You would think that the smaller financial institutions would consistently have the higher TFSA interest rates due to a lower overhead cost of the bank. I guess ING is an example on how when it comes to TFSA rates you just never know. As you can see, the rate has dropped to 1.7%.
Kind of sad to see the rate go this low for ING since it seems like for the better part the main attraction to them is usually the high interest rates.
Looks Scotiabank has finally dropped it’s rate back to the initial 1.75% rate as you can see here:
I can’t see how the rates can continue to drop across all the banks after the next wave of drops I see as it’s almost at a point where you would think that it can only go up.
I recently saw on a tv commercial that the British Columbia Dental Association is holding a $1000 TFSA contest. By visiting its site, here is a little quiz that you can take at http://www.bcdental.org/quiz.php.
The quiz is basically a true or false test about your dental health. After completing it, you can enter your contact information for a chance to win $1000 towards your TFSA contribution. Something simple for people to do if you are looking for money to place in your account.
I am actually very surprised to see this interest rate drop from PC financial. As you can see, it is now at 1.65%:
I’m surprised as while the previous figure was pretty low, this financial institution usually clamors its no fee banking plans while offering a high interest rate. Here, this is one of the banks that has a transfer fee and now not to mention one of the lower TFSA rates.
They must have rounded up a lot of clients with the original 3.05% plan I’m thinking to be this confident to drop the rate lower than even the large banks.
This was kind of a coincident I thought as both CIBC and RBC appears to have dropped its TFSA interest rate to 1.75% as you can see here:
Again, this always makes me wonder if there is some kind of behind the scenes talk ahead of time where the banks collaborate with each other to establish a rate. I suppose these are technically the lowest rates I have seen now.
Scotiabank has adjusted its TFSA interest rate to 2% as you can see here:
Looks like the rate is getting closer and closer to the initial 1.75% rate. I’m actually surprised that banks aren’t holding out a little longer to maintain a better image to the customers.
You talk about a drop in interest rate. I was checking the interest rate today and it has fallen to a whopping 1.85% as you can see here:
It is pretty unbelievable and how fast the rates has dropped for PC financial considering they started as one of the highest at 3.75%. If I’m not mistaken, that makes this the lowest interest rate offered by any financial institution thus far.
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