The Convenience of Online Banking – and Investing

3 minute read

Remember three years ago when we all went into lockdown and didn’t know what to do with ourselves? We were baking bread, and going for family walks, and looking for ways to fill our days while seemingly trapped at home. How things have changed! Now that life has mostly returned to normal, it can be a challenge to find time for all of the things we want to do. One area where you can save a lot of time is online banking.

Day-to-day banking:
You simply can’t beat the convenience of online day-to-day banking. Once you set yourself up, you can pay a bill the minute you receive it. You can move money between your accounts when you’re on vacation. You can complete an e-transfer at 10:00 p.m. Everything is at your fingertips, and available 24/7!

Increase your savings:
Set up automatic transfers from your chequing account to your savings account each pay day. This saves you the trouble of having to remember to make the transfer, and you’ll be surprised at how quickly your money grows!

Streamline your bill payments:
Pay your regular bills automatically by setting up pre-authorized payments. This is where you fill out a form and give the vendor (electricity provider, cell phone provider, etc.) your banking information and permission to withdraw a set amount at regular intervals.

You can also set up automatic bill payments – through the bill paying feature of your online banking you set up a recurring payment (especially helpful for paying off a line a credit or large credit card bill).

Online budgeting tools:
Many financial institutions, including Kindred, have a variety of online calculators to help you plan for the future. Whether you are saving for a house, planning your child’s post-secondary education, or looking to retire, there’s a calculator that can help you figure out what you need to do to reach your goals.

Do-It-Yourself investing:
There are also a variety of options for investing online. Online brokerage firms allow you to buy and sell stocks, bonds, ETFs (Exchange-traded funds), and mutual funds, often with low trading fees. These platforms and the accompanying client support empower members to become do-it-yourself investors!

As well, for those who want a little more support, there are guided portfolio platforms that allow you to benefit from professional advice. A guided portfolio gives you a professionally designed investment portfolio suited to your financial goals that is fully automated so that you don’t need to monitor or manage it. There is continuous oversight with regular portfolio re-balancing by a team of investing experts. You begin with a simple questionnaire, and then open and fund your account.

*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. The information contained in this report was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds and other securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Their values change frequently and past performance may not be repeated. Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and/or trademarks of Aviso Wealth. Qtrade Guided Portfolios is a trade name of Credential Qtrade Securities Inc.

Paul Arsenault

Paul Aresenault, CFP®, PFP®, RIS, CKA® is Director, Wealth and Investments
Branch Compliance Manager, Qtrade Asset Management Inc.

Paul has a wealth of experience helping members achieve their goals as a CERTIFIED FINANCIAL PLANNER® professional. He coaches Kindred’s Financial Planning Team and acts as our compliance manager for Qtrade Asset Management Inc. In addition, Paul is passionate about sharing his knowledge around RDSPs with members and organizations.

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