Convert a RSP GIC investment account to a savings account

shaugn
shaugn Member ✭✭
Is there an easy way to convert an investment account to a savings account? thanks.
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Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Do you hold shares of securities in the investing account, or just cash?

    If you want to move the money in an investing account to a bank account, you would have to sell any securities in the account and transfer the cash to a banking account.
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  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    But, sorry, you can't in this case, simply change the account type.  IIRC, there are limited examples where one can do so ... but this isn't one.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
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  • shaugn
    shaugn Member ✭✭
    No, I do not have securities. I mistakenly set it up for a RSP GIC account so these are all simple transactions.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited April 19
    OK, so I take it this is a Canadian retirement account, similar to an IRA in the US, and the account holds a GIC (Guaranteed Investment Certificate). The GIC is similar to a US Certificate of Deposit (CD). 

    Do you need to set this up as a Banking account so you can download transactions to Quicken? If not, I would leave it as an investing account, so that it is tracked in Quicken along with any other retirement accounts you hold. There is no issue having an investing account that only holds cash.
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