Scotiabank Special TFSA Rate of 1.75%

Since this is one of the larger banks in Canada I was expecting them to be offering a high interest rate promotion compared to the other banks. Its regular TFSA rate is currently sitting at 1%.

It appears that until March 31, 2014 they are offering a 1.75% interest rate to any new TFSA funds added after December 31st, 2013.

It’s not the highest rate compared to the competition but they are one of the few who seem to be offering a promotion for the time being if you are still debating who to invest with.

Scotiabank’s Video Explanation of a TFSA

Here is a TFSA related video which describes the basics courtesy of Scotiabank that I found:

Bank Wide Interest Rate Drops To One Percent

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.

Back To The Old Interest Rate

Looks Scotiabank has finally dropped it’s rate back to the initial 1.75% rate as you can see here:

I can’t see how the rates can continue to drop across all the banks after the next wave of drops I see as it’s almost at a point where you would think that it can only go up.

Lower Scotiabank TFSA Rate

Scotiabank has adjusted its TFSA interest rate to 2% as you can see here:

Looks like the rate is getting closer and closer to the initial 1.75% rate. I’m actually surprised that banks aren’t holding out a little longer to maintain a better image to the customers.

Scotiabank TFSA Contest

I’m not sure how I missed this before, but Scotiabank is holding a contest where everyday it is giving away $5000 through random draws. You can enter the contest at this page https://5000aday.scotiabank.com/

From what I see you don’t have to have a TFSA account with them initially to enter the contest. As well, the terms seem to indicate that they simply cut you a cheque payable to your name. So in that sense I guess you could use it for anything and not necessarily just for a TFSA account. I personally never won that much money before, but I suppose since they are choosing a winner everyday it doesn’t hurt to try and I got the following e-mail afterwards:

“Thank you for entering the $5,000-a-day TFSA Give-away. Your entry has been successfully submitted and your name entered into the draw.

Whether you’re just starting a savings plan, have taxable investments or are retired, there’s something for everyone with a Tax Free Savings Account. You can:

– Contribute up to $5,000 each year starting January 2009.
– Choose from a range of investments like mutual funds, savings accounts, and GICs.
– Withdraw from your TFSA at any time, for any reason and all withdrawals are tax-free.

All income (interest, dividends and capital gains) earned in your Scotia TFSA is tax-free for life.

Learn more about how a Tax Free Savings Account can work for you, and open yours today!”

Scotiabank TFSA Interest Rate

Okay, lots of people have been asking me if I knew what the TFSA interest rate for Scotiabank was. For some reason this is one of the few banks that haven’t posted the information online and I think I can see why.

But based on the review posted by one of visitors to this site back on January the 7th, the interest rate appears to be 1.75%. You can read the review on the Scotiabank review section at https://taxfreesavingsaccountplan.com/tfsa-canada-bank-reviews/bank-of-nova-scotia-scotiabank/

Because of that interest rate, this is probably a situation where they would rather you go in-branch to find out than to publicly displaying it since it is fairly low. Thanks to Marco for posting the review with all that useful information.