The best & worst high interest savings account in Canada

[@MoneyWithMark69]

Try my favourite 👉Neo Financial: www.moneywithmark.ca/go/neo

[@itout4310]

Why high interest saving wont activate

[@imkriswithak1135]

I like your top three. I’ve used all of them and prefer wealth simple. I like wealthsimple for the 4% interest and 1% cashback on everything. No checking categories or keeping track of what stores/restaurants to go to, to maximize my cash back. Just use it anywhere and boom its 1% cash back. Also the psychology of shopping at places you don’t usually shop just for cash back or spending so much a month to cover koho monthly fee for the higher tier (interest) rate. Wealth simple is perfect for me. Only thing missing is a credit building feature.

[@MoneyWithMark69]

Very true! Good points I also like them. Have you tried Neo ?

[@imkriswithak1135]

I was a koho user at first because i liked the 2% cashback. I was spending more than I usually did by justifying the cash back. Did neo too. I found the cash back confusing. Getting initial high cash back, then needing to make 3 purchases within a certain time frame to get the next cash back. Found it confusing. If koho was free with the 2% cash back. I would use them

[@MoneyWithMark69]

Very true! Wealthsimple does make it more... Simple

[@yslstahl]

Well said on TD! They really suck with how many fees they have and the interest is really not worth it. I closed my account with them for this reason. Great video Mark!

[@MoneyWithMark69]

They really do. Should be criminal!

[@rishabh4082]

Thanks for the video. Will be moving my money to WS for that 4% rate. My only concern is the reliability and accessibility of WS compared to big banks. I want to keep my credit card with scotia but will be required to pay 120$ a year for a cashback credit card which gives me 200$roughly but primarily builds credit. Will discard even that once WS offers credit. Not sure if WS is safe once money starts growing beyond 300k

[@Gxmwp]

The WS account is really tempting, but I don't feel right putting money in there after looking at their terms. WS itself isn't CIDC insured, the bank accounts they're putting your money are. Even then, they don't list what banks these are so it's kinda more of a "trust me bro" promise more than anything imo

[@galaxytrio]

Thanks, Mark. Good suggestions.

[@yastinoucha]

I've just discovered your videos and found them extraordinary. I can see that you love what you do. I'd like to ask you if you could do a video on the best online bank or institution to use for businesses. In Europe, there are a lot of options like Revolut or N26, but in Canada, I haven't really found a good bank for any business model. I hope you'll shed some light on this soon. Thanks for your videos which really help.

[@MoneyWithMark69]

Thanks!! Ugh... I've looked into this... You won't like the video 😔 Canada business banking is a wasteland of shitty products... But I'll do the video still!

[@yastinoucha]

Thanks a lot !!

[@jennifer.edward]

Koho is now 3% for basic and 5% interest essential, extra and everything

[@MoneyWithMark69]

WOW!!!

[@jennifer.edward]

​@@MoneyWithMark69I'm an essential subscriber and noticed the 5% and was so happy lol My only thing with koho I don't like is that I wish the cashback was the same across the board. With easy plan you don't get cashback really just roundups and interest if you're signed up for it Also wish that airfare has its own category or airlines partnered with koho lol. I only earned like $2.75 for my trip this Christmas. That's a lot of money with so little cash back

[@cindywilburn5002]

Can you do a video on neo money card? I'd also like to see a comparison between koho and neo.

[@MoneyWithMark69]

I have a video on Neo here! kzbin.info/www/bejne/b5TIZ2mHi9Ona8ksi=K09SWyxQ0Gcnwr97 Will do a comparison video soon too 😄

[@cindywilburn5002]

@MoneyWithMark69 is it the credit card or money account? I'm confused. How are they different? Am I missing something. I like neo for their 3% cashback on groceries and gas. Koho only does 2%. Koho has better cashback partners too.

[@MoneyWithMark69]

Neo provides both a credit card, and a money account that earns 2.5% interest PLUS Neo also has high interest savings account that earn me 4% interest. Neo also has lots of cash back partners too. If you do try out Neo you can get $25 if you use my link www.moneywithmark.ca/go/neo/

[@MoneyWithMark69]

A big difference is that KOHO cards are essentially debit cards where Neo is a credit card.

