Investing

TFSA Options for best return secure principal

  • Last Updated:
  • Jul 2nd, 2020 3:51 pm
[OP]
Sr. Member
May 12, 2004
740 posts
54 upvotes

TFSA Options for best return secure principal

I was surprised that we don't have a Hot Deals section for TFSA talk!

I have some $ I want to put into a TFSA that will give me some interest and at minimum protect the Principal 100% My savings account is useless for any interest as we all know.

Protecting the Principal is my main goal, I'm not getting much for it anyway were looking at <10k by the way if it makes a difference.

I should add I'm also looking to leave it there but not be locked in necessarily. ZI don't want to be watching it and setting up other accounts or conditions like minimum direct deposits or must have x transactions.
Last edited by icu_nxtime on Jul 2nd, 2020 10:17 am, edited 1 time in total.
8 replies
Deal Fanatic
Oct 7, 2007
7586 posts
3675 upvotes
Have you looked into a high interest savings account. Peoples Trust, Oaken Financial and Tangerine may offer some of the better rates out there.
[OP]
Sr. Member
May 12, 2004
740 posts
54 upvotes
choclover wrote: Have you looked into a high interest savings account. Peoples Trust, Oaken Financial and Tangerine may offer some of the better rates out there.
Lots of them require some additional conditions and the rates seem to be limited time. Or they want bill payment made and direct deposit conditions.

Tangerine seems good until you see it's like 6mos then they drop to .25 or some BS amount and if you transfer its $50 so no savings there.
Deal Addict
Nov 9, 2013
3939 posts
3625 upvotes
Edmonton, AB
I think your expectations are too high - you're going to get piddly interest in return for protecting your principle - that's just the reality of today.
Keep calm and go long
Deal Fanatic
Nov 22, 2015
5681 posts
5075 upvotes
Your only options for 100% principal protection is a savings account or GICs... Both are available under TFSA, but will earn you no more interest than a typical high interest savings account
[OP]
Sr. Member
May 12, 2004
740 posts
54 upvotes
Thanks all so far, I think based on my research you are all correct, I was hoping that I might be missing something. Ultimately for me it's too risky to get back into stocks in the Covid times people can do really well or get burned badly. As has always been the case but now all it takes is a few news stories and it all goes to crap very fast.

I'm trying to be as responsible as I can with my cash but reality is that id be the same basically putting it "under the mattress" Maybe I will do some short term GIC stuff with an auto rollover and just see if my timing works out. I could put into RRSP I suppose to get the initial tax break. but it means it's gone if I need it for something.
Member
May 28, 2012
312 posts
239 upvotes
ONT
Sorry, you are 38 years too late for these CIBC offers:
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Deal Addict
User avatar
May 11, 2014
4094 posts
4420 upvotes
Iqaluit, NU
Yeah you're not going to get much traction.

Segregated funds can work, but they are expensive and end up returning very little in many cases. May work during a huge selloff and you want to guarantee the principle.
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