BANK-ING YOUR BUCKS IS FOR THEIR PROFITS - NOT YOURS!
The traditional bank account is probably the worst place you can keep your money if you want it to grow. If you don't have a t least $5,000 or $10,000 in your bank saving account, you are paid a very low interest rate. At $25,000 to $50,000 you are getting an interest rate equal to what a (Canadian Deposit Insurance Corporation) CDIC insured 'Best-Rate' Trust company will pay you with only a $1,000 deposit in their (GIC) Guaranteed Investment Certificate!
So - the standard bank account, with low interest rates, various fees and transaction costs will all-too-often not even keep up with inflation! ie: Not only is the Traditional Bank, in this light, a place where you just 'store' your money, it is now all-too-often a place where you lend THEM your money, loose it's inflationary value while the bank makes Large Profits on the money that you lend THEM - for FREE!
Strategies to benefit from a standard bank account include (a)shopping for the Best Services with the lowest minimums left on deposit with the Least-to-NO-Costs to you, or IF you require a Full Service package - shop the Monthly Fee Marketplace and choose a bank that gives your, as Sprint's Candace Bergman says, "The Most for The Least!"
This can include phone and internet access for FREE payments of bills, free transfers, free statements (you print them yourself) - all of these being an unlimited number of trans- actions through these methods of bank access! UNLIMITED!
Remember - keep as little money in the Bank that is required to access these benefits. Your monies can grow Far Better elsewhere!
Where Else, you ask?
Trust Companies have far higher earning GICs, No/Low Fee Funds (a Must Compare Deep Details required here) can give you conservative investments with far higher yields, such as Bond Funds, Dividend Income Funds and Money Market Funds. Remember though, that only SEGREGATED Mutual-type funds can actually Guarantee your fund investment initial deposits; pure or standard mutual funds cannot do so. -Use A Financial Broker to go over EVERY DETAIL with you!-
The "Big 5" Banks ALL now make annually profits in excess of 1 BILLION Dollars annually! - and the more money you give them, Loan-Free to them - Charges to You - the less money you will make!
It's not just the amount of money that you have to invest, or save - be it $50 a month or $500 a year, - which are all viable and existing investment minimums for No/Low fee, Top Return investments - it is also the Rate of Return that YOU make for YOURSELF!
PS: The 'Big Five' Canadian Bank Stocks are good investments!
David Philip Gladstone, President - Independent Financial & Insurance Services©
I.F.I.S.© 514-484-7586 dpg@oath.com