Posted by: Madman
Am I stupid to be moving my savings into various HISA promotions? I'm risk averse and like to keep the money available. Current promo is up in a couple months, I'll take a chunk out to max out my FHSA and move the remainder into another HISA.
Not stupid to try to maximize your return.
But consider your after-tax return, as it seems you are doing by maxing out FHSA (but why wait?). You pay income tax on HISAs that aren't in a TFSA or FHSA.
I hate "promotions". Turns out I had one in my 1.9% Savings Amplifier (BS) account, but I didn't know, or care, that they offered a 3.35% promotional rate for a whopping total of 5.25% for ~3 months.
The account just showed a transaction PROMOTIONAL INTEREST NEW MONEY OFFER. + $0.28. You might be able to tell I only keep a grand of really easily accessed float there.
My actual HISA (BMT104) currently makes 4.75%, no gimmicks or conditions, tracking pretty close to Bank of Canada policy rate announcements by -0.25%. That's not a fact I've seen advertised by BMO anywhere.
Do your research. It's worth it.