to get my bookkeeper onto their PayEdge system. I know you have accounts with TD and was wondering what your opinion was on their customer service, their phone accessibility, and their service overall. Wondering if it's worth making the big switch. Looking forward to hearing from you!

[@stephandden]

Hey Clara! We can’t speak to TD business banking specifically, but their customer service has always been decent from a personal banking perspective. We actually use BMO for our business banking, and they’ve been really great in terms of customer service! I think with every bank you’re going to have those frustrating moments where you can’t get someone on the phone (or someone good at least!), but between calling their service line and emailing our personal small business rep at our local branch, it’s been pretty good. It looks like BMO Bill Connect might be their version of PayEdge - we haven’t used it ourselves, but all of our bookkeeping and accounting is done via Quickbooks, and I believe it integrates well with BMO. Sometimes there’s a learning curve for the bookkeeper depending on which bank you use, but for the most part these systems are often very similar to each other. Does your bookkeeper primarily work with clients who bank with TD?

[@ClaraEatonRibeiro]

@@stephandden thank you so much! 😊 Do you mind sharing which businesses bank account you use and if you’d recommend? Curious to hear your opinion!

[@yeseniagonzalezramos8621]

I'd love to know how you manage pay day with this set up to pay off balances or transfer money, is it time consuming, automated?

[@ClaraEatonRibeiro]

@@yeseniagonzalezramos8621 @stephandden I second this!

[@charlz7112]

Would you say that keeping WS for a cash account, savings and investment good ? Or would it be better to keep WS only for investments and have EQ for cash and savings account for exemple ?

[@seymore96]

Is there any reason that you would use simplii for your monthly expenses like rent vs just using an EQ account for this also?

[@_harmeet_]

Hey! Great video. Could you please let us know what would be the interest rate once the promotional period ends for the High-Interest Saving Account through Simplii Financial?

[@stephandden]

Hi! We shared a video a few weeks ago that breaks down all of the typical rates vs promo rates - it looks like Simplii's rate is only 0.40% (we'll be moving our money out of their HISA after the promo period is over for that reason - but, we'll still use the chequing account!) kzbin.info/www/bejne/moqzgqSwg5ete80 😊

[@_harmeet_]

@@stephandden Thank you so much guys for providing the link. Appreciate it! Keep up the great work.

[@josephrangel4187]

What ETFs do you purchase, please make a video on ETFs

[@stephandden]

We have a few recent videos on this! Check them out 😊

[@darias1952]

Why not Scotia Momentum Visa Infinite Card for cashback?

[@rotru4977]

I was a Scotiabank customer for decades but now I use my Koho card for everything. I want to use my tfsa for investing but I just dont "get it" lol. How do you invest within your tfsa? PS i just found your channel so ill look through your videos but if you can steer me in the right direction that would be amazing.

[@stephandden]

That’s awesome! And congrats on switching. We have a video called ‘How To Invest Your First $1,000’ that walks you through the basics and your exact question. 😊 Also, we have a waitlist for our Simple Investing course that’s coming soon and you can sign up on our website.

[@rotru4977]

@@stephandden awesome thanks 😊

[@yuvaraajas]

Nice video. QQ. Will banks do a credit check when we open a savings account? Is there a limit on how many account (checking / saving) can one open in Canada. Will there be any issues if we open multiple savings accounts?

[@GirishRaj-zo8we]

No credit check for savings or checking account. You can have any number of savings or checking account. Credit check is only for Credit cards

[@stephandden]

No, they won’t do a credit check for chequing or savings accounts (and there’s no limit to how many accounts you can open - you can have multiple savings accounts 😊)

[@candias527]

Where does your auto contribution come from for your investments (TFSA)? From your Simplii account?

[@stephandden]

Yes, from my chequing account 😊

[@Mikemathews33]

I’m in 87 k in credit card debt getting charged an insane amount in interest! What should I do 🤷‍♂️

[@robpet4424]

You are spending money you don't have ...... Stop it ! I have a cousin who is in the same position as you, suggested the very same suggestions outlined here but to no avail. It was so much easier to spend money that wasn't hers than to do all that work and deprivation.

[@nomafmaroga6827]

Stop spending money that is not yours. Cut the credit card and follow the 7 baby steps from Ramsey solution. It is clear that you can't handle credit cards.

