I know on the ING Direct TFSA site the rate appeared to have dropped for about a month now, but I was hearing mixed stories about how some people were still getting the 3% rate. Thanks to some readers I guess this confirms that everyone is getting a 1.5% rate now.
This one was to surprising to me as I expected the bigger banks to drop its interest rates sooner or later. I guess you can add RBC to the mix as its new rate is 2.25% compared to its original 2.5%
The rate is kind of interesting as it is in-line with Outlook Financial’s change that I posted today as well. Makes you wonder if there is a certain reason why financial institutions or banks would be favoring that number.
Looks like this financial institution has recently had a significant drop in its interest rate. Outlook Financial originally had a pretty high 2.8% offering and as you can see here that has dropped to 2.25%.
That’s a loss of 0.55%. This is the first credit union I have seen where the interest rate has taken a dive so far.
If you ever wanted an example of a very fast interest rate drop and how they can change at anytime, I guess Scotiabank is a good example of that. It has been a little over a week since I posted about its initial interest rate increase from 1.75% to 2.6%. Just today, I was told that it dropped to 2.4% as you can see here:
Now you might be asking if there is anything you can do about these crazy fluctuating rates when it comes to a TFSA plan correct? Well, one immediate thing that comes to mind is that a lot of the banks and financial institutions actually offer you the option to get a TFSA GIC plans which would lock the interest rate.
Course, the main drawback is similar to a regular GIC the intent is to keep it locked in for X amount of years. But it’s an option.
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.
This is getting a little silly I must say when it comes to the interest rate for PC Financial. Not too long ago I posted how they dropped its interest rate from 3.75% to 3.05%. Today, I discovered that it dropped yet again to 2.55% as you can see here:
At this rate, I wouldn’t be surprised if they end up offering one of the lowest rates out of all the banks. Of course, maybe they have insider information such as knowing the other banks will drop it to say 2.50%, but for now this seems to be one of the most uncertain choices to go with.
Wow, this happened way faster than I thought. As many may know, PC Financial’s TFSA interest rate was a fairly high 3.75%. Just recently though, I visited the site and discovered that the interest rate for its “Tax-Free Interest Plus” plan has been dropped to 3.05% as you can see in this screenshot:
I suppose that was expected that some financial institutions would drop its rates once the first fledge of customers sign up to capitalize on the rush. I must say that is a pretty quick drop and must be leaving some account holders a little disgruntled.
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