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Email this8:14 am
September 30, 2017
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Can this be the beginning of the 2020 season ?
Estonian CU 2020 Early Bird TFSA 3.25%
Terms and Conditions: Contribute up to $10,000 into the Early Bird TFSA from October 1st, 2019 to December 31st, 2019. In January 2020 the principal amount will be transferred into your TFSA and will count against your 2020 contribution. To open an Early Bird TFSA you must have an existing TFSA account with ECU, or come in and open one. New money only. It is up to each individual to know their personal contribution limit. Other conditions may apply.
11:03 am
August 9, 2014
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Their regular rate is pretty bad, but if you have lots of room for TFSA, you can definitely consider it.
11:20 am
April 26, 2019
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I would be very very cautious of this offer.
You put in $10,000 in this account and make 3.25% for a couple of months. Not such a big deal, in a way.
So you have committed to:
Putting “ALL” of the principal into your TFSA Account.
Caution....
Is the amount of principal more than your TFSA contribution room?
Does this lock you in to low GIC rates in January?
What is their transfer or withdrawal fee?
My opinion:
Contribute to TFSA GICs in 2020 and wait for best rates at a variety of FIs available to you. This is a sucker deal. Don’t let 3.25% dazzle you!
2:58 pm
August 9, 2014
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GICinvestor, that why I suggest you can just withdraw money from TFSA saving account by January next year, if you have lots of space in it. This is because you will lost out a significant chunk of TFSA contribution room until 2021.
This promo is very niche....
3:36 pm
September 30, 2017
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... Suppose you withdraw from TFSA elsewhere today. Then go for this today. Your personal contribution limit should rebound by same amount on Jan 1st, 2020. No ?
3:53 pm
May 27, 2016
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hwyc said
... Suppose you withdraw from TFSA elsewhere today. Then go for this today. Your personal contribution limit should rebound by same amount on Jan 1st, 2020. No ?
Yes, keeping in mind that doing what you suggest also results in moving your funds from a non-taxable account into a taxable account for the rest of 2019. If that's not a problem for you and you still like the net returns, go for it
5:33 pm
February 20, 2018
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my tfsa is collecting dust
5:45 pm
April 26, 2019
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Jon said
GICinvestor, that why I suggest you can just withdraw money from TFSA saving account by January next year, if you have lots of space in it. This is because you will lost out a significant chunk of TFSA contribution room until 2021.This promo is very niche....
Let’s look at this.
$10,000 for 3 months gets you interest of $32.50*3=$97.50-20%=$78
You then make tax free interest of x.xx for a one year GIC and matures Dec 31, 2020 or will it be January 1 2021?
Is there some way you can have that TFSA GIC, once matured, out of the TFSA on December 31 2020?
Or if you put the $10,000 in a TFSA HISA only, you could remove December 15 2020 and be ok. But do you have to commit for a year?
Or if you put the $10,000 in a TFSA savings only in 2020 then in March 2020 put it into a 1 year GIC. Then pull it out March 2021 and let it sit in TFSA savings and remove December 15 2021. Funds tied up for 2 years at “what rate for GIC and HISA” all to make $78.
IT’S A GIMMICK
5:55 pm
April 26, 2019
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hwyc said
... Suppose you withdraw from TFSA elsewhere today. Then go for this today. Your personal contribution limit should rebound by same amount on Jan 1st, 2020. No ?
What rates will they offer in 2020? How long do you have to leave the funds there? Are you committed to a GIC or can it be in HISA? What are their transfers fees, for TFSA?
To answer you question, yes. What you pull out of TFSA in 2019 is allowed to be reinvested in 2020 as well as our annual amount.
This offer suggests $10,000. But beware.....know what your eligible amount is for 2020.
6:57 pm
October 21, 2013
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I see no net value in this offer for most people. In fact, I see a net loss of $30-50 for most people when you include taxes, transfer fees, likely lower GIC rates..
I had it all figured out but lost my post; sorry. I don't feel like going through it again.
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