Author Topic: Any value staying with the big banks?  (Read 442 times)

ricelife

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Any value staying with the big banks?
« on: November 19, 2023, 07:36:52 PM »
Trying to simplify my finances so it will be easier/faster for me to rebalance and track net worth

I have a big bank direct investing account with one of my RRSP accounts there. This is a legacy account since I have my joint chequing account there too

Majority of investments are at Questrade now though

Any value keeping the big bank investment account? Or move all to Questrade for ease?

Lews Therin

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Re: Any value staying with the big banks?
« Reply #1 on: November 19, 2023, 07:48:24 PM »
Is there a cost related to it?

Is it more effort to switch then just leave it alone?

Time/effort calculation.

techwiz

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Re: Any value staying with the big banks?
« Reply #2 on: November 20, 2023, 07:06:39 AM »
This is also something I also question from time to time.

I think having everything in one place would help with efficiency and limit complexity. However,  I have multiple accounts for investing and banking and justify keeping them separate for the reasons of having options (switching, moving my business elsewhere) and not being at the mercy of one corporation, spreading out my risk of outages, hacks etc.

The big banks have physical presence in my area that if needed I could walk into and talk to someone face to face. However, lately the staff at branches are not as knowledgeable and having less influence at solving issues or problems.

I will likely keep things separate for now because I enjoy crunching the numbers and doing the work, however I would not rule out consolidating in the future. 


ricelife

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Re: Any value staying with the big banks?
« Reply #3 on: November 20, 2023, 11:40:43 AM »
Is there a cost related to it?

Is it more effort to switch then just leave it alone?

Time/effort calculation.

Most likely not because Questrade would reimburse any transfer fees and generally it is more of the pain of moving. I have already moved several accounts in the past (eg my TFSA) which was no big deal but I hesitated to move one locked in RRSP thinking I might still need the services of the brick and mortar bank. But so far I have never needed

Plus, the spouse has all his investments there and apparently I donít need to worry about leaving them

ricelife

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Re: Any value staying with the big banks?
« Reply #4 on: November 20, 2023, 11:41:36 AM »
This is also something I also question from time to time.

I think having everything in one place would help with efficiency and limit complexity. However,  I have multiple accounts for investing and banking and justify keeping them separate for the reasons of having options (switching, moving my business elsewhere) and not being at the mercy of one corporation, spreading out my risk of outages, hacks etc.

The big banks have physical presence in my area that if needed I could walk into and talk to someone face to face. However, lately the staff at branches are not as knowledgeable and having less influence at solving issues or problems.

I will likely keep things separate for now because I enjoy crunching the numbers and doing the work, however I would not rule out consolidating in the future.

Yah this has totally been me for a long time but now Iím thinking of making the switch.  Need to ponder this further

Prairie Moustache

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Re: Any value staying with the big banks?
« Reply #5 on: November 20, 2023, 10:17:57 PM »
Wealthsimple gave me about $1400 in transfer bonuses plus covering account transfer fees to transfer my RRSP and TFSA this year.

ricelife

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Re: Any value staying with the big banks?
« Reply #6 on: November 25, 2023, 07:20:15 AM »
Very nice! Right now they are having a deal if you transfer $100 or $200k you can get an iPhone 15.

Iím thinking about it. Would be nice to get a free phone upgrade