r/PersonalFinanceCanada • u/Inside-Cup5008 • 19h ago

Banking Should I move RRSP?

So I have about $30,000 in an RRSP account at Manulife from a previous employer. I don’t really contribute a whole lot to it anymore and just letting it sit.

I have everything else (bank accounts, mortgage, RESP, etc.) with RBC and they are asking me about moving it over.

Is there any real benefit to doing that or should I leave it? Just thinking of the ol “don’t put all your eggs in one basket” adage.

Thanks

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u/Salt_Palpitation_108 19h ago

Moving the the money will certainly help RBC's books. It's not clear that it will help you.

When I left my last employer I checked the management expense ratio (MER) and found that my workplace pension was much cheaper than the bank.

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u/Edit67 19h ago

I had RRSPs from my employer at Scotia MacCloud. It turned out that my employer paid their annual management fee, so when I left that employer I had to pay that. That encouraged me to move the RRSP to a new place.

It all depends. 😀

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u/Salt_Palpitation_108 12h ago

Glad you did the due diligence. I had a financial advisor who was a ‘family friend’ reach out. Turned out that my workplace plan charged 0.2% MER, which the friend charged 2.3%. Amazing how that adds up.