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The Official RFD TFSA thread for Savings Accounts! (Updated as of 08/04/2018)

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cf7777 wrote:
Nov 1st, 2018 9:56 pm
Just a quick question, it may hsve been answered before.

What is the difference between fees for withdrawal and transfer fees??.
When I read SCU policy on their TSFA, there is a 3$ withdrawal charge. Does it mean If I take 50$ out I would be charged for 3$. It is quite a bit. Is this only applies to SCU?

Can I have 2 TSFA accounts? One with money that I withdrawed all out with zero balance. While the other tsfa account got the money in it. Should I cancel the one with no money and will there be any charges? How long can you keep a tsfa account with zero dollars?

I read if take your money out on Dec31, you can move the money back to another account on next day Jan 1st without panelty. Is this ok without yax implications? Exact same amount.
One does not withdraw $50 at a $3 fee, unless you're strapped for cash.

Consider SCU at an opportunity cost of $3 over the interest you'd earn compared to elsewhere. Don't bother with SCU TFSA unless you've got at least a few k to park in TFSA.
Shawguy wrote:
Nov 2nd, 2018 7:07 am
Achieva 2.40%
Outlook Financial 2.40%
Implicity Financial 2.35%
Hubert Financial 2.50%

All raised yesterday and today
Shawguy wrote:
Nov 2nd, 2018 11:19 am
Implicity had raised their rates to 2.35% and has since raised them to 2.40% as of today.
This is great news! Makes me value MB CU's even more!
KatieH580351 wrote:
Nov 5th, 2018 1:34 pm
I have TFSA with Canadian Western bank. It's about 20k. I am considering withdrawing it to put in to another Savings account (non TFSA). Does anyone know if CWB charges a fee to transfer the money out?
Call them and ask? Most don't charge TFSA savings to HISA. SCU is $3 and IdealSavings is $5.
juched wrote:
Nov 8th, 2018 9:32 am
Hello, perhaps there are some opinions here. I recently opened a Scotiabank Momentum Savings Account. What is the best way for me to take the money back out later? I simply did a mobile cheque deposit to myself to get it into that account, but it doesn't have cheques to get the money back out. Can I add this as an external account to TD or Tangerine?

Thanks for any advice.
Tang, maybe...TD CT, no dice. But, some FI's may not allow me to me transfers initiated from another FI directly out of a TFSA. SCU sent back the micro-deposits I had initiated with Tang (even though SCU TFSA has PAD credentials).
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angel_wing0 wrote:
Dec 31st, 2008 10:47 pm
Steinbach Credit Union TFSA Savings - 2.90% ($3 transfer fee to other internal account with no option to transfer to an external TFSA, interest paid annually)
With no option to transfer to an external TFSA.
It means that I can transfer money to my external chequing/savings account only and wait till next year to contribute to another TFSA. Am I correct?
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Silly newbie question guys - sorry.

I currently have a TFSA maxed out with Alterna Bank (OP - rate is 2.25% as of today). I would like to move my money somewhere else and I can see there is a whopping $50 transfer fee...is that still the case if I transfer into the esavings account that I have with them or is it only if you want to transfer directly to another TFSA without losing out on contribution room?
If I decide to transfer to esavings (and then out), I am guessing I should do this right before end of December, correct?
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kleraj wrote:
Nov 9th, 2018 11:31 pm
With no option to transfer to an external TFSA.
It means that I can transfer money to my external chequing/savings account only and wait till next year to contribute to another TFSA. Am I correct?
That's right.
Nina64 wrote:
Nov 10th, 2018 12:17 am
Silly newbie question guys - sorry.

I currently have a TFSA maxed out with Alterna Bank (OP - rate is 2.25% as of today). I would like to move my money somewhere else and I can see there is a whopping $50 transfer fee...is that still the case if I transfer into the esavings account that I have with them or is it only if you want to transfer directly to another TFSA without losing out on contribution room?
If I decide to transfer to esavings (and then out), I am guessing I should do this right before end of December, correct?
That's right.
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angel_wing0 wrote:
Dec 31st, 2008 10:47 pm

Steinbach Credit Union TFSA Savings - 2.90% ($3 transfer fee to other internal account with no option to transfer to an external TFSA, interest paid annually)
SCU will pay interest annually. What happened if I need a trasfer money back to my external account and close SCU TFSA in the middle of the year? Thank you!
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kleraj wrote:
Nov 15th, 2018 2:04 pm
SCU will pay interest annually. What happened if I need a trasfer money back to my external account and close SCU TFSA in the middle of the year? Thank you!
Don't close the account. You'd lose the interest earned.

You can have as many TFSA's as you want.
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titaniumtux wrote:
Nov 15th, 2018 4:25 pm
Don't close the account. You'd lose the interest earned.

You can have as many TFSA's as you want.
I spoke to SCU rep and was told that account can be closed any time. The money will be transfered to SCU HISA or any other SCU's internal account + interest for past active months.
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kleraj wrote:
Nov 15th, 2018 5:11 pm
I spoke to SCU rep and was told that account can be closed any time. The money will be transfered to SCU HISA or any other SCU's internal account + interest for past active months.
Gotcha.

Why close the TFSA if you're going to keep SCU membership though?
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titaniumtux wrote:
Nov 16th, 2018 1:51 am
Gotcha.

Why close the TFSA if you're going to keep SCU membership though?
I don't want to close TFSA, just in case.
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Where's the best place to buy tfsa where rate will be highest for longest?
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JeffH60919 wrote:
Nov 17th, 2018 1:02 pm
Where's the best place to buy tfsa where rate will be highest for longest?
Could be Oaken Financial but you would have to lock in for a minimum of 1 year.
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choclover wrote:
Nov 17th, 2018 1:07 pm
Could be Oaken Financial but you would have to lock in for a minimum of 1 year.
I'm thinking savings account or 6 months. Thanks
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JeffH60919 wrote:
Nov 17th, 2018 1:02 pm
Where's the best place to buy tfsa where rate will be highest for longest?
Meridian, 3.75% for 5 years.
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scoper wrote:
Nov 17th, 2018 1:39 pm
Meridian, 3.75% for 5 years.
Woah. That money is very much lacking liquidity.
U get 3.75% because you have to die if u want the money early. I really need a bond that can be sold anytime. Of course, 5 yr bond don't pay 3.75 yield.
Yikes.
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choclover wrote:
Nov 17th, 2018 1:07 pm
Could be Oaken Financial but you would have to lock in for a minimum of 1 year.
The problem I have with getting an Oaken TFSA term deposit is what to do at maturity. You can't redeem the funds into a TFSA savings account (they don't offer them), so the only options would be to renew for another term or put the funds into a non-registered savings account and lose the contribution room until the next calendar year.

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