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Discussion forum Tax Free Savings Accounts Transfer money from one TFSA to another

Transfer money from one TFSA to another   
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6:31 pm
September 1, 2009


ajkr

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I have my 5000 CAD in PCF, which is fetching me only .75%. wondering, if it is possible to withdraw that 5000 from PCF and open TFSA in other bank such as ING Direct.. which gives 3% .. Is it possible ?

I know that I can withdraw money from TFSA.. but just not sure about the intricate details..thanks for the help.

7:45 pm
September 1, 2009


epoch

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Hey, this is answered here: http://www.highinterestsavings.ca/forum/tax-free-savings-accounts/unclear-on-withdrawal-rules/page-1

To read more about the TFSA: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

You can transfer the TFSA but it won't be free.

Good luck

9:31 pm
September 1, 2009


ajkr

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Thanks .. I just talked to PCF and they are asking $50 for transfer.. hmm.. If i pay 50 now.. thats almost 1% interest ..
Additionally, I am not sure when ING will lower the TFSA interest rate from 3 to somewhere 2%.. thinking, the best bet is to leave it in PCF only

3:47 am
September 2, 2009


Mike

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HSBC just raised their rate as well to $50 from $25.

2:50 am
September 4, 2009


Nightowl

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ING's 3.00% TFSA rate is a promotion. It ends OCT 1 '09. Rate should return to whatever they are paying for their C$ savings accounts, currently 1.2%

7:40 am
October 19, 2011


John

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You need to put your TFSA in mutual funds or dividend paying stocks, higher yeilds. Putting a TFSA in a bank stock that pays 3.5-5% interest and then applying a DRIP reinvesting your money will be better then any interest rate a bank offers. And when the stocks down your collecting the dividends and when the stocks up your keeping up with inflation.

4:51 pm
October 19, 2011


Yatti420

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Hi ajkr,

Check out Hubert Financial (division of Sunova CU)in Manitoba.. TFSA rate is 2.50%.. I moved all my savings there.. Just use the TFSA transfer forms.. Don't redeem the money and then re-deposit it.. I like John's idea as well..

Hubert Rates as of Oct 19..

happy savings – high interest savings account
high interest savings account 2.50%

lasting happiness – high interest terms
2 year term 2.70%
3 year term 3.05%
4 year term 3.30%
5 year term 3.55%

tickled pink – tax free savings account
tax free savings account 2.50%

tickled pink – tax free terms
2 year tax free term 2.70%
3 year tax free term 3.05%
4 year tax free term 3.30%
5 year tax free term 3.55%
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Transfer money from one TFSA to another

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