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Rob Carrick’s Tip

by Ram Balakrishnan
June 27, 2006
Reading Time: 1 min read
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Getting a decent yield on the cash in a brokerage account is a hassle. Most money market accounts charge a MER of 0.9% and transferring money to a high-interest savings account is not practical for funds held inside a RRSP.

Rob Carrick, personal finance columnist for the Globe and Mail, offers an excellent tip for the cash portion of your portfolio: The Altamira CashPerformer (AIS100). The CashPerformer offers a current yield of 3.75% and can be purchased through your discount broker (I checked with RBC ActionDirect). Here are the key features:

  • CashPerformer is just like a high-interest savings account. It is insured by CDIC, up to a maximum of $100,000.
  • Interest is calculated on daily balances and paid monthly.
  • There is no minimum limit but discount brokers impose a limit. Action Direct, for instance, imposes a minimum initial investment of $1,000 and subsequent minimum additions of $500.

Altamira also offers a US Dollar CashPerformer (AIS101) that pays a rate of 4.5%. There is no CDIC coverage and I am not sure if any protection is available.

Update: The overwhelming consensus in the comments seems to be that AIS100 might not be an ideal choice for parking your cash at discount brokers because of redemption fees and penalties. I checked with RBC Direct Investing and they charge a 1% Early Redemption fee if this fund is sold within 120 days.

Related posts:

  1. Finding a Financial Advisor, Part 1
  2. Carnival of Debt Reduction # 19
  3. The Income Tax Cut is Better
  4. Replacing the Furnace
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