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Closing TFSA with Motus
December 4, 2019
6:41 am
mr2711
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Hello All,

What's the best way to close TFSA with Motus and move funds to EQ checking?

Is their a fees for closing TFSA?

Thanks in advance !!

December 4, 2019
8:13 am
Canadianbull
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Hi mr2711.

Here's a link to their fees. https://www.motusbank.ca/Legal-Stuff/Terms

December 4, 2019
9:10 am
Vatox
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Don’t close it! Just withdraw the money to a regular savings account and that will register as a TFSA withdrawal at the CRA. Then on January 1st or later, you can redeposit that same amount in any TFSA at other FIs. There is no need to pay fees and no real need to close the account. If it’s free to close the account, then no problem, otherwise I would just leave one dollar in it.

December 4, 2019
12:52 pm
Londonguy
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Vatox said
If it’s free to close the account, then no problem, otherwise I would just leave one dollar in it.  

You're more generous than me. I have 2 TFSAs with $0.01 in each of them and a third TFSA with a balance of $0.00

December 4, 2019
2:43 pm
moneyhelp
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Vatox said
Don’t close it! Just withdraw the money to a regular savings account and that will register as a TFSA withdrawal at the CRA. Then on January 1st or later, you can redeposit that same amount in any TFSA at other FIs. There is no need to pay fees and no real need to close the account. If it’s free to close the account, then no problem, otherwise I would just leave one dollar in it.  

100% agree, but you don't even need to leave $1 in it, you can withdraw the entire amount. Only thing to keep in mind is read the Terms because some FI's will charge an inactivity fee if there is no activity on the account after a certain period of time.

December 5, 2019
11:29 am
Londonguy
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moneyhelp said

100% agree, but you don't even need to leave $1 in it, you can withdraw the entire amount. Only thing to keep in mind is read the Terms because some FI's will charge an inactivity fee if there is no activity on the account after a certain period of time.  

They can't deduct an inactivity fee from a zero balance account -- worst case is they just close it without your consent, but so what

December 5, 2019
3:24 pm
mr2711
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Thanks for all the responses. My only concern with opening a checking/savings account with Motus to move TFSA funds is that in future if Motus comes up with some promo for checking or savings account then I won't be able to churn it.

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