Uncovering Hidden Gems: 5 Little-Known Deals in Investing and Personal Finance
Discover the untapped opportunities that can revolutionize your financial strategy in 2024
In the fast-paced world of investing and personal finance, it’s easy to get caught up in the hype surrounding popular deals and strategies. However, some of the best opportunities lie quietly beneath the surface, waiting to be discovered. In this article, we unveil five little-known deals that have the potential to transform your financial journey in 2024. From high-interest savings accounts to innovative prepaid bank cards, these hidden gems offer a fresh perspective on wealth management.
4 per cent savings accounts:
While traditional big bank savings accounts offer paltry interest rates, there are alternative options that provide significantly higher returns. Wealthsimple, Neo, and Wealth One Bank of Canada offer savings accounts with an impressive 4 per cent interest rate. Additionally, Motive Financial goes a step further by offering a 4.1 per cent interest rate. These accounts provide a safe haven for your savings, with some being protected by the Canada Deposit Insurance Corporation (CDIC).
A 4.55 to 5 per cent investment savings account:
Investment savings accounts (ISAs) offer an attractive alternative to traditional savings accounts. With returns ranging from 4.55 to 5 per cent, ISAs provide a higher interest rate while still being protected by deposit insurance. The F-series version of the Scotiabank Investment Savings Account, symbol DYN6004, offers a competitive 5 per cent interest rate and is accessible to Scotia iTrade clients.
No-cost ETF investing:
Exchange-traded funds (ETFs) have gained popularity as a cost-effective way to invest in diverse portfolios. To maximize your investment potential, seek out digital brokers that offer commission-free ETFs. BMO InvestorLine, Qtrade Direct Investing, and Scotia iTrade provide a limited menu of ETFs at no cost, allowing you to build a diversified portfolio. CI Direct Trading, Questrade, National Bank Direct Brokerage, Desjardins Online Brokerage, and TD Easy Trade also offer commission-free ETF options, with varying terms and conditions.
Asset allocation ETFs:
For those seeking simplicity and low-cost investment options, asset allocation ETFs are a game-changer. These fully diversified portfolios consist of bonds and stocks from Canada, the United States, and the rest of the world. With expense ratios as low as 0.2 per cent, asset allocation ETFs offer a cost-effective alternative to balanced mutual funds, which typically charge around 1.5 to 2 per cent.
Prepaid bank cards:
Escape the foreign currency fees imposed by most credit cards when making purchases outside of Canada with prepaid bank cards. EQ Bank, Koho, Wealthsimple, and Wise offer prepaid cards connected to credit card networks, allowing you to pay for purchases hassle-free. Unlike their predecessors, these cards are fee-free and do not come with expiry dates, making them a convenient and cost-effective option for international transactions.
Conclusion:
In the ever-evolving landscape of investing and personal finance, it’s crucial to stay ahead of the curve. By exploring these lesser-known deals, you can unlock hidden opportunities and optimize your financial strategy in 2024. From high-interest savings accounts to no-cost ETF investing and asset allocation ETFs, these options provide a fresh perspective on wealth management. Don’t let the lack of marketing fool you – sometimes the best deals are the ones waiting to be discovered.