[@cindywilburn5002]

@MoneyWithMark69 would you recommend koho or neo? Looking forward to the comparison.

[@2020Bookworm]

It says that Meridian Credit Union's HISA Pays 2.5% per month . What do you think of that?

[@MoneyWithMark69]

I think that's bullshit!

[@2020Bookworm]

@@MoneyWithMark69 Earn 2.50% on every dollar, calculated daily, and paid monthly

[@JohnFritzMoreau]

thank you 🎉

[@MoneyWithMark69]

Anytime ☺️

[@toknowhim2242]

If I have a large sum in wealthsimple cash can I take it out at anytime? I sold my house and am waiting for the housing market to cool down a bit. So in the meantime I would like to collect as much interest as possible.

[@MoneyWithMark69]

Yes you can! Congrats on selling. I'm actually about to do the same thing!

[@Divyv520]

Hey Mark , really nice video! I was wondering if I could help you enhance Editing in your videos and also make a highly engaging Thumbnail which will help your video to reach to a wider audience ?

[@MoneyWithMark69]

I'm always open to hearing proposals. DM me on Instagram

[@2020Bookworm]

Meridian credit union pays 2.5 % per month in their HISA.

[@BiyaheNiDude]

How about canadian tire HISA? They offer 3.7% annual interest

[@MoneyWithMark69]

It's a trap!!... I wouldn't trust them. But have never used them

[@koda200]

The biggest thing left out in this video is KOHO is not CDIC insured. That’s a huge red flag and puts wealthsimple ahead of them in my books

[@MoneyWithMark69]

Yes KOHO is CDIC insured - as just like with Wealthsimple they've partnered with a bank (people's trust) and that's where you money is held - which is CDIC insured up to $100k ☺️

[@mohaklondhe3020]

I didn't understand what you had to say on EQ.

[@MoneyWithMark69]

Their HISA is good. But their TFSA and FHSA are traps - hence I'm not a big fan of EQ

[@mohaklondhe3020]

@@MoneyWithMark69 exactly but how are they traps

[@mohaklondhe3020]

Please let me know

[@ejhaneine3168]

@@MoneyWithMark69I am thinking of opening an account with them, how are they traps? Could you elaborate on that

[@yxmichaelxyyxmichaelxy3074]

​ Their HISA has a lot of conditions. You can only get the current 4% if you have a monthly direct deposit of $500/mo minimum. Nope.

[@bobthebuilder9628]

I think your EQ bank reasons are not quiet good enough to include them as a dislike.

[@MoneyWithMark69]

That's fair. They just seem to be straddling the fence of "big bad bank" and "people first fintech"

[@iVue]

Interesting but looks like you choose to provide info what you like and hide the reasoning. Why Neo even if WS pays 4% flat and 1% cash back. I have used Neo earlier and their cash back was most scammy cash back scheme I have ever seen as rather than giving flat cash back they announce this 4-5% cashback which in reality is hard to find and most of time just getting basic cashback which is not even 1%. Koho you didnt mention that 4.5% cash back is only if I subscribe to their membership by paying monthly fees. So just another pay to earn scam...I feel WS is the only one which is straight fwd here with what you see is what you get.

[@MoneyWithMark69]

Great points! I guess I'm still sour from when wealthsimple was really confusing to use! Although I do agree I love how their app and features are so great! Maybe I should reconsider them as #1

[@hermes8258]

Mark, Mark, Mark.. 500% is very different from "five hundred times more". I am a financial illiterate, have quasi disummia and failed math summer school in 1969. Yet, I know this difference. You haven't lost me as a subscriber but I am going to take everything you say with a lb. of salt. I blame this on our educational system that has failed Canadian youths in core language literacy. I notice this a lot in most videos by anyone under 45 years of age. So, don't take my criticism personally. In fact, I am going to presume this was a mere slip of the tongue.

[@MoneyWithMark69]

Yess you are correct! That's my bad. It's crazy how once I start talking in front of the camera how often my words don't match my thoughts 🤪 thanks for keeping me honest 👊🏼