Personal Finance

Official RFD thread for Tax Free Savings Accounts (Updated 2019-OCT-06)

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Official RFD thread for Tax Free Savings Accounts (Updated 2019-OCT-06)

Things to Note:
- Rates were last updated as of the date in the thread title at the top.
- The order listed is from highest rate to lowest rate. If multiple accounts have the same rate, they will be listed in alphabetical order.
- Only accounts with a savings rate of 1.50% or higher will be listed.
- The rates are assumed to be earned on the full balance starting at $0.01 - Unless specifically mentioned.
- Interest is calculated on the daily closing balance and paid monthly unless stated otherwise.
- Only accounts available to all Canadians (except Quebec) will be listed.
- Note: most of these accounts require that you pair the TFSA savings account with a non-registered savings account to be able to deposit or withdraw.

Other Helpful Links:
- High Interest Savings Account Rates: HERE

NOTE: Short Term Offers will be listed below in the thread summary after this first post (members please update as you see fit, and remove old ones, as I will not actively be updating the thread summary post)


*Rosenort Credit Union – “TFSA Variable Savings” – Rate: 2.85% (Unknown Transfer Fee)
-- Note: Interest is paid annually based on the minimum monthly balance. Interest is paid in January. 1st transaction free per month, $5.00 per additional. You must call or email the credit union to withdraw from the TFSA savings account, it cannot be done online.

*Access Credit Union - "TFSA Variable Savings" -- Rate: 2.80% (Unknown Transfer Fee)
-- Note: Interest is paid annually based on the minimum monthly balance. Interest is paid in January. 1st transaction free per month, $5.00 per additional.

*Steinbach Credit Union - "TFSA Variable Savings" -- Rate: 2.75% (Unknown Transfer Fee)
-- Note: Interest is paid annually based on the minimum monthly balance. Interest is paid in January. 1st transaction free per month, $5.00 per additional.

*Maxa Financial TFSA Savings - 2.45% ($75 transfer fee)

* IdealSavings TFSA - 2.40% ($50 transfer fee to another financial institution, $5 transaction fee to move funds to HISA)

*Motive TFSA Savings - 2.40% ($50 transfer fee)

*Outlook Financial TFSA High Interest Savings Account - 2.40% ($50 transfer fee)

*Motusbank - 2.35% ($50 transfer fee)

*AcceleRate Financial AcceleRate TFSA Savings - 2.30% ($50 transfer fee)

*Achieva TFSA - 2.30% (No transfer fee)

*Alterna Bank TFSA eSavings - 2.30% ($50 transfer fee)

*Implicity Financial TFSA Savings Account - 2.30% ($50 transfer fee)

*Wealth One Bank Tax-Free Savings Account - 2.30% ($50 transfer fee)

*Hubert Tickled Pink TFSA - 2.25% (No transfer fee)

*People's Trust TFSA - 2.10% (No transfer fee)

*CTFS TFSA - 1.80% ($50 transfer fee)

*Canadian Western Bank (CWB) WestEarner TFSA Account - 1.60% ($50 transfer fee)

*FirstOntario Credit Union TFSA Investment Savings - 1.60% ($100 transfer fee)

*ICICI TFSA Savings Account - 1.60% ($25 transfer fee)
Last edited by Shawguy on Oct 7th, 2019 10:07 pm, edited 18 times in total.
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Thread Summary
No Short Term Offers at this time
3757 replies
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Mar 23, 2004
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sklm wrote:
Jan 1st, 2009 1:42 am
From checking their website I believe you could put 2.75% for ???.
right indeed...same goes for the gic/term deposit as well, thanks will go change now!

btw, seeing that a # of banks is giving out 3.75% promo, pcf will probably stay at 3.75% as well, at least until those promos are over.
CSR wrote:
Jan 1st, 2009 1:40 am
thx!
welcome, its still WIP, I hope this gets good enough to be a sticky! :D ..thou my goal is so that rfd users can use this thread for refernece/discussions.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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Nov 18, 2008
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Good thread and nice to see info all at once. In my semi-inebriated state I'd like to add that you can basically hold any GIC your heart desires at least with CIBC. If you want a guaranteed rate of return get the 3-year escalating GIC that has a annual yield of 4% and if you have IS you will get a 0.5% bonus, try negotiating with the personal banker if you can.
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tng11 wrote:
Jan 1st, 2009 2:08 am
Good thread and nice to see info all at once. In my semi-inebriated state I'd like to add that you can basically hold any GIC your heart desires at least with CIBC. If you want a guaranteed rate of return get the 3-year escalating GIC that has a annual yield of 4% and if you have IS you will get a 0.5% bonus, try negotiating with the personal banker if you can.
thanks man, from the looks so far...there are not really any good GICs yet. PCF is the winner for me right now. But i will still wait a couple of more days.

