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.
You talk about a drop in interest rate. I was checking the interest rate today and it has fallen to a whopping 1.85% as you can see here:
It is pretty unbelievable and how fast the rates has dropped for PC financial considering they started as one of the highest at 3.75%. If I’m not mistaken, that makes this the lowest interest rate offered by any financial institution thus far.
So it looks like CIBC took a hit today as its tax free savings account interest rate fell. Not surprisingly, it has dropped to the widely adopted figure of 2.25% as you can see here:
It’s almost like all the big banks have a discussion with each other ahead of time to determine a universal rate huh?
ING Direct definitely had one of the higher interest offerings at 3% initially and just recently the rate has been reduced to 2.3% as you can see here:
The rate is still higher than most other financial intuitions I suppose which is the good thing as a lot of other banks seemed to have adopted a 2.25% rate.
I guess this is one of the last round of large banks who has officially decreased its tax free savings account interest rate. BMO originally had a 3.0% interest rate and as you can see here today that has apparently dropped to 2.25%
So by the looks of it people were only able to enjoy a one month rate of the initial 3%. Although, one good thing is this bank apparently had no transfer fee. So if you were thinking of switching then you can do it without too much worry.
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