Does it make sense to have RRSP accounts at different banks?

[ayeung]

Anyone put your RRSP in more than one financial institution? Or would it make more sense if all RRSP money are in one place?

I've some in ING RSP Savings and some in PC Financial RRSP Savings (and never got a chance to look into investing). I just wonder if I should transfer the money from ING to PC Financial (since PC is 4% interest rate), but the process is going to take 12-25 business days.

If later, I want to invest these money rather than just leave it in the RRSP Savings, would it be wise to invest all in one bank and not both? Or it's doesn't matter, just preference?

Since ING doesn't charge any fees while PC Financial/CIBC charge $12/account for yearly RRSP administration fee, $10/account for withdrawal fees, $40/account for Account closing fees, on top of "Management Fees, MER etc, I may go with ING than PC.

Thanks in advance for your input.

[adamtheman]

If you have more than $50,000 then yes

[mcewen]

If you have more than $50,000 then yes

Boy those CDIC commercials are good at fearmongering.

[new_vr]

Boy those CDIC commercials are good at fearmongering.
I wouldn't call it fearmongering...just using common sense.