Where to park emergency funds? Currently using BMO savings account with practically no interest. I also heard wealthsimple cash has better rates?

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WS Cash gives 0.75% interest / year.

If you’re looking to maximize ROI, best bet is probably a promotional rate through Tangerine, EQ Bank, or maybe others. There, you might get around 2%, but have to change accounts once the teaser rate runs out.

I personally have my emergency fund with WS Cash. I’m single, with very low expenses, so I only keep $5k in an emergency fund. This means I’m missing out on about $50/year compared to if I were to chase the teaser rates.

The convenience outweighs the $50 for me, so I’m happy with my choice.

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EQ and tangerine have good rates now

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