Tax Free Savings Account » CIBC

0.75% TFSA Interest Rate

TFSA — Sat, 06 Jun 2009 20:01:28 +0000

Not only is this the first time I have seen any TFSA Interest rate plan go under one percent, but what an odd combination of banks. PC Financial, RBC and CIBC have dropped its rates to 0.75% as you can see.

Normally all the big banks would follow each other at the same time. I suppose everyone should expect the other banks to follow suit in the near future as well.

Bank Wide Interest Rate Drops To One Percent

TFSA — Mon, 11 May 2009 22:23:31 +0000

I was checking a lot of the banks TFSA intrest rates today and it looks like interest rates have dropped throughout many of the banks to 1%. PC Financial, RBC, BMO, CIBC, Scotiabank and HSBC all seem to share the same rate now as you can see below:

Although, for HSBC’s Direct TFSA it is 1.05%. Insanely low rates though regardless. Guess there is no such thing as the one king of low interest rates now as it is a party.

The Same Triple Bank Drop

TFSA — Sun, 26 Apr 2009 23:53:57 +0000

Once again it looks like the big trio of BMO, CIBC and RBC have all dropped its rate to a similar figure at 1.25%.

It was only about two weeks ago that I posted about the last drop too. That was pretty quick for a drop of 0.25%.

BMO, RBC And CIBC Triple Interest Rate Drop

TFSA — Mon, 13 Apr 2009 07:22:35 +0000

Similar to last time how a bunch of banks appeared to have copied each other’s interest rate levels it seems like history repeats itself. The Bank of Montreal, Royal Bank and CIBC have all set its new tax free savings account rate at 1.5% :

Again, it seems so artificially with these changes sometimes huh?

Dual Bank Interest Rate Drop

TFSA — Sun, 15 Mar 2009 23:18:31 +0000

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.

CIBC TFSA Rate Lowers

TFSA — Fri, 27 Feb 2009 06:11:16 +0000

So it looks like CIBC took a hit today as its tax free savings account interest rate fell. Not surprisingly, it has dropped to the widely adopted figure of 2.25% as you can see here:

It’s almost like all the big banks have a discussion with each other ahead of time to determine a universal rate huh?

CIBC TFSA Interest Rate Drop

TFSA — Tue, 27 Jan 2009 20:50:31 +0000

I was alerted that CIBC has just recently dropped its interest rate for its “CIBC TFSA Tax Advantage Savings Account” by 0.5%. Originally it was 3% and as you can see today it is 2.5%:

This bank definitely still has one of the highest transfer fees too at $100.