I actually got the CIBC TFSA rate from one of your posts, so thanks to u as well :D
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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Mar 28, 2008
1213 posts
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Toronto
I want to know if we can purchase stocks/funds within TFSA?

Or we can only purchase GIC/Deposit within TFSA?
Deal Addict
Mar 28, 2008
1213 posts
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Toronto
Q: What kind of investments can I hold in my TFSA?

A: You can hold many of the same investments you hold in your RSP in your TFSA, including mutual funds, GICs, stocks and bonds.

In this case, don't you want an investment account, instead of just PCF (which only allows you to purchase GIC/deposits??
Dec 31, 1969
angel_wing0 wrote:
Dec 31st, 2008 10:47 pm
Please also give me suggestions on any info that I should put here, thanks.
Withdrawal and transfer fees?

BTW, great idea for attempting one thread on this topic.
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dealtacular wrote:
Jan 1st, 2009 11:43 am
Withdrawal and transfer fees?

BTW, great idea for attempting one thread on this topic.
true, thanks for the suggestion. Going to get to it once i have time.

Thanks.

ING GIC rates just came out...as expected they are not pretty. Good thing i didnt invest there. The best GIC rate is Achieva for now...3.45% for 1 year..to 4.50% for 5 years.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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Jan 29, 2007
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Thanks for this thread and keeping it up-to-date.

I'm not really going to go through too much trouble chasing fractions of percentage points for a maximum $5k investment this year, but I am of thinking of locking in on a GIC since they are still predicting the Bank of Canada will continue to lower rates. Might even take the ING 4% for 5 years GIC given it's so simple.

I wonder how long PCF's TFSA savings account rate will last... I have a feeling it's only high now to attract people initially. I'm kind of getting tired of moving my money chasing higher rate savings accounts only for them to lower them soon after I have done so (like I did with PCF). :lol: Will/do they offer GICs for TFSAs?... bah, their existing GIC rates aren't good, probably will be the same for a TFSA.
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Nov 18, 2008
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I agree with all the posts saying it's questionable whether PCF's TFSA will be at 3.75%, I think it's a tactic to get all people to bring their money to PCF and then drop the rate on them. Even if they do lower it, it will be pretty much in line with ING or the other banks anyways, so don't create a huge fuss over fractions of a percentage for $5,000. If you determine their rate sucks by December 31, 2009 you can withdraw everything and move it over to another bank on January 1st, 2010 with another $5,000 on top.

The only problem I can foresee with PCF is the lack of options you'll have within the account with the $5,000 unless you're solely looking to do GIC or Savings, and there's no investment account option. But it looks the best out of all the TFSAs there and if you're sure you want a Savings account/GIC I think it's a no brainer to put your money there.

I'm putting mine at CIBC even with the lower 3% because you are allowed to move the money into a GIC or investment account at any time without having to pay the transfer fees to another institution, but for CIBC the TFSA option for Investor's Edge and Imperial Investor Service won't be available until mid-year according to my advisor. I need that extra flexibility and not too sure if I will be doing Savings, GIC or stocks in the account.
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tng11 wrote:
Jan 1st, 2009 2:27 pm
I agree with all the posts saying it's questionable whether PCF's TFSA will be at 3.75%, I think it's a tactic to get all people to bring their money to PCF and then drop the rate on them.
As i have said in my post, ctfs/hsbc, baring more interest rate drops, are offering 3.75% until march. So it's not strange that pcf is offering that exact rate for now...althou i m pretty sure they will drop it once those promos are done.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
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Apr 18, 2008
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Niagara Falls
Do you guys know if, say, we have $5000 in PCF and they drop the rate, can we transfer (without physically taking the money out of the TFSA) into another TFSA account, say an online discount brokerage before the end of 2009?
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Nov 18, 2008
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myster wrote:
Jan 1st, 2009 3:20 pm
Do you guys know if, say, we have $5000 in PCF and they drop the rate, can we transfer (without physically taking the money out of the TFSA) into another TFSA account, say an online discount brokerage before the end of 2009?
There will be a transfer fee, that's why I said it would probably be better to sacrifice a little bit of interest to get that flexibility. I saw somewhere the PC transfer fee will be $25 while for CIBC it will be $100.

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