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Ideal TFSA Rate Change
July 22, 2022
8:46 am
dougjp
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Logged in to my account this morning and the TFSA rate is now 2.6%, which seems to indicate they are willing to compete again.

Strangely, the normal savings rate is still unchanged and of course is way below market now.

The main accomplishment of almost all organized protests is to
annoy people who are not in them

July 22, 2022
4:03 pm
RetirEd
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It looks like Ideal is saying, "Bring your money for the rate but don't expect to move it out easily without fees or TFSA complications."
RetirEd

July 22, 2022
4:44 pm
dougjp
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RetirEd said
It looks like Ideal is saying, "Bring your money for the rate but don't expect to move it out easily without fees or TFSA complications."
RetirEd  

How true. The last time I looked, there was a $ 5- fee for a TFSA withdrawal, and a $ 50- fee for a TFSA transfer to another institution.

The main accomplishment of almost all organized protests is to
annoy people who are not in them

August 20, 2022
11:30 pm
rebel88
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How does Ideal justify paying 1.01% when other financial institutions in Manitoba are paying up to 2.6%. What customer would put their money in an account at Ideal for that low sum today? Does Ideal care about the competition? Hard to understand.

August 21, 2022
3:16 am
phrank
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rebel88 said
How does Ideal justify paying 1.01% when other financial institutions in Manitoba are paying up to 2.6%. What customer would put their money in an account at Ideal for that low sum today? Does Ideal care about the competition? Hard to understand.  

They only care about profit and they obviously have enough lazy people keeping money there to satisfy their profit needs.

August 21, 2022
8:39 am
Norman1
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Financial institutions don't compete for what they don't need.

Carpathia Credit Union, who are behind Ideal Savings, likely has more than enough short-term savings deposits right now and is not really interested in more.

The $5 per TFSA withdrawal and $50 per TFSA transfer out might end up clawing back most of the 2.6% paid on the TFSA savings deposits! For the CU, it could work out to be the same in the end as the 1.01% paid on the non-registered savings account with the three free withdrawals each month.

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