Cash alternatives at RBCDI

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29494
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Cash alternatives at RBCDI

Post by Bylo Selhi »

Back in September in [url=http://www.financialwisdomforum.org/forum/viewtopic.php?t=108269]this thread[/url] jeebuz wrote:
Arby wrote:Thanks Northbeach. I notice that RBCDI charges a 1% early redemption fee on mutual funds sold within 120 days of purchase. Other than that, AIS100 looks like a good replacement for MIP510.
Arby: I believe that AIS100 has an exemption to that rule at RBCDI. When I sell AIS100 @ RBCDI I get no warning about the 120 day holding period like I get with other mutual funds. Call RBCDI to confirm though...

- Jeebuz -
So has it been confirmed that one can use AIS100 as an MMF substitute with no fees or penalties, in or out?

What other options are there for cash amounts under $100k?
Sedulously eschew obfuscatory hyperverbosity and prolixity.
jeebuz
Contributor
Contributor
Posts: 152
Joined: 18 Dec 2006 16:30
Location: Ontario

Post by jeebuz »

Bylo Selhi wrote: So has it been confirmed that one can use AIS100 as an MMF substitute with no fees or penalties, in or out?

What other options are there for cash amounts under $100k?
I have successfully used it since I wrote that message without any penalties buying or selling. I suspect this is due to the fact that National Bank pays a 0.25% trailer to RBC DI on this fund. Note that the fund code is now NBC100 (and NBC101 for the US$ version) as some Altamira fund codes have been migrated to National Bank codes.

A nice "feature" with this fund is the fact that at RBCDI there is currently no minimum contribution amount for these funds so you can buy at little as $1 worth of the fund at a time even if you don't currently hold the fund. I'm not sure if this will last however.

Other options are the RBC money market funds (RBF271 and RBC1002 I believe). The RBC1002 is the "D" series fund that has a $10K minimum to get a lower MER.

Note: I just realized that the 0.25% trailer was for MIP510 and not NBC100. There might will be a trailer paid but I don't have a reference to "prove" it.

- Jeebuz -
queerasmoi
Veteran Contributor
Veteran Contributor
Posts: 3385
Joined: 27 May 2008 16:25

Post by queerasmoi »

PH&N Canadian Money Market D for amounts above $5000? MER is 0.49%.
User avatar
northbeach
Veteran Contributor
Veteran Contributor
Posts: 1016
Joined: 07 Mar 2005 18:22
Location: The County

temp

Post by northbeach »

Seems Altamira High-Interest Cash Performer is down to 2.35%.

http://www.nbc.ca/bnc/files/bncmisc/en/ ... ormer.html

Manulife is at 2.55%

http://www.manulife.ca/canada/mBank.nsf ... days_rates
jeebuz
Contributor
Contributor
Posts: 152
Joined: 18 Dec 2006 16:30
Location: Ontario

Re: temp

Post by jeebuz »

northbeach wrote:Seems Altamira High-Interest Cash Performer is down to 2.35%.

http://www.nbc.ca/bnc/files/bncmisc/en/ ... ormer.html

Manulife is at 2.55%

http://www.manulife.ca/canada/mBank.nsf ... days_rates
Ouch! The RBC e-Savings account is still paying 2.5% so that's another option for people even if they don't bank with RBC (since it's "free" in terms of monthly fees and transfer fees to/from RBC DI). You can settle trades using it as the source of cash as well.

- Jeebuz -
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29494
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Post by Bylo Selhi »

Thanks guys. PHN120 now pays ~2.6% although that will fall now that Carney has spoken. NBC100 drops to 2.35% tomorrow (from 2.75%.) RBCDI warns about PHN's early-redemption fee but only points to the prospectus for NBC.

What does RBCDI pay on cash balances?

Maybe it's just my unfamiliarity but I can't even find their MF lookup page.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
jeebuz
Contributor
Contributor
Posts: 152
Joined: 18 Dec 2006 16:30
Location: Ontario

Post by jeebuz »

Bylo Selhi wrote: What does RBCDI pay on cash balances?

