Only the pre payment money is available to withdraw. I can prepay up to 20% of my mortgage every year. This feature of withdrawing your prepayment is available on regular BMO mortgages, I just switched to BMO in a 3yr fixed because they gave me the best rate.

My personal banking is with simplii and I’m not impressed with their HISA so thought about this scheme as a replacement.

Reading through how BMO explains it, it seems like pulling money out just adds back to the principle of my mortgage at the same mortgage interest rate, so no extra borrowing expense:

From BMO: “The re-borrowed funds are added to your mortgage principal at your existing interest rate for the remainder of the term.”

Where’s the best place to put money in a high interest savings account?

I’ve been with simplii for a really long time but it’s not clear what interest rate I’m going to be getting in my HISA after the promotional offer and I really don’t like that the promotional interest isn’t paid out monthly.

Should I just sign up for an investment account and buy the equivalent of cash.to (which doesn’t seem to offered at big bank investment accounts)?

I wonder who should take the blame for being greedy though. The Canadian Bill C-19 was heavily influenced by lobbying from the Canadian news lobby group who even suggested the link charge.

Canadian news outlets suggest the link fee and then complain about the consequences.

https://www.michaelgeist.ca/2022/04/how-did-news-media-canada/

“In fact, not content with obtaining payments for reproduction of news content, it lobbied for a far broader approach that even includes payment for links or merely “facilitating access” to news content.”

Probably why my 4nm AMD based laptop hasn’t shipped yet…still recovering from when Apple bought up the 4nm process.