Looks like CIBC is offering TFSA investors a 2% interest rate on new balances until March 31, 2014. I must say though, that fee of $100 to transfer your funds from a different bank must make it very unappealing for anyone to switch if the goal of this promotion is to try and convince people to switch over.
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.
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.
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%.
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?
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.
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?
© 2008 - 2014 TaxFreeSavingsAccountplan.com
