The official tax free savings account interest rate for CIBC appears to be 3% as you can see here:
Similar to the information provided before too, there is a hefty $100 fee should you decide to transfer some or all your funds to a different financial institution. So for this bank you should really think it over before signing up.
I guess the main benefit is that if you already do your daily banking with them then it can make sense to keep everything in one place.
I visited the CIBC page today and apparently its TSFA account is being dubbed as a “Tax Advantage Savings Account” and you can read more about it at http://www.cibc.com/ca/investing/tfsa/tax-advantage-savings-acct.html.
As you can see on the page, it does indicate that you must invest at least $25 into the account. What caught my attention though is that on the page it says that there is a $100 fee should you decide to transfer some or all of your TFSA funs to another financial instruction.
A little high don’t you think? If that is the case and you decided to switch, I don’t see why you can’t just take the money out manually and then just deposit that into a different bank. I must say, this is the least enthusiastic plan I have seen thus far.
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