Personal Finance

The Official RFD TFSA thread for Savings Accounts! (Updated as of 07/17/2017)

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MoneyHypeMike wrote:
Feb 12th, 2017 6:05 pm
I saw an ad from CIB while browsing CIBC saying their TFSA saving account is 2.25% until March 31st.

https://www.cibc.com/en/special-offers/savings.html
https://www.cibc.com/en/personal-bankin ... count.html

I saw in the OP 1.3% on new deposits, not sure if it was a previous promotion.
Thanks, updated.

Maybe I should consider to sort with promo rates as well, since they only really happen during the beginning of the year anyway.
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dankup wrote:
Feb 5th, 2017 11:36 am
Anyone here with Alterna? Thinking about opening an account. Will close my old People's Trust one before opening Alterna though.

Can anyone comment on service? Any hassles?
I did switch. People's went to 1.75/1.45 which is quite low. Didn't want to bother with 2 different accounts to get 0.05 more with EQ on savings. It's easy to do and their responses were quick.

As far as promotion rate talk goes, I don't find it's worth the hassle especially quite a few places charge "transfer fee" negating the temporary gain.

OP: Alterna charges $50 for TFSA transfer out.
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Hmmm... I might have to look into Alterna
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I'm looking on Alterna's website and it is showing a rate for TFSA's of 0.7%. Am I looking in the wrong place?

Edit: never mind, I WAS looking on a different Alterna (credit union) site!
"I've saved so much money, I have practically MADE money!" :)
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I think I messed up.

I put $47K into PC's TFSA to get their promo rate late last year and it's coming to an end in a couple of days.

How can I move this to another account for long-term growth without paying a penalty or extra fees?

Much appreciated!
Marco
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newt_101 wrote:
Mar 29th, 2017 10:40 am
I think I messed up.

I put $47K into PC's TFSA to get their promo rate late last year and it's coming to an end in a couple of days.

How can I move this to another account for long-term growth without paying a penalty or extra fees?

Much appreciated!
Marco
Get the institution you want to transfer into to fill out a registered transfer form and send to PCF, they will likely charge a fee (usually $50-150).
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Johnny0c wrote:
Mar 29th, 2017 1:38 pm
Get the institution you want to transfer into to fill out a registered transfer form and send to PCF, they will likely charge a fee (usually $50-150).
Can I not transfer the money into a normal savings/chequing account and then put it back into a TFSA in the near/distant future instead?
What is wrong with this method?
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newt_101 wrote:
Mar 29th, 2017 2:23 pm
Can I not transfer the money into a normal savings/chequing account and then put it back into a TFSA in the near/distant future instead?
What is wrong with this method?
You only regain your TFSA 47k contribution room next January 1st if you just withdraw the funds now.
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S5 wrote:
Mar 29th, 2017 3:12 pm
You only regain your TFSA 47k contribution room next January 1st if you just withdraw the funds now.
Thanks.
So my options are: transfer it into another TFSA and pay the fees, OR if I if I withdraw the money, I can't deposit it into another TFSA without being penalized until 2018, correct?
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newt_101 wrote:
Mar 29th, 2017 4:29 pm
Thanks.
So my options are: transfer it into another TFSA and pay the fees, OR if I if I withdraw the money, I can't deposit it into another TFSA without being penalized until 2018, correct?
Correct. Now you see the futility of chasing HISA TFSA promo rates.

Only way a receiving institution would potentially pay the PC transfer fee(whatever it is, have not checked) is if you were transferring to a discount broker to invest in longer term assets. Not recommended if you plan to stick with HISA as their rates are low.

To be perfectly accurate it's not just 47k but whatever your withdrawal amount is that you only regain Jan 1st if you withdraw rather than do a TFSA transfer.
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S5 wrote:
Mar 29th, 2017 4:59 pm
Correct. Now you see the futility of chasing HISA TFSA promo rates.

Only way a receiving institution would potentially pay the PC transfer fee(whatever it is, have not checked) is if you were transferring to a discount broker to invest in longer term assets. Not recommended if you plan to stick with HISA as their rates are low.

To be perfectly accurate it's not just 47k but whatever your withdrawal amount is that you only regain Jan 1st if you withdraw rather than do a TFSA transfer.
Thanks for your help!
It seems like PC Financial will charge me $50 to move my TFSA to another institution.
Considering the amount I have with them, it would make sense to swallow this fee to transfer it.

I was thinking one of Tangerine's Investment Funds accounts.
Anyone have any thoughts that could help me with my decision please?
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Travellots wrote:
Mar 8th, 2017 12:48 pm
I did switch. People's went to 1.75/1.45 which is quite low. Didn't want to bother with 2 different accounts to get 0.05 more with EQ on savings. It's easy to do and their responses were quick.

As far as promotion rate talk goes, I don't find it's worth the hassle especially quite a few places charge "transfer fee" negating the temporary gain.

OP: Alterna charges $50 for TFSA transfer out.
so in other words, people's trust has the highest interest rate and is completely free
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Mini0510 wrote:
Apr 2nd, 2017 2:47 am
so in other words, people's trust has the highest interest rate and is completely free
No, Alterna Bank has the highest TFSA interest rate @ 1.95%. People's Trust TFSA interest rate @ 1.75%.

You should only consider fees if you intend on transferring funds between TFSA institutions. This should be a very rare occurrence, particularly since you can either withdraw the funds you NEED to use immediately and do so without tax consequences (but lose tax sheltered growth) OR you can withdraw the funds at the end of December and deposit them in the new TFSA institution in January.
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Octavius wrote:
Apr 2nd, 2017 11:47 am
No, Alterna Bank has the highest TFSA interest rate @ 1.95%. People's Trust TFSA interest rate @ 1.75%.

You should only consider fees if you intend on transferring funds between TFSA institutions. This should be a very rare occurrence, particularly since you can either withdraw the funds you NEED to use immediately and do so without tax consequences (but lose tax sheltered growth) OR you can withdraw the funds at the end of December and deposit them in the new TFSA institution in January.
oh ok that's sound good. So i can setup an account at Alterna and ask people's trust to transfer my funds?
assuming people's trust won't match Alterna's interest rate

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