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

Рет қаралды 29,490

Күн бұрын

We recently shared exactly how much money we have in all of our different bank accounts - now, we want to cover what those accounts are. We're going to break down what types of bank accounts we have, including our chequing, saving and investment accounts, and what banks or online platforms we have those accounts with (we even cover what credit cards and other money tools we have).
This will be a peek into exactly what we do with our money, where we put it, and how everything flows together - basically what our overall banking systems look like. So, let's get into it!
0:00 What accounts we've used to save $100,000+
0:59 Chequing Account - Simplii Financial
4:23 Saving Account - EQ Bank
7:23 Investment Accounts - Wealthsimple Trade & Questrade
10:39 Credit Cards - Neo Financial & TD Aeroplan Visa Infinite
➡️ Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - api.fintelconnect.com/t/l/65a...
➡️ EQ Bank - Our High Interest Savings Account - click.linksynergy.com/fs-bin/...
➡️ Wealthsimple Invest - Our Robo-Advisor Investment Platform ($25 bonus) - wealthsimple.sjv.io/vnkndW
➡️ Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - wealthsimple.sjv.io/yRARNB
➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - www.americanexpress.com/en-ca...
➡️ Neo Financial - Our Cash Back Credit Card - neo.cc/refer/N8U6K3S9
➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - questrade.sjv.io/AWa9jo
➡️ Borrowell - Free Credit Score Check - api.fintelconnect.com/t/l/612...
The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!
Website - stephandden.com
Instagram - @stephandden
TikTok - @stephandden
➡️ KZfaq Filming Equipment - amzn.to/3HrWA4i
➡️ KZfaq Editing Equipment - amzn.to/3RXBsri
The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases.
Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

Пікірлер: 131

@stephandden 3 ай бұрын

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

@Sunshya 3 ай бұрын

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

@emmyjr1231 3 ай бұрын

Scotiabank and Koho. Will open EQ and Wealthsimple soon

@sorting_it_out 3 ай бұрын

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.

@timothyjonathan526 3 ай бұрын

I use Wealthsimple for investment and spending, and EQ Bank for savings. I avoid traditional banks because of the monthly fees and paying 10$ to buy and sell stocks

@user-up8qr5qj2m 3 ай бұрын

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

@8randomprettysecret8 3 ай бұрын

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 3 ай бұрын

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

@wolverinetrapper5238 3 ай бұрын

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 3 ай бұрын

Thank you for sharing! We appreciate it 😊

@Djmoneyhacks 3 ай бұрын

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

@wolverinetrapper5238 2 ай бұрын

Pun intended!

@elrudiiisimo3066 3 ай бұрын

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 3 ай бұрын

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

@sandlervivian 3 ай бұрын

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 3 ай бұрын

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

@RKMxMedia 3 ай бұрын

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

@xamitz58 3 ай бұрын

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

@stephandden 3 ай бұрын

Thank you so much 😊 we really appreciate that!

@mocha.7777 3 ай бұрын

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

@DL8SAM0507 3 ай бұрын

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.

@user-up8qr5qj2m 3 ай бұрын

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

@abhishekjawahirani8366 3 ай бұрын

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

@mantabodyboarder 3 ай бұрын

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

@rorygilmorelove6 2 ай бұрын

You guys are my saving grace so thank you

@stephandden 2 ай бұрын

🙏🏿🙏🏻

@denisquenneville8032 3 ай бұрын

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?

@Jessica-kk5td 3 ай бұрын

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 3 ай бұрын

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

@Jibril_Abdulkadir 3 ай бұрын

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

@Zazimozi 3 ай бұрын

Never put all your eggs in one basket

@stephandden 3 ай бұрын

We love that you're thinking of diversifying 😊

@emilyboulter5978 3 ай бұрын

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 3 ай бұрын

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!

@TimotheeReacts 3 ай бұрын

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 3 ай бұрын

Amazing! Taking advantage of the high rates 🥳

@wassaapRA 3 ай бұрын

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.

@ifyouweremeforreal 2 ай бұрын

simplii financial is amazing, life changing to be honest

@LordMizukage_ Ай бұрын

What do you like about it?

@beautyfulboi 21 күн бұрын

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)?

@sharynfeldman 12 күн бұрын

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?

@tammyar 3 ай бұрын

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 3 ай бұрын

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

@abbyhart7520 3 ай бұрын

I second this! New investor here!

@Northern_Squirrel Ай бұрын

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

@alexking2296 Күн бұрын

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!

@yeseniagonzalezramos8621 2 ай бұрын

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?

@abhishekjawahirani8366 3 ай бұрын

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 3 ай бұрын

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

@swandizzle_ 3 ай бұрын

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

@JadenHercules 3 ай бұрын

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 3 ай бұрын

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?

@celianavaro 2 ай бұрын

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 2 ай бұрын

I have the same question!!!

@SmoothBrownMan 3 ай бұрын

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 3 ай бұрын

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 3 ай бұрын

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

@yuvaraajas 3 ай бұрын

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 3 ай бұрын

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 3 ай бұрын

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 3 ай бұрын

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

@stephandden 3 ай бұрын

Yes, from my chequing account 😊

@deanawells4395 19 күн бұрын

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.

@_harmeet_ 3 ай бұрын

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 3 ай бұрын

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!) kzfaq.info/get/bejne/mr-AhNSrs5jedZ8.html 😊

@_harmeet_ 3 ай бұрын

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

@cutebubbles2007 3 ай бұрын

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 3 ай бұрын

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 3 ай бұрын

@@stephandden tysm

@AndreLafrance-w7e 14 күн бұрын

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

@sharynfeldman 11 күн бұрын

Also wondering 🤔

@darias1952 22 күн бұрын

Why not Scotia Momentum Visa Infinite Card for cashback?

@joeriveracomedy 3 ай бұрын

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 3 ай бұрын

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

@user-wc8cn7pt6m Ай бұрын

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

@stephandden Ай бұрын

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

@rotru4977 2 ай бұрын

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 2 ай бұрын

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 2 ай бұрын

@@stephandden awesome thanks 😊

@dor1994 Ай бұрын

How to HISA's work for tax purposes?

@Revathi-dj3ko 3 ай бұрын

How about Neo high interest savings account?

@stephandden 3 ай бұрын

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) 😊

@josephrangel4187 3 ай бұрын

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

@stephandden 3 ай бұрын

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

@TheMetalGaia Ай бұрын

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 Ай бұрын

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 29 күн бұрын

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

@vanessaivec5629 3 ай бұрын

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

@mantabodyboarder 3 ай бұрын

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 3 ай бұрын

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).

@Mikemathews33 3 ай бұрын

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

@robpet4424 3 ай бұрын

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 3 ай бұрын

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 3 ай бұрын

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

@abhishekjawahirani8366 3 ай бұрын

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

@stephandden 3 ай бұрын

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 🙏🏿🙏🏻

@Zazimozi 3 ай бұрын

There's an 404 error message on the budget tracker

@stephandden 3 ай бұрын

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

@ludo_ 3 ай бұрын

I use the exact same credit cards lol

@stephandden 3 ай бұрын

That’s funny! 😊

@beinspired7854 3 ай бұрын

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

@stephandden 3 ай бұрын

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. 😊