The Best TFSA Plans So Far

So I was asked by a few people on what I personally think the best banks to open up a tax free savings account plan with is so far. In my personal opinion, based on what I see I would say the Bank of Montreal and ING Direct seems like the best choices overall so far.

The reason is pretty straight forward. Both of these financial institutions actually offer the same interest rate at 3%. When you compare that to others overall, it is a very good rate as most others that have a higher rate currently will drop it after the promotional period as its regular rates are say 2.75%. While that doesn’t guarantee that these two places won’t drop its rates too, 3% is the regular rate for them.

Another big reason for selecting these two is that they both indicate that they do not have fees associated with the account including not having a transfer fee should you decide to use a different bank/provider. That way, you can be more assured that you won’t have to go through a costly process should you decide that you would like to change it up with a different provider.

While there may be different and better incentives coming in the future for those who are still holding out, in my opinion the best choices for a tax free savings account plan right now based on rates and fees is the Bank of Montreal and ING Direct.

ING Direct TFSA Interest Rate And A Free $13 Bonus

While the interest rate for ING Direct was the predicted 3% as mentioned in the previous post, I never actually made an official post for it. As well, there was another detail about this financial institution that was worthy of a mention too.

Until January the 31st of this month, if you open up a new Tax-Free Investment Savings Account with ING Direct they will give you $13 for free. The stipulation from what I read is that you need to deposit an initial minimum of $100.

As well, during the signup you need to enter in the promo code or as they call it the “Orange Key” which is “TF13”.

This is also one of the places that indicate they have no fees, so that should be a relief for anyone who is contemplating in putting their money with them.

Bank of Montreal TFSA Interest Rate Update

Looks like BMO has updated its website. The rate seems to be better than the previously noted 2.75% as from what I see it is 3% as you can see here:

http://www4.bmo.com/personal/rates/0,2278,35649_63297975,00.html

That’s pretty good I think personally. It also indicates that “There are no fees for contributions, withdrawals or transfers” which is great for anyone that is afraid of getting trapped by any fine prints.