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.
I was just looking at the interest rate for Scotiabank and apparently the rate has gone up from 1.75% to 2.6% which was a please surprise as you can see here:
I guess that makes the Scotia Tax-Free Savings Account go from one of the lowest interest rate to one of the higher ones now. This is one of the few banks who are trying very hard advertising wise I think as I keep seeing its commercials on TV all the time.
Should be good for everyone who are considering or are currently using them.
I was just visiting the Scotiabank site to see what its TFSA plans were like. First thing that I noticed is that this bank seems to be going all out in trying to educate people about a tax free savings account as they have a full fledged flash presentation and tutorial about it at http://scotiabank.com/tfsa/scotia_TFSA_base.html.
As well, they have a load of resources such as a savings calculator tool as well as articles to further educate you the difference between a tax free savings account and others such as a registered retirement savings plan. You can find the links at the main page at http://www.scotiabank.com/cda/content/0,,CID12354_LIDen,00.html.
Unfortunately, similar to most of the bank sites I wasn’t able to immediately find what the interest rate is going to be as most people are more interested in trying to sign as many people up as possible before the launch. They seem to be working the hardest though I must say.
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