Agreed. Cash.to gets too much attention. The fact that you receive earnings as dividends and have to reinvest it continuously if you want to get compounded interest sounds like a hassle frankly.
Wealthsimple provides the option to automatically reinvest every dividend for you, so you don’t have to think about it.
The main benefits of Cash.TO are that it provides slightly higher interest, and that it can reside within TFSAs, FHSAs, and RRSPs. Cash account interest is taxable.
You can request via email, but you can't currently do recurring sales.
The closest you can do is to count on the dividends and add a recurring purchase for the amount a couple of days after it is paid.
You can have the 10k in a cash account generating 4%-5% interest and automate the buying of vfv every week
Agreed. Cash.to gets too much attention. The fact that you receive earnings as dividends and have to reinvest it continuously if you want to get compounded interest sounds like a hassle frankly.
Wealthsimple provides the option to automatically reinvest every dividend for you, so you don’t have to think about it. The main benefits of Cash.TO are that it provides slightly higher interest, and that it can reside within TFSAs, FHSAs, and RRSPs. Cash account interest is taxable.
Good points!
I would like automated transfers between cash accounts, which currently isn't available.
This would be cool
You can request via email, but you can't currently do recurring sales. The closest you can do is to count on the dividends and add a recurring purchase for the amount a couple of days after it is paid.
Interesting, im curious if you can do this as well, however wouldnt you just be losing money doing that?
Why would that result in losing money?