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

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
TFSA drops from 2.55% to 2.25%
July 8, 2013
7:32 am
Peter
Admin
Forum Posts: 1443
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

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
Newbie
Members
Forum Posts: 1
Member Since:
November 13, 2011
sp_UserOfflineSmall Offline

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
Admin
Forum Posts: 1443
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Thanks for the correction!

July 8, 2013
5:08 pm
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

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
Kamloops
Member
Members
Forum Posts: 7
Member Since:
November 14, 2012
sp_UserOfflineSmall Offline

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

Please write your comments in the forum.