ING Direct Canada TFSA Promotion Rate of 2.5%

The current TFSA interest rate in 2014  for ING Direct Canada appears to be at 1.4% as you can see here.

At the same time, they seem to be offering a promotion until March 31st, 2014 on new deposits where they are giving investors 2.5% until April 30, 2014.  Just to be clear as even I was confused at first, essentially the total amount of funds that you put into the account until March 31^st qualifies you to earn 2.5% on those funds until April 30, 2014.  Afterwards I would assume it reverts back to the standard 1.4% TFSA rate.

Apparently if you are a new client too and deposit at least $100 into the account they will throw in an additional $25 bonus for free.  They seem to be going all out in trying to attract new people.

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.

CIBC Special 2% Interest Rate On New Balances

Looks like CIBC is offering TFSA investors a 2% interest rate on new balances until March 31, 2014.  I must say though, that fee of $100 to transfer your funds from a different bank must make it very unappealing for anyone to switch if the goal of this promotion is to try and convince people to switch over.

Bank of Montreal Offering A Special 1.8% Interest Rate

It appears that the Bank of Montreal is having a promotion where until March 31, 2014 they will be giving people an additional 0.8% interest rate on new funds deposited into the account.