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 is a good update for Scotiabank TFSA customers as the rate climbed up to 1.5%
While the highest rate initially was about 2%, this is a pretty good increase considering almost everyone else seems to be dropping its rates. This could be a sign that the bigger banks are going to increase its rates as well.
Been awhile since anything really changed in the TFSA scene. HSBC’s TFSA rate fell by 0.2% not too long as you can see here:
Guess it doesn’t really make too much of a difference, but a drop is a drop.
Maybe this was a Canada day boost, but it’s nice to know that at least one financial institution has dramatically bumped up its tax free savings account interest rate. As you can see, ING Direct is now at 3% which makes it the highest.
Maybe that is a good sign that others will increase their rates as well or it could be simply that ING is trying to stand out from the rest. ING usually has some of the higher interest rates when it comes to the more conventional savings accounts and so it would be nice if they kept this rate. Or better yet, increase it. 🙂
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.
Well, as of this day at least. And the award goes to…….. PC Financial. At an astonishing rate of 1.2% this is the lowest TFSA interest that I have ever seen as you can see here:
I’m inclined to say that it is trivial to invest in a TFSA account with them with that low of an interest rate as even if you had to pay taxes using a more traditional high interest savings account you would earn more in the end.
How is it that they are offering a lower rate than the big banks considering this financial institution should have a lower overhead without things like an in-store branch?
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