This post contains referral links, and the following content is intended as information only, not financial advice. Also, apologies for the screenshots, I’m not a web design expert yet.

The Money Mechanic maintains a long list of different savings and investing accounts. Really, it’s probably all way more complicated than he needs!! However, being an engineer at heart he likes to tinker with lots of things. Here’s a rundown or how things are done, and the fee structure.

Bank Accounts

TD Canada Trust All inclusive Daily chequing (TD)- Fee would be $29.95/month, yikes. But we keep a $5,000 balance that is part of our emergency fund, and it also waives the fee, along with other benefits. Including Safety deposit box, free drafts, USD savings and credit card, top tier rewards credit card and spouse card, unlimited transactions, Auto club membership, travel medical insurance, etc. It sure doesn’t speed up the hold time to contact customer service though!!

TD Infinite cash back Visa – (No Fee with above account, otherwise $120/year)
I’ve done my research, and this is right up there with the best card rewards in Canada. 3% on gas, groceries and automated bill payments. 1% on everything else. PAY YOUR BILL IN FULL EVERY MONTH!!

TD USD Borderless plan – (Fee $1.95/month)
We used to travel internationally for work and were sometimes paid in USD.

TD USD Visa–  ($39.00 fee waived with Borderless account)
Handy for travel and buying items online from the USA. Free with USD savings.

EQ Bank – (No Fee)
High-Interest Savings Account, which after much review I have decided is one of the best in Canada. 2.3% interest ongoing, not just a promo rate. We transfer here monthly to hold cash for large annual expenses like property taxes and various insurance bills. Life is expensive, Yo.

Coast Capital Savings – (No Fee)
I have to close this one, but hey I scored a $250 one time promo for opening an account there and paying a couple of Koodo phone bills!! Which basically made my cell phone free for 8 months.

Okay, now the fun stuffInvestment accounts, what they hold. This is going to get messy:

Let’s start with TD Waterhouse online brokerage all trades here are $9.99 CAD (Canadian Dollars) I’m not going to explain why I choose each holding, but if you’re curious, comment below or email me at [email protected]

CAD Margin account – Originally I was going to trade Options in here. I still might, but would like to build up a position large enough for 2 contracts.

USD Margin account – I had USD from our time away and needed to put it somewhere…Glad I chose Starbucks 10 years ago, the others, not so much.

CAD TFSA – There is A LOT going on in here. I’ve definitely got some speculative pot stocks and some cheaper dividend payers. I am working towards cleaning this up and holding larger bluechip dividend payers for future cash flow.

USD TFSA – This one was a bit of a mistake it’s only worth about $50 which are residual shares from DRIP before I sold GE.

CAD RRSP – Hey look, There’s finally some index funds going on! The MER’s on the TD E-series are +/- .5% and there’s no cost to buy and sell them. This is where I Dollar Cost Average (DCA) monthly contributions and buy the index funds. I should probably move these over to the Questrade ETF’s as I am really just duplicating the holdings, at a higher MER.


Holy crap are you overwhelmed yet!! Clearly I’m not exactly following the Index investing approach 100%.


Free to buy index ETF’s and the fact that they offer Vanguard funds was my #1 consideration in choosing Questrade. There is a fee to sell the ETF’s $4.95

CAD RRSP – You’ll notice the CoPower green bond in there, that’s actually not a market investment. It’s a private bond that is administered through Questrade. Here’s my referral key if you’re interested in Questrade

CAD Margin – This isn’t a large position, but I’ll add to it eventually when I run out of RRSP room.


CAD cash account – This is a bit of an experiment, as you read in this post on Roboadvisors. I’ll probably move this money once my free period is up. Here’s my referral code if you’re interested in checking WealthSimple out.

Lending Loop

No fees, they take a percentage off your loan repayments that cover their costs. It is currently 9.4% on my earnings.

Lending Loop is another experiment in Peer to Peer lending. I’ve been lucky so far with no loan defaults to drag down my returns. Here’s my referral link if you’re interested in checking Lending Loop out.

Whew, I think that just about sums it up. Now you can understand why I have started using Wealthica to track my net worth. I’ve been really happy with Wealthica so far. They connect to the accounts and aggregate all the dividend info and market movements, presenting the results in different graphs and reports. I was a little leery of offering up my banking access, but they have bank-level encryption which re-assures me.

Now obviously I’m not following the low fee index investing approach we’ve all read so much about. Partly because I wasn’t fully aware of the model when I started, and partly because I intend to generate passive dividend income. I’m trying to achieve $15,000 in annual dividends, which should line up nicely with reaching financial independence.

Questions and comments? What’s in your portfolio?? I’m happy to explain each holding if you’re interested.


  1. For the TD Infinite Cash Back Visa, your post mentions that is has no fee. I just looked it up and it seems to come with a $120 annual fee (although there is a pretty good introductory offer right now that kills it for the first year…and gives up to $200 in pocket for your first $2,000 spending).
    Do you get this card for free because of your relationship with TD, or is this somehow available for free to the public?

    1. The card fee is waived if you have the TD all inclusive banking plan. Mind you I would recommend signing up and then canceling after the first year so that you can sign up again in the future to get another bonus!

    2. Thanks for pointing that out. I put no fee in reference to the all inclusive account at TD which I hold. You are quite right, it is $120/year without this account. This is one of the considerations that I factor into the ‘cost’ of having a minimum balance in the chequing account.

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