TFSA Options for best return secure principal

Have you looked into a high interest savings account. Peoples Trust, Oaken Financial and Tangerine may offer some of the better rates out there.

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.

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.

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

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.

Sorry, you are 38 years too late for these CIBC offers:

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.

No risk, no gain bud.