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Locked: TFSA Comparison Thread

  • Last Updated:
  • Apr 13th, 2018 11:32 pm
[OP]
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TFSA Comparison Thread

Thought I'd whip up a TFSA savings account comparison thread. I haven't found an existing one.

I grabbed a list of rates from here, and thought it'd be worthy to share.

Note that you'll most likely get better rates in TFSA mutual funds, so this is only useful for those who want to stash money in a savings account (but happens to be a fair chunk of change) where even on 1-2% interest, the income tax off it would make a substantial difference.

Here's the list:
  • Alterna Bank - 2.10%
  • Implicity Financial - 2.00%
  • Motive Financial - 1.80%
  • Luminus Financial - 1.75%
  • Paloma Credit - 1.50%
  • Tangerine - 1.10%
  • Simplii - 1.00%
  • CIBC - 0.85%
  • RBC - 0.85%
  • TD - 0.85%
  • Scotia 0.80%
  • BMO - 0.60%

Worthy mention, Tangerine offers 2.5% in TFSA for the first six months on new accounts. I don't know whether you can cancel the Tangerine TFSA and open it later with the welcome offer. Strategically, one could open a Tangerine TFSA in June, utilize the 2.5% promo interest for the second half of the year, then in December move the money to a non-TFSA account (where interest would be taxable) and then move the money to a new TFSA in January with Alterna Bank for instance (if one plans on keeping those savings in a TFSA for most of the following year).

Another mention is that Luminus is running a similar promo, only their 2.5% interest is only good until end of June this year. Promo interest on a TFSA for only two and half months remaining is only useful if one plans on using those savings after the promo ends.

Three of the big five are sitting at 0.85%. I'm surprised Simplii isn't competing harder. I suppose the big banks are lazy when it comes to those things.
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Deal Addict
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Aug 3, 2009
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Nova Scotia
Thanks, people may want to check out www.highinterestsavings.ca as well
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Dec 17, 2008
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@titaniumtux

(1) The Official RFD TFSA thread for Savings Accounts! (Updated as of 02/13/2018) - RedFlagDeals.com Forums official-rfd-tfsa-thread-savings-accoun ... 18-681290/
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[OP]
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May 8, 2009
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Shawguy wrote:
Apr 13th, 2018 11:23 pm
@titaniumtux

(1) The Official RFD TFSA thread for Savings Accounts! (Updated as of 02/13/2018) - RedFlagDeals.com Forums official-rfd-tfsa-thread-savings-accoun ... 18-681290/
Ah, thank you. I'm surprised I couldn't find it earlier. Locking my own thread.
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