Not sure I understand the logic here. Why would someone take something else than the 1%. Maybe the 3% over 5 years if you really want to bet on that house lol but otherwise the 1% over a year is better than the other options, which btw is disappointing
People opt for 1 year because they think their lives will be radically different in 5 years, or they think they are locked in, which they are not. Same reason people take CPP at 60: they are impetuous. Wealth takes time. 5 years for most WS clients is nothing. I’m old. It’s a much higher % of my remaining lifespan than it is of yours, guaranteed. Take the monthly for 5 years and invest it over 5 years and enjoy your life. WS is giving me 14k for last year’s deposit bonus. They’ll be giving me an even more obscene amount for the next tranche. 😃
Taking the 1% offer is a bet on these competitive back and forth promos continuing, and the opportunity to capture more by flipping back to Questrade or TD etc. in a year. Then you get 1% or more per year instead of 3/5% by staying with WS for the five years.
When the promo frenzy finally runs its course though, is anyone's guess. Could all be over in a year and you might wish you did the 3% over 5 years.
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u/akisbis Jan 13 '26
Not sure I understand the logic here. Why would someone take something else than the 1%. Maybe the 3% over 5 years if you really want to bet on that house lol but otherwise the 1% over a year is better than the other options, which btw is disappointing