Canadian High Interest Savings Bank Accounts

What amount are you talking about? $100, $1000, $10000, $100000?

Dear Fred,

Okay, I have a TFSA account [started banking with them DEC 2010] at CDF.
How fast could you get the money in case of emergency….
Hmnn. Okay, I say, it will take minutes. This happened in my case:
I needed $500 pronto.
Time Elapsed; Description
(1) minute; I accessed CDF online banking website.
(1) minute; Transferred $500 from CDF TFSA to CDF Saving account
(15) minutes; Went out of my place to a nearest ABM machine (Exchange Network member)
(2) minutes; Withdraw "emergency" money from savings account
—————————–
TOTAL TIME; Approx 19 minutes!

Now, that's for small amount of money. For large sum of money; Im pretty sure it would
be different. Note that, we are talking about TFSA here. And right now, the maximum
cash anyone can park for a TFSA account is $15,000. So let's say you have $10,000 in your TFSA. You had an emergency (accident/blooper happens) and you needed that money.
Okay, Most Credit Union ABM's have $500 or $800 dollar maximum allowed withdrawal for a day. So you wont be able to withdraw that money all in one. Assuming its $800/day (like Coast Capital Credit Union ABM) then you'll need 13 days! (That's withdrawing $800 everyday. LOL) So you opted to contact CDF instead to just mail you a check worth $10,000. This will probably take 2 weeks before you'll have your check.

Thanks msl – is there any way to transfer out electronically?

Fred said:

From the web page it seems like savings account is non-fee. Is that correct?

Technically, for the TFSA they charge you $50 when you close the account, or move the funds to another institution.

Fred said:

Thanks msl – is there any way to transfer out electronically?

You're welcome Fred, about your question above, I haven't done it yet.
So right now, I don't know the answer…

[[also for CDF's savings account; non-fee for ??? example monthly bank charge payment?
They dont charge any monthly fee. You're allowed (1) free withdrawal only per month, otherwise they charge you $1.50 i think. I haven't done more than one withdrawal per month as of now. Deposits are free of course. Just make sure you use a ABM that is part of the "Exchange Network." If you're talking about "guest" comment about TFSAs, he is right so don't close you're account so they don't ding with that $50 closing fee. Like me, I already withdraw my TFSA from coast capital=1.20% interest as i will move it to CDF=3.00%next year but i did not withdraw all the money. i left $323.xx on my coast capital TFSA haha, so technically i did not close it yet!!! ]]