Personal Finance

TFSA that has no minimum balance and free etransfers?

  • Last Updated:
  • Apr 3rd, 2020 12:25 pm
[OP]
Member
User avatar
May 25, 2019
332 posts
264 upvotes

TFSA that has no minimum balance and free etransfers?

Looking for a TFSA that is pretty flexible like a high interest account

Basically I'm looking for - no minimum balance
- free e transfers
7 replies
Deal Fanatic
User avatar
Jan 31, 2006
6229 posts
1291 upvotes
Toronto
Maria8534 wrote: Looking for a TFSA that is pretty flexible like a high interest account

Basically I'm looking for - no minimum balance
- free e transfers
TFSA accounts with any financial institution have a transfer fee. Unless you are withdrawing it to your chequing account and do an e-transfer.

Tangerine and Simplii both have it. But remember once you withdraw it , you can not put back until Jan.1 of the following year
Deal Fanatic
Nov 22, 2015
5602 posts
4943 upvotes
Maria8534 wrote: Looking for a TFSA that is pretty flexible like a high interest account

Basically I'm looking for - no minimum balance
- free e transfers
There's no such thing as eTransfer for a TFSA
Deal Addict
Jan 2, 2015
1491 posts
491 upvotes
Toronto, ON
Maria8534 wrote: Looking for a TFSA that is pretty flexible like a high interest account

Basically I'm looking for - no minimum balance
- free e transfers
Simplii can handle this. I presume any of its competitors (Tangerine, etc) can do so as well.

No minimum balance, and free e-transfers, but... You cannot e-transfer directly from a TFSA. You can easily transfer money to your chequing or savings account and then e-transfer from there.

If you're only looking to hold a minimal amount then you're not going to generate much interest income. This means there's little point of storing the money in a TFSA. You're better off putting riskier investments in a TFSA and just holding cash in an ordinary savings account. Simplii and Tangerine are currently paying very low interest anyway. EQ Bank still has a decent rate; even if you have to pay tax on that interest you come out ahead.
Deal Addict
Jun 18, 2018
1217 posts
740 upvotes
Toronto
TFSA would never have a minimum balance lol..
Deal Fanatic
Nov 24, 2013
6105 posts
2844 upvotes
Kingston, ON
Electrah wrote: TFSA would never have a minimum balance lol..
Direct investing accounts can with the big banks. It's technically the brokerage that has the min balance fee and not the TFSA itself, but if a TFSA is the only brokerage account you set up with them (say, TD for e-Series), you'd be subject to it.
Deal Addict
User avatar
Aug 9, 2010
1153 posts
508 upvotes
Waterloo
KanataKG wrote: There's no such thing as eTransfer for a TFSA
This is the right answer - what you’re looking for doesn’t exist, OP.
Deal Addict
Jun 18, 2018
1217 posts
740 upvotes
Toronto
Mike15 wrote: Direct investing accounts can with the big banks. It's technically the brokerage that has the min balance fee and not the TFSA itself, but if a TFSA is the only brokerage account you set up with them (say, TD for e-Series), you'd be subject to it.
I know that but OP specifically asked for a HISA TFSA, so wouldn't apply in this case.

Top