The rate cut and the damage done to savers and investors holding cash. Plus, the $1.8-million TFSA

News Snapshot:

The Bank of Canada’s rate cut earlier this month has rippled through the universe of products for savers and, so far, the damage is minimal. Stay tuned, though. The bank has four more opportunities to adjust rates in 2024 and cuts in the trend-selling overnight rate are likely to occur in at least a few of them. The cumulative effect will require a re-think if you’re holding a lot of cash in your bank or investment accounts. The overnight rate dropped 0.25 of a percentage point on June 5 and yields on some cash parking spots for investors have followed...