Parking RESP cash with high interests rates - Meridian Credit Union 1.75% RESP Savings Account

 As we are cashing in RESPs now and have to transition out of equity mutual funds due to shorter investment time horizon (Investor's Group rules) we need to find a good place to park money - Meridian's has a nice RESP savings rate of 1.75%.  You could consider this as the fruit of your loins (your kids) approach university age and you transition into something safe to preserve capital and earn a little to counter inflation.

Meridian has branches across Ontario - a new on here in the Beaches - they are promoting the credit union at the CNE this year.  Being Ontario chartered, deposits are protected through The Deposit Insurance Corporation of Ontario (DICO).  It insures Canadian currency deposits, including interest, to a maximum of $100,000  per customer. Unlike CDIC which has an insured limit, deposits held in RSP, RIF, LIRA , LIF, RESP, and TFSA accounts are fully insured with no maximum amount.   Unique trust or joint accounts are insured separately from those in your own name, to a maximum of $100,000 per account.