There are several options available – but which one is best in your situation? Short-term investments like bonds and guaranteed investment certificates (GICs) pay interest but may not offer you the pliability you would like. Stocks and exchange-traded funds (ETFs) offer potentially higher returns but additionally involve higher risk. A less complicated and more accessible solution is to make use of a High Yield Savings Account (HISA), like Simplii Financial’s HISA.
Simplii is a Canadian digital bank with over two million customers. It offers 24/7 access to online and mobile banking with no monthly fees, in addition to access to certainly one of the biggest national ATM networks through CIBC. With Simpliis HISA, you may earn high rates of interest and haven’t got to tie up your money for a particular time frame like a bond or GIC. Plus, you already know learn how to use it – Simplii’s HISA works similar to a daily checking account.
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Simplii Financial High Yield Savings Account
Simplii’s HISA has no transaction fees or monthly fees and no minimum balance required.
Welcome offer: Earn 6.00% interest on eligible deposits for five months. (Restrictions apply. Offer ends January 31, 2025.)
Interest rate: 0.35% to three.75% (depending in your balance)
Are you planning to sell your own home?
The housing market was sluggish despite recent Bank of Canada rate of interest cuts and latest buyer-friendly changes to mortgage rules. However, economists generally expect the central bank to make further cuts before the tip of the yr. Taking all these aspects under consideration, we could see a stronger real estate market in the approaching months, enticing more buyers and sellers to get back in.
If you will have been fascinated by selling your property, now’s a great time to arrange and make a plan for what to do with the cash when you look in your next property or make other plans. Let’s have a look at what happens immediately after your own home is sold.
How do home sellers receives a commission?
Depending in your closing date, it might take some time for the proceeds from the sale of your own home to reach in your checking account. Your attorney will handle the tasks essential to finish your own home sale, including paying off the mortgage and title, reviewing property tax information, making closing adjustments, and preparing documentation. However, with regards to receiving money from the client, it goes through several hands before it reaches your bank.
Your lawyer will first settle (repay) your mortgage (if you will have a mortgage) and another costs equivalent to: B. assume an early repayment penalty or other fees. Next, your attorney will deduct legal fees. Then the brokers on each the buy and sell side get their commissions, and the remaining is yours.
Your attorney offers you a full breakdown of how they distributed the funds and what your net proceeds are. You will receive an authorized check, bank draft or wire transfer for the proceeds on or after the closing day. Check together with your attorney for exact timing.
If you do not choose a brand new home straight away, you may put the cash right into a high-interest savings account where it should grow while you concentrate on your next steps.