Maybe it's just my unfamiliarity but I can't even find their MF lookup page.
Short answer: 0%
Long answer: A little bit more if you have $500K or more

The mutual fund search function is terrible so you're not alone having trouble finding funds. I don't think NBC100/NBC101 even show up in the search anyways. Unless you know the fund code and enter it in manually in the order you'd never be able to buy the fund.

- Jeebuz -
biker
Veteran Contributor
Veteran Contributor
Posts: 2488
Joined: 19 Feb 2005 08:57

Post by biker »

Bylo Selhi wrote:


Maybe it's just my unfamiliarity but I can't even find their MF lookup page.
Once at your account page:
Click on "Quotes and Research"
Click on "Mutual Fund"
Then use the "Find the Perfect Fund "box
Live like you are dying but invest like you are immortal.

"Men do not quit playing because they grow old ; they grow old because they quit playing" Oliver Wendell Holmes
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29494
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Post by Bylo Selhi »

Silly me. I thought that if I went to Trade -> Mutual Funds -> Mutual Fund Order Entry - Step 1 of 3 that the box below, which appears prominently on that page, would apply to -- ahhh... let me make a wild-assed guess here -- mutual funds? Well it doesn't :(

Image

Did RBCDI's IT department hire the people that couldn't make it at TDW?
Sedulously eschew obfuscatory hyperverbosity and prolixity.
timbr
Contributor
Contributor
Posts: 114
Joined: 11 Dec 2008 20:36
Location: GTA

Post by timbr »

FYI, I recently recieved this response from RBCDI when asking some unrelated questions about early redemption fees:

"...we are pleased to announce that we will no longer levy the Early Redemption Fee on funds sold within 120 days of purchase. The fee, which was equal to 1% of the selling value (minimum of $43), will be eliminated as of December 12th, 2008..."
khatsalano
Newcomer
Newcomer
Posts: 2
Joined: 17 Nov 2008 22:43

Post by khatsalano »

I was told recently that RBC would stop charging the E.R. fee sometime in December on Money Market funds, but you must still check with the fund company to see if they charge this fee.
User avatar
Arby
Veteran Contributor
Veteran Contributor
Posts: 3125
Joined: 20 Feb 2005 19:23
Location: Ottawa, ON

Post by Arby »

An update on MIP510 held in an RBCDI account ...I transferred my existing MIP510 holdings to RBCDI. They told me I could hold MIP510 in my RBCDI account, but I could not purchase new units or DRIP the distributions from MIP510. That appears to be incorrect, as RBCDI has been DRIPing the monthly distributions into new units of MIP510.
rhenderson
Contributor
Contributor
Posts: 468
Joined: 22 Jan 2007 13:38

Post by rhenderson »

A question for those that are mostly in cash at this stage of the game.

We all know that if printing more money was the solution to today's malaise then Zimbabe would be the most prosperous nation in the world.

Now this

Attali Warns of ‘Worldwide Weimar’ as Governments Print Money


http://bloomberg.com/apps/news?pid=2060 ... aJSB7xcQCg

I have a fair portion of my portfolio in RRB's, TIPS,realestate,oil,farmland and gold as a hedge in case we have to cross this bridge.

Any other ideas ?
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29494
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Post by Bylo Selhi »

rhenderson wrote:Any other ideas ?
A cabin in the wilderness. Lots of dry food, canned goods, bottled water. Guns. Ammo. Patience. (And good health.) :lol:
Last edited by Bylo Selhi on 02 Feb 2009 12:49, edited 1 time in total.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
User avatar
northbeach
Veteran Contributor
Veteran Contributor
Posts: 1016
Joined: 07 Mar 2005 18:22
Location: The County

Post by northbeach »

Bylo Selhi wrote:
rhenderson wrote:Any other ideas ?
A cabin in the wilderness. Lots of dry food, canned goods, bottled water. Guns. Ammo. Patience. (And good health.)
You guys are getting me a bit paranoid
... but then way things are going
... who knows. :?:
Furio
Contributor
Contributor
Posts: 13
Joined: 27 Nov 2008 23:04
Location: Montreal, QC

CDN $ investment savings accounts at Direct Investing

Post by Furio »

You are probably aware of most if not all of the following canadian dollar investment savings accounts at RBCDI, but for reference, here they are.

