For once in a very long time, I left a $1 000 in my banking online savings account. That way, I won't have to pay and repay that $2.95 banking monthly fee. Banking fees can be really annoying, especially when you have that huge investment portfolio and have barely nothing at all in savings... The reason behind is the little money I have at my disposal, I am a small investor. I need to choose between saving and investing, and every single times, its my investor mood that win. But not this time. Investing in stocks is highly addicting.
I hope not to pay for banking fees ever again. I would like to have another 2k left in cash there just in case of needs. I don't know if banks with no monthly fee exist in Canada, but from what I know, the best checking accounts you can get is probably with Desjardins - or like I have - with the Caisse populaire acadienne, the best checking account for the fee. Having still my banking account in New Brunswick is my way to stay somewhat connected and to give a bit of my business to my homeland.
In 2 days, Glentel Inc. (GLN) will be acquired by BCE and I will be cashing in some $$$. This will leave me with a bit more than 2k inside my TFSA to reinvest. I am facing the same dilemma that one of my reader who asked by email what could be good investments for a TFSA. At first, I was thinking about investing - again - in the JFT Strategies Fund (JFS.UN). The fund performs well, no doubt about it, but its not a dividend payer in a regular basis and believe it or not, I need cash.
So I am now in the same situation that my reader, I am looking for a good growth dividend stock that will pay me a nice income to add up to my current dividend distribution. And when you already hold everything that I could imagines as good investment, its not easy to make a choice. I am searching for a grandpa stock - really save even if nothing is save when it come to stock - and a 4% dividend yield.
Currently, Bank of Montreal (BMO) with its 4.137% dividend yield could be a good stock pick.