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%
November 13, 2011
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.
February 17, 2013
November 14, 2012
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?