An investment representative at Direct Investing informed me that the following mutual fund codes, which act as savings accounts are presently available at Direct Investing.

They all have CDIC insurance and there shouldn't be any fees, including early redemption fees, but I hope others can confirm this.

As of 11/09/2009, the Canadian dollar variable rates are:

Laurentian/B2B Trust- BTB100: 0.95%
Renaissance/CIBC ATL5000: 0.95%
Manulife MIP510: 0.75%
Dundee DYN500: 0.75%
National Bank NBC100: 0.65%
Royal Bank RBF2001: 0.60%
chinamansteve
Contributor
Contributor
Posts: 103
Joined: 10 Jan 2009 21:14

Re: CDN $ investment savings accounts at Direct Investing

Post by chinamansteve »

Furio wrote:You are probably aware of most if not all of the following canadian dollar investment savings accounts at RBCDI, but for reference, here they are.

An investment representative at Direct Investing informed me that the following mutual fund codes, which act as savings accounts are presently available at Direct Investing.

They all have CDIC insurance and there shouldn't be any fees, including early redemption fees, but I hope others can confirm this.

As of 11/09/2009, the Canadian dollar variable rates are:

Laurentian/B2B Trust- BTB100: 0.95%
Renaissance/CIBC ATL5000: 0.95%
Manulife MIP510: 0.75%
Dundee DYN500: 0.75%
National Bank NBC100: 0.65%
Royal Bank RBF2001: 0.60%
so basically we can park our cash into any of these vehicles? Are the money transfers instant? like if I was to hold one of these mutual fund savings accounts and I need the cash, I can sell and have the cash in my account ready for buying on the same day? Thanks!
User avatar
IdOp
Veteran Contributor
Veteran Contributor
Posts: 3873
Joined: 16 Feb 2006 11:27
Location: On the Pacific sea bed, 100 mi off the CA coast.
Contact:

Re: CDN $ investment savings accounts at Direct Investing

Post by IdOp »

chinamansteve wrote:so basically we can park our cash into any of these vehicles? Are the money transfers instant? like if I was to hold one of these mutual fund savings accounts and I need the cash, I can sell and have the cash in my account ready for buying on the same day? Thanks!
It won't be instant or same-day. If they trade like money market funds then there is one-day settlement. For example, if you sell, then the money should be credited to your account the next business day. (How soon RBCDI's systems will know about it is another matter.)

I'm sure this is the case for Manulife, Dundee and Cashperformer. Renaissance and Royal very likely; Laurentian I'm not familiar with. But don't take my word for any of these, be sure to ask an RBCDI customer service rep before trading to make sure of this, and any other questions.
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Post by ig17 »

ICICI savings account is available through RBC DI. Fund code IBN100. Trades like a regular money market fund. CDIC insured.

Today's rates:

Code: Select all

IBN100   1%
BTB100   0.90%
ATL5000  0.85%
MIP510   0.75%
DYN500   0.75%
IBN100 rate is 0.2% less than the posted rate at ICICI site. I guess the difference goes to RBC DI as a trailer.
DanH
Veteran Contributor
Veteran Contributor
Posts: 2174
Joined: 21 Feb 2005 14:25
Contact:

Post by DanH »

ig17 wrote:ICICI savings account is available through RBC DI. Fund code IBN100. Trades like a regular money market fund. CDIC insured.

