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Sunday, August 8, 2010

Where To Invest in RSPs??

I still have not invested in RRSPs. I am 25 and have thought about them but haven't looked too deep into what it all means. It's a bit confusing with the GICs, Mutual Funds etc.

Currently I have two bank accounts: Scotiabank, and ING Direct.

Where should I contribute to RRSPs? Should I be looking into GICs or Mutual Funds? What is the safest route to go?

What do you do?

In other news, I worked three days this past week which were really good. I enjoyed them a lot. I had a game night with D and two friends. D and I watched a couple movies this weekend and went out for ice cream and sat by the lake. It was a chilly weekend compared to normal. It was nice to hang out with him and hope to see him again soon.

I also contributed $600 to my TFSA on payday Friday woohoo.


  1. I think that with GICs you need a minimum amount to open one up. I have one with ING and I think they required a min. of $500.

    So I currently have a GIC with ING as well as their Streetwise Mutual Funds and just a regular old RSP Savings account. And then with my regular bank I have a set amount I contribute towards RRSPs.

  2. We set up an RRSP savings account where we dump the money in as we can. When we have enough to open a GIC, we do a transfer. ING will probably be able to offer you the best rates. So, open an RRSP savings account (http://www.ingdirect.ca/en/save-invest/rspisa/index.html) and start saving till you have enough to invest in either a GIC or mutual funds. In the meantime, you can research other RRSP options so you can be confident that you are doing exactly what you want with your retirement savings. Good luck!

  3. I have mutual funds through TD. I've never had a GIC

  4. I have an RSP account and mutual funds with ING. I think ING usually has the highest interest rates. I stopped contributing to that RSP when I got them through work because now it comes off my paycheck. But once I dont work there anymore, depending on my next job if they dont have RSPs I will just go back to using my ING one.

  5. Thinking of RSPs at your age is a great thing - think of all the growth potential, you have until you retire. I started when I was 25 and am so glad I did, though, now I wish I would have listened to my parents and started even sooner. I have been contributing monthly, with automatic transfers going into mutual funds inside of an RSP. I treat it as a bill payment and account for it that way into our monthly budget.

    We also have Non-Registerd Money Market Funds for monthly savings for a Vacation Fund and for Emergency Fund, Property Tax and Short Term Savings for big purchases - It's a lot of different Money Market Funds, but each one is identifiable (with a purpose/goal) and each one has a contribution automatically directed to it each month.

    Good on you, for contributing to a TFSA.

    Keep up the good work!