I recently moved some cash into BMO InvestorLine’s high-interest savings accounts (HISAs) that are structured as mutual funds. Their designations are BMT104, BMT109, and BMT114, and they purportedly pay 4.35% annual interest (which they can change whenever they like). However, the way they report the monthly interest payments is so baffling that I wasn’t able to sort it out in my first 15 minutes of trying. A further complication is the following text in the HISA description: “The Bank may pay, monthly or quarterly, compensation to your Dealer at an annual rate of up to 0.25% of the daily closing balance in the BMO HISA.” I couldn’t find any evidence of such a charge, but I haven’t been invested for a full quarter, and I can’t yet say that such a charge isn’t buried somehow in the confusing reporting. I have more digging to do before I can recommend these HISAs. Here are some short takes and some weekend reading: Preet Banerjee explains the dangers of Robi...
Thanks for the link!
ReplyDeleteThanks for the link. I take it you are off somewhere to play some golf. I was lucky enough to be invited to play at the Telus World Skins Pro-Am a few weeks ago. The problem was that I only played four rounds in my life before that. I completely embarrassed myself, but luckily my group was very understanding. Perhaps after I practice some more we can play a round in the future. Cheers!
ReplyDeletePreet: The World Skins Pro Am sounds like fun even if golf isn't your sport (yet). I'd be happy to play a round with you. I'm not a great golfer, but at least I can hit the ball far (into the woods).
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