[@Mikemathews33]

@@nomafmaroga6827 I love to spend money and have fun. I can’t stop spending 🤦‍♂️

[@abhishekjawahirani8366]

Read ‘I will teach you to be rich’ by Ramit Sethi. Cliche title but powerful lessons

[@stephandden]

1. Take a look at your recent spending (1-3 months worth) 2. Figure out where your money is going (spend) and coming from (income) 2. Download our FREE budget template and come up with a standard monthly budget - where every last dollar is accounted for 3. Decide how much can go toward your debt 4. Call your debt collector and negotiate a deal with them to pay back much less than you owe (and yes, you can do this!) 5. Come up with a realistic plan and stick to that plan as best as you can Hopefully that points you in the right direction! Keep us posted 🙏🏿🙏🏻

[@JadenHercules]

Question for you two! My credit score is FINALLY in the 700s after it was in the 500s and 600s for a few years over fraud that happened to me. I wondering, should I apply for a new credit card option? I currently have NEO but it's a silly secured credit card! And my utilization is easy to get to 30% because it's a balance of only 100... Which is terrible. I did get pre approved by Scotia and I'm considering them, but I'd really like a better card, either with NEO or BMO. Thoughts, if any?

[@stephandden]

If you have good credit I don’t see why getting a better card with BMO or Neo should be problem. You should definitely get the card that makes sense for your lifestyle especially if you have good debt-payoff habits. 😊 Are you considering Scotia because the card is pre-approved and you bank with them?

[@abhishekjawahirani8366]

Hi Steph & Den, I have a Td acc for my salary and credit cards. However for HISA I am going to choose Wealthsimple as they offer 4% throughout. (Plus 0.5% for direct deposit) Is EQ still better or same as wealthsimple for HISA?

[@stephandden]

Hi! That’s amazing - we like Wealthsimple Cash, as well 😊

[@MarkShaw-g6x]

Holding eq for emergency. Dont you need to give notice when you have to withdraw?

[@stephandden]

Not with the EQ Bank Personal Account (that’s the name of their high interest savings account!) 😊

[@TheMetalGaia]

Somewhat annoyingly, my bank doesn't offer a high yield savings option, but my checking account is high yield. I feel like I should get a high yield savings elsewhere.

[@stephandden]

That’s too bad - which bank are you with? And yes, you should definitely check out other options. We have a video on all of the best high interest saving accounts available. 😊

[@TheMetalGaia]

@@stephandden I'm with a local credit union here in Michigan. I will look at your video for recommendations, thank you 😁

[@Revathi-dj3ko]

How about Neo high interest savings account?

[@stephandden]

We like Neo, as well - we personally aren’t using their HISA (as the rates are comparable to other options we already use and like) 😊

[@dor1994]

How to HISA's work for tax purposes?

[@vanessaivec5629]

You mentioned questrade has higher fees than wealthsimple, which fees are higher?

[@mantabodyboarder]

Stocks have a minimum fee of $4.95, and if you sell the ETFs you have the same minimum fee. Questrade is no fee only to BUY ETFs.

[@stephandden]

Good question - Questrade charges ECN fees, and although buying ETFs are otherwise free, you’re also charged if and when you sell (a small commission fee).

[@beinspired7854]

2 questions : Why you did not pay your tooth with your business? Why don't you pay internet bill through business?

[@stephandden]

We haven’t setup a health spending account or anything similar within our business just yet. Also the internet should definitely be going through the business - we’re planning on changing it sometime over the next couple of months. 😊

[@Zazimozi]

There's an 404 error message on the budget tracker

[@stephandden]

Try this link! stephandden.com/free-budget-template/

[@ludo_]

I use the exact same credit cards lol

[@stephandden]

That’s funny! 😊

[@iVue]

EQ Bank+User Friendly Platform = the biggest lie...

[@stephandden]

We've definitely found it to be user friendly 😊 what has your experience been like?

[@fatherlegion8386]

Credit cards are useless

[@stephandden]

How come?

[@laselecta9012]

@@stephanddenI’m wondering if I should get a cash back card? However I have maxed out my credit card in the past.

[@laselecta9012]

Vancity- Credit union . Don’t know if I should switch to EQ though.