Which Canadian RRSP account is the best?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
Are you searching for the best bank or financial institution to open an RRSP account? There are various considerations you need to take into account before such as the investment option you are looking far, your market knowledge and experience, needs and goals, before finalizing the best RRSP account for you.
Detailed Answer
RRSP Account in Canada
You can open an RRSP or Registered Retirement Savings Plan account with any financial institution like banks, trusts, credit unions or insurance providers. While opening a RRSP account, you must consider various factors such as fees, interest rate it offers, types of investment options available, if it is self-trading or if it has automated investments etc.,
Which Canadian RRSP account is the best?
Here are few of the best alternatives based on your preferences:
- If you are someone who is looking to invest in a safe investment option that offers stable returns, EQ bank Savings account seems the best and it offers a fixed interest rate 2.00% per annum. You are not required to maintain any minimum balance in this account.
- If you are looking to invest your RRSP in Guaranteed Investment Certificates (GICs), then Tangerine bank which is a part of Scotiabank is the best option. It offers an interest rate of up to 4.50% per annum.
- If you are looking for manual trading within RRSP and if you want a complete package with a wide range of investment options, research tools and real time quotes, Questrade DIY platform is the best choice.
- If you are looking for a cost-effective RRSP trading or investing account, then Wealthsimple is the best option.
- If you are a novice in financial markets and if you are looking for a pre-built portfolio then Questrade Wealth is one of the best RRSP accounts to open.
- If you want your funds to be backed by one of the big 5 banks then you can open a RRSP with CIBC.
- If you are looking to invest in US shares within your RRSP, since it does not charge the usual 15% withholding tax like a TFSA, Qtrade is the best option.
Best RRSP Account in Canada
The best RRSP account varies from person to person depending on your risk appetite, market knowledge, needs and goals. It is important that you do a complete research and comparison of various platforms in Canada that offer RRSP accounts, before establishing an account.
In addition to the above list, if you already have an account with a bank or investment platform that offers RRSP, it is better you open an account with them to avoid any complexities in the account opening process.
**Have you opened your RRSP account? Which Canadian bank do you prefer for your Registered Retirement Savings Plan Account?
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Discussion (0)
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