Today's rates:

Code: Select all

IBN100   1%
BTB100   0.90%
ATL5000  0.85%
MIP510   0.75%
DYN500   0.75%
IBN100 rate is 0.2% less than the posted rate at ICICI site. I guess the difference goes to RBC DI as a trailer.
Yes, likely it's a trailer fee but at 1% it's still a good deal and with the convenience of holding it in your RBCDI account. These accounts are the better deal still but a fund to keep an eye on as a cash substite when rates rise a bit more is National Bank Short Term Canadian Income. It's mostly a cash fund but holds a few short term bonds. I haven't checked the prospectus yet to see what it CAN hold but I saw no fancy stuff (i.e. trusts of bundled loan securities) in the latest semi-annual portfolio listing.
bwalter
Contributor
Contributor
Posts: 303
Joined: 17 Sep 2009 18:19

Post by bwalter »

ig17 wrote:ICICI savings account is available through RBC DI. Fund code IBN100. Trades like a regular money market fund. CDIC insured.

Today's rates:

Code: Select all

IBN100   1%
BTB100   0.90%
ATL5000  0.85%
MIP510   0.75%
DYN500   0.75%
IBN100 rate is 0.2% less than the posted rate at ICICI site. I guess the difference goes to RBC DI as a trailer.
Interesting, I've had horrible experiences dealing with ICICI directly but I would assume they need to have their act a bit more together when going through RBC DI and I've bought their GICs through RBC DI in the past. (When buying GICs directly from ICICI they twice did not credit the matured GIC back to my account until I called them.)

I've also wondered, when you sell all the units of these funds, do they pay you the accumulated interest?

I recently bought ATL5000 but it looks like IBN100, or BTB100 if I decide I still want to stay away from ICICI, are now paying more.
Furio
Contributor
Contributor
Posts: 13
Joined: 27 Nov 2008 23:04
Location: Montreal, QC

Post by Furio »

ig17 wrote:ICICI savings account is available through RBC DI. Fund code IBN100. Trades like a regular money market fund. CDIC insured.

Today's rates:

Code: Select all

IBN100   1%
BTB100   0.90%
ATL5000  0.85%
MIP510   0.75%
DYN500   0.75%
IBN100 rate is 0.2% less than the posted rate at ICICI site. I guess the difference goes to RBC DI as a trailer.
Thanks ig17. Keeping a running, current list is useful.

Also, a US$ account may be available with ICICI through RBCDI too. IBN200 is the ticker. I would speak to a representative before purchasing, however.

Cannex has the following chart:

Investment Fund Codes for ICICI Bank Canada
Fund Symbol Avail. Prices Load Type Currency Fund Name (Family Code)
IBN100 yes NL CAD ICICI High Interest Investment Savings A
IBN200 yes NL USD ICICI High Interest Investment Savings A
IBN101 yes NL CAD ICICI High Interest Investment Savings B
IBN201 yes NL USD ICICI High Interest Investment Savings B
User avatar
northbeach
Veteran Contributor
Veteran Contributor
Posts: 1016
Joined: 07 Mar 2005 18:22
Location: The County

Post by northbeach »

I phoned RBCDI and they told me IBN is now .85%. This is down from 1.0% as indicated in earlier Webring posts.

I told them that the link on the RBCDI website pointing to Current Rates shows 1.2%.

"For current rates please refer to http://www.icicibankfas.ca/rates.html "

I stated the bank's site should be corrected to clearly show current rates (It did a number of months ago).

Kinda hard to shop for best rates when they constantly change. So I will stay with ATL5000 which for at least today is paying .85%.
Chris
Newcomer
Newcomer
Posts: 4
Joined: 15 Oct 2009 16:45

Post by Chris »

Where do you see the rates in your RBCDI account? I see the rates for funds such as RBF271, but I see 0% for most of those listed in this thread. Where is the link "For current rates please refer to..." mentioned by northbeach?
bwalter
Contributor
Contributor
Posts: 303
Joined: 17 Sep 2009 18:19

Post by bwalter »

On the Overview tab, below the "Quote Details" there's another "Fund Notes" header underwhich the url is mentioned.
Attachments
FundNotes.JPG
FundNotes.JPG (57.98 KiB) Viewed 459 times
Post Reply