TFSA drops from 2.55% to 2.25% | Motive Financial | Discussion forum

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TFSA drops from 2.55% to 2.25%
July 8, 2013
7:32 am
Peter
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Canadian Direct Financial's TFSA rate has dropped from 2.55% to 2.25% as of today. I've updated the comparison chart to reflect this.

Edit: fixed typo: previous rate was 2.55%, not 2.50%

July 8, 2013
10:02 am
aristotle
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It actually dropped from 2.55%. Damn. That was a beautiful rate. 2.25% is still very good. How does People's Trust manage to keep its TFSA rate at 3.00% since 2009? Are they running a Ponzi scheme?

It is particularly frustrating that CDF lowers its rate just as there has been a ~ 80 basis point spike in 10 year US Treasuries, and a corresponding rise in Canadian Treasuries, just as Helicopter Ben announced that QE aka money printing may taper off soon. I was kind of hoping that rates would start rising not falling. Damn.

July 8, 2013
10:24 am
Peter
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Thanks for the correction!

July 8, 2013
5:08 pm
Rick
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So their brick and mortar affiliate, Canadian Western Bank, is also right in step with the rate drop. Still...better than what the big banks or credit unions have to offer.

July 28, 2013
7:22 pm
Bryan Stro
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As Rick mentioned, Canadian Western Bank dropped their TFSA rate from 2.55% to 2.25% at exactly the same time as did their affiliate company, Canadian Direct Financial...

Now three weeks later, I receive a phone call from a CWB branch representative. They are offering me a deal. I can put my TFSA money into a 30 month GIC at the rate of 2.55%! This offer is only good until August 6th. It is not mentioned on their website. Should I take it?

Or more to the point, why are they doing this? sf-confused

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