Personal Finance

The Official RFD TFSA thread for Savings Accounts! (Updated as of 09/09/2017)

Deal Addict
Aug 5, 2006
1961 posts
485 upvotes
Global Village
newt_101 wrote:
Apr 1st, 2017 3:33 pm
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?
You may want to look at TD e-series instead, they have a much lower fee structure. Or if you want to stick to mutual funds look at the Mawer balanced funds.

http://canadiancouchpotato.com/wp-conte ... s-2016.pdf

http://www.mawer.com/our-funds/snapshot/
Deal Fanatic
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Apr 16, 2006
5865 posts
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Mini0510 wrote:
Apr 2nd, 2017 12:13 pm
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
Correct. People's Trust does not charge a fee to transfer funds from their TFSA to another TFSA at another institution. Alterna's rate is higher.

Peoples Trust will NOT match Alterna's interest rate. You're welcome to try, but I wouldn't hold my breath.
Deal Addict
Jul 19, 2012
1685 posts
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Toronto
Octavius wrote:
Apr 2nd, 2017 1:26 pm
Correct. People's Trust does not charge a fee to transfer funds from their TFSA to another TFSA at another institution. Alterna's rate is higher.

Peoples Trust will NOT match Alterna's interest rate. You're welcome to try, but I wouldn't hold my breath.
ya probably not. so I can just tell People's Trust to transfer my funds to alterna once i create an account right? They need probably bank institution numbers, account numbers. Those info?
[OP]
Moderator
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Mar 23, 2004
35794 posts
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Markham
Mini0510 wrote:
Apr 2nd, 2017 1:34 pm
ya probably not. so I can just tell People's Trust to transfer my funds to alterna once i create an account right? They need probably bank institution numbers, account numbers. Those info?
Alterna will need you to fill in a form to process the transfer, that's where you fill in all those bank/account info.
「もし、奇跡を起こせたら……」
Deal Addict
Jul 19, 2012
1685 posts
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Toronto
angel_wing0 wrote:
Apr 2nd, 2017 5:42 pm
Alterna will need you to fill in a form to process the transfer, that's where you fill in all those bank/account info.
oh ok Thanks
Deal Addict
Dec 24, 2001
1644 posts
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Toronto
I read somewhere that you have to call in to Alterna , to transfer out your TFSA money, you can't do it online . Is this correct?
Deal Addict
Jul 22, 2015
1381 posts
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Saint-Hubert, QC
lurker99 wrote:
Apr 2nd, 2017 10:28 pm
I read somewhere that you have to call in to Alterna , to transfer out your TFSA money, you can't do it online . Is this correct?
Yes this is correct, you cannot do it online.
I don't know why though.
Deal Addict
Dec 24, 2001
1644 posts
734 upvotes
Toronto
Thanks for the reply.

I only going to withdraw from TFSA once a year and don't want to call in.

Do you still have to call in to move your TFSA money to an alterna saving account?
MoneyHypeMike wrote:
Apr 3rd, 2017 6:43 pm
Yes this is correct, you cannot do it online.
I don't know why though.
Deal Fanatic
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Oct 24, 2004
5476 posts
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Toronto (Central)
scoper wrote:
Apr 2nd, 2017 12:36 pm
You may want to look at TD e-series instead, they have a much lower fee structure.

http://canadiancouchpotato.com/wp-conte ... s-2016.pdf
Much appreciated. In fact, I currently have about 25K in E-Series mutual funds RSPs already.

Yesterday, I submitted a request to transfer my PC TFSAs into TD, so I can add them to my current portfolio there.

Here is one of my accounts

I realized I hadn't re-balanced them in a couple of years, so going forward I'd like to do this every 6-12 months, but I was hoping there was a simple way to know how to do this?
I suck a math, so I'm hoping there's a site/calculator I can use to come up with what I have to do/change to get the original balance of 40-20-20-20% split?
Deal Addict
Jul 22, 2015
1381 posts
408 upvotes
Saint-Hubert, QC
lurker99 wrote:
Apr 4th, 2017 10:49 am
Thanks for the reply.

I only going to withdraw from TFSA once a year and don't want to call in.

Do you still have to call in to move your TFSA money to an alterna saving account?
Yep, lol.
When you select the TFSA account for the source, there is no account you can transfer it to.

This is the answer I got from the customer service agent when I sent them an e-mail.
In follow up to your email, we apologize for the inconvenience caused. To transfer funds out of your TFSA, please call us at any of the numbers below and any agent in our contact center can assist you with that request instantly.

Should you have any further questions or concerns please do not hesitate to contact us. For your reference, our Member Service Centre can be reached via any of the following numbers and is available to assist you during the following hours:

Toronto: 416.252.5621 / Ottawa: 613.560.0100 / Gatineau: 819.595.6980 / Toll Free: 1.877.560.0100
Deal Addict
Dec 16, 2012
1510 posts
135 upvotes
Vancouver
Anyone know how hard it is to setup a joint account in in Tangerine? I am thinking if it is easy might make one with my Mom as I need somewhere to park my 300K from my house sale for next 1-5months and I got 2.81% for Tangerine but I don't like going over 100K as that is when CDIC protection stops.
Deal Addict
User avatar
Dec 14, 2006
2853 posts
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Montreal
Maybe a dumb question but whatever.

Why would someone put money in a saving account with guaranteed <2% return when you can put your money in EFT (Couch Potatoe portfolio style) and earn 3-4-5-6% ?

Thanks
I was there at the 32$ price error at dell.ca day AND at the 150$ off price error at fs.ca
RFD price error moto: "Buy now, think later." -Ahzuz
Newbie
Dec 16, 2012
69 posts
10 upvotes
Richmond Hill, ON
Ahzuz wrote:
Apr 5th, 2017 3:01 pm
Maybe a dumb question but whatever.

Why would someone put money in a saving account with guaranteed <2% return when you can put your money in EFT (Couch Potatoe portfolio style) and earn 3-4-5-6% ?

Thanks
Emergency fund, savings for vacation/car/home etc. These are things with a very short time horizon. It's safer in a savings account with a competitive rate.
Deal Addict
May 15, 2013
1175 posts
181 upvotes
Montreal
Ahzuz wrote:
Apr 5th, 2017 3:01 pm
Maybe a dumb question but whatever.

Why would someone put money in a saving account with guaranteed <2% return when you can put your money in EFT (Couch Potatoe portfolio style) and earn 3-4-5-6% ?

Thanks
Because NOBODY can guarantee a 3-6% return so everyone decides according to his risk tolerance.

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