Personal Finance

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

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Sep 8, 2007
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Way Out of GTA
funcanuck wrote:
Aug 2nd, 2018 12:59 pm
I know interest rates don't exactly match the Bank of Canada rate change but I like how in 2015 Tangerine rate went down .25 each time, then the 3 raises it went up only .1 and now .15.
I'm still keeping my savings at EQ.
The difference being is now its a Scotiabank scam typical of the big banks. High interest savings is dead at Tangerine.
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Mar 23, 2004
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Markham
Rates updated!
"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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Feb 20, 2015
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Niagara Falls, ON
If i set up a TFSA with let's say Hubert for example. How would i be able to transfer money into the TFSA every time. My Chequing account is where my pay stubs are deposited and i cannot link non-BMO accounts to it. Would i have to e-transfer money everytime from my BMO Chequing account to the Hubert TFSA if you can even do e-transfers to a TFSA? Also, i have over 55k worth of contribution room so i am not looking to transfer the account to save the 50$ fee. I am just looking to withdraw funds from TFSA with BMO and close the BMO TFSA and then transfer to the Hubert TFSA. But, what's the way of making the transfer?
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bamage wrote:
Aug 5th, 2018 11:00 pm
If i set up a TFSA with let's say Hubert for example. How would i be able to transfer money into the TFSA every time. My Chequing account is where my pay stubs are deposited and i cannot link non-BMO accounts to it. Would i have to e-transfer money everytime from my BMO Chequing account to the Hubert TFSA if you can even do e-transfers to a TFSA? Also, i have over 55k worth of contribution room so i am not looking to transfer the account to save the 50$ fee. I am just looking to withdraw funds from TFSA with BMO and close the BMO TFSA and then transfer to the Hubert TFSA. But, what's the way of making the transfer?
Hubert does not accept e-transfers, so that wont work. The best way to do it is withdraw from BMO TFSA to BMO chequing at the end of Dec, then transfer from BMO chequing to Hubert TFSA in Jan.
"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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Feb 20, 2015
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Niagara Falls, ON
How do i make that transfer? i can't link non-BMO accounts to my Chequing Account?
[OP]
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bamage wrote:
Aug 6th, 2018 12:06 am
How do i make that transfer? i can't link non-BMO accounts to my Chequing Account?
You can link accounts at Hubert and then pull from their side... They can also set up recurring transfers if you call them
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bamage wrote:
Aug 6th, 2018 12:06 am
How do i make that transfer? i can't link non-BMO accounts to my Chequing Account?
Shawguy wrote:
Aug 6th, 2018 10:45 am
You can link accounts at Hubert and then pull from their side... They can also set up recurring transfers if you call them
+1, pull from Hubert. Though I am not 100% sure if you can pull from TFSA, since i dont have one. If you have to pull from the savings account there will be a 5 day hold.
"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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May 8, 2009
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angel_wing0 wrote:
Aug 6th, 2018 10:59 am
+1, pull from Hubert. Though I am not 100% sure if you can pull from TFSA, since i dont have one. If you have to pull from the savings account there will be a 5 day hold.
Perhaps use Simplii to me to me pull, no five day hold up to a limit based on credit worthiness.
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Dec 16, 2012
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Ottawa
It appears that Steinbach is now at 2.70%. Thanks.
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astorage wrote:
Sep 10th, 2018 1:37 pm
It appears that Steinbach is now at 2.70%. Thanks.
martydxb wrote:
Sep 10th, 2018 2:02 pm
Thanks, here's the link:
https://www.scu.mb.ca/personal-accounts ... ings-rates
Can it get any better?

#notregrettingSCU
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Apr 2, 2010
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GTA
kleraj wrote:
Oct 19th, 2018 6:28 pm
It says 2.70% on Steinbach Credit Union rates page. When you start to open Steinbach TFSA it says 2.20%

Image
Thanks, let us know if that's just a page error in case you reach out to them about it.
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kleraj wrote:
Oct 19th, 2018 6:28 pm

It says 2.70% on Steinbach Credit Union rates page. When you start to open Steinbach TFSA it says 2.20%

Image
martydxb wrote:
Oct 19th, 2018 9:16 pm

Thanks, let us know if that's just a page error in case you reach out to them about it.
That was the old rate, prior to the 2018 increases. I can assure you once logged in and account opened, you'll see the rate.
Current Balance xxxxx Current Interest Rate 2.700%
promiseland wrote:
Oct 7th, 2018 10:26 pm
The new leader when it comes to TFSA it's Ideal Savings increased regular interest rates from 2.00% to 2.76%

https://idealsavings.ca/rates/
Agreed! But the $5 withdrawal fee is annoying.
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