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In these uncertain times which institution would you choose for TFSA
March 16, 2020
12:12 am
ciena
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Hi,
If I want to deposit 40- 60k in TFSA right now (as I don't have one so I have the room & also my eq hisa rate just went down), which do you reco as safe (adequately insured) & user friendly (eg can sign up online .. similar to eq with ease), & minimal fees:
-achieva
-alterna
-Maxa
-ideal

My eq hisa just went down and I'm not loving paying tax on it anyway so hoping to switch over soon. Banks above are approx 2.3% for TFSA rate.

Please share positive and negative experiences. Thank you!

March 16, 2020
6:11 am
gicjunkie
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I would wait a little bit until the dust settles on the newly changing interest rates to see whose rate stabilizes where. You have waited this long, so give it at least another week or 2. As you know, once you commit for this year you are stuck for at least the balance of the year unless you want to go through the gyrations (paperwork) of changing FIs in the middle of the year. One other option is to use numerous FIs. You are allowed more than one TFSA as long as you stay within the limits.

March 16, 2020
8:40 am
pooreva
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You are late by a few days. 🙁 🙁 You could get great 1year TFSA GIC at Hubert.

March 16, 2020
9:48 am
Loonie
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They are all adequately insured in the sense that the amount you have to deposit would be fully covered by the insurance offered by the FI in question. Other than that, it depends on whether you consider CDIC and Manitoba Deposit Insurance to be reliable. Of these, only AlternaBank is covered by CDIC.

I would go with AlternaBank. If you want to split it up, then I would put the other half with Achieva.

My reasons aren't very strong. I already deal with Alterna, so it would be easier, and they are a good outfit to work with for other things. The others are all similar in my view, but I think Achieva has no transfer out fee. I'm not sure about that, so you should check.

Time is of the essence with falling rates, so, if you already have an account with one or more of these, then that should be your priority.
Even if you choose to postpone buying a GIC, hoping for better rates, you can still benefit from a savings account which is tax-free.

March 16, 2020
9:52 am
Bruford
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In these uncertain times which institution would you choose for TFSA

Not a TFSA nor an Institution but your best (safest) bet is Gold/Siver Bullion.

March 18, 2020
11:41 pm
ciena
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Thanks for your advice everyone!

March 18, 2020
11:45 pm
ciena
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Bruford said
In these uncertain times which institution would you choose for TFSA

Not a TFSA nor an Institution but your best (safest) bet is Gold/Siver Bullion.  

Bruford, interesting ... do you think there is risk of CDIC banks (HISA/TFSA) being unsafe?

March 19, 2020
9:24 am
Bruford
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In the short term no, as the government has backstopped the economy temporarily. As the Pandemic drags on though, yes all institutions are at risk, including banks. World debt loads were unmanageable before the Coronavirus. Now the bubble has been pricked. Nothing will ever be